SoftBank in Talks for $10 Billion Loan Backed by OpenAI Stake
Alina Collins
SoftBank has restarted talks with a bank syndicate for a $10 billion loan collateralized by its OpenAI stake, adding a new corporate guarantee — if the equity loses value, lenders can claim against SoftBank itself, meaning the group is underwriting its AI bet with its own balance sheet.
Why did these talks stall the first time?
The core obstacle: OpenAI is a private company with no public market price, making it hard for lenders to value the collateral.
This means → banks could not price the pledge using standard methods, and negotiations hit a deadlock.
In plain terms = imagine mortgaging a property that has never been appraised — the bank simply cannot decide how much to lend.
What new terms is SoftBank offering?
SoftBank has added a corporate-level repayment guarantee: if the OpenAI stake drops in value, banks gain recourse to SoftBank Group itself.
This means → loan risk no longer sits entirely on OpenAI's valuation — it shifts partly onto SoftBank's own balance sheet.
Put simply = SoftBank is telling lenders, "If the collateral falls, I cover it," trading its own credit for lending willingness.
Who is at the table?
Sources say the syndicate is expected to include Goldman Sachs, JPMorgan, and Mizuho Financial Group.
SoftBank and OpenAI did not respond to requests for comment; all three banks declined to comment.
This reflects a deal still in the non-public stage, with no certainty it will close.
Why does this deal matter?
If completed, it would rank among the largest structured financings ever collateralized by unlisted AI-company equity.
The decisive factor is whether all parties can agree on a private-equity valuation methodology for OpenAI.
This means → it is not just a loan — it is a live market test of how to price an unlisted AI giant.
Content is for reference only, not financial advice.