SoftBank Group is back at the negotiating table with a group of major banks over a $10 billion loan that would be secured by its stake in OpenAI, according to people familiar with the discussions. The financing effort had previously broken down over how to value the private artificial intelligence company.
Key Takeaways
- SoftBank is negotiating a $10 billion loan collateralized by its OpenAI shares.
- Goldman Sachs, JPMorgan Chase and Mizuho Financial Group are expected to form the lending group.
- SoftBank is offering to personally guarantee repayment if the pledged OpenAI stake loses value.
- Talks had stalled earlier over the challenge of pricing a private company's equity.
- Neither SoftBank nor OpenAI has commented publicly on the renewed discussions.
Why the Loan Talks Stalled and Restarted
Valuing a stake in a private company is never straightforward, and OpenAI's rapid growth and shifting funding rounds have made the task even messier for lenders. Banks weighing whether to extend credit against that stake need some assurance they will get their money back even if OpenAI's valuation swings. That uncertainty reportedly froze earlier talks. SoftBank's new offer changes the calculus: by agreeing to guarantee repayment itself, the company gives banks a fallback that does not depend entirely on the value of OpenAI shares at any given moment.
SoftBank's Exposure to OpenAI and Its Balance Sheet Strategy
SoftBank has built one of the largest outside stakes in OpenAI as part of founder Masayoshi Son's broader bet on artificial intelligence. Borrowing against that stake, rather than selling it, lets SoftBank raise cash while keeping its upside in OpenAI intact. That approach fits a pattern SoftBank has used before with other holdings, leaning on asset backed lending to fund new investments without diluting its ownership positions.
The Banks Involved and What Recourse Means Here
Goldman Sachs, JPMorgan Chase and Mizuho Financial Group are the banks expected to make up the lending consortium, though none of the three has confirmed the arrangement publicly. The added recourse to SoftBank itself, rather than just the pledged shares, is the detail that appears to have unlocked renewed interest from lenders. It shifts risk away from a hard to price asset and onto SoftBank's broader balance sheet.
What Happens if OpenAI's Valuation Keeps Moving?
The size of this loan, $10 billion, underscores how much capital is flowing into AI infrastructure and how creatively investors are financing that buildout. Whether the deal closes on these terms still depends on final negotiations among SoftBank, the banks and their risk committees. OpenAI's valuation has moved quickly in recent funding rounds, and how lenders and SoftBank continue to bridge that pricing gap will shape whether this financing structure becomes a template for future deals involving stakes in fast growing private AI companies.