Apollo Seeks to Expand SoftBank NAV Loan to $9 Billion to Back OpenAI Bet
nashnova research
Apollo is negotiating with SoftBank to expand a loan backed by Vision Fund 2 assets from $5.4 billion to $9 billion, funding SoftBank's deepening OpenAI bet — yet SoftBank's credit-default swaps have hit a three-year high, signaling the borrowing window is narrowing.
What is this loan, exactly?
A NAV loan — borrowing against the net asset value of a fund's holdings — is a standard private-capital liquidity tool. Apollo first extended one to SoftBank's Vision Fund 2 in 2021.
It was already upsized once last year, from roughly $4.5 billion to $5.4 billion. If this round closes, the facility doubles in under four years to $9 billion.
This means → SoftBank is re-leveraging the same asset pool repeatedly; each expansion thins the collateral cushion further.
Why does SoftBank need even more?
SoftBank has pledged $64.6 billion to OpenAI — one of the largest single-company AI commitments globally.
In August this year, SoftBank raised another $10 billion from lenders including Apollo, using its OpenAI equity stake as collateral.
In plain terms = SoftBank's AI appetite far outstrips its cash on hand; it must keep borrowing to honor its own investment promises.
What is the market worried about?
Bloomberg data shows SoftBank's CDS — a market-priced measure of default risk — climbed to a three-year high this week.
This reflects two things deteriorating at once: SoftBank's debt is snowballing, while its flagship bet OpenAI remains far from any liquidity event.
OpenAI CEO Sam Altman recently confirmed the IPO is still on track but has been pushed to 2027, citing the need to focus on safety concerns.
Will the expansion actually close?
People familiar with the matter say the final size is still undecided; both sides declined to comment. This means → the deal has not reached signing stage and could be scaled back or shelved entirely.
The core test is singular: can Vision Fund 2's asset quality support a larger collateral base?
Put simply = if portfolio valuations inside the fund slip, the collateral won't qualify — and AI-sector valuations right now sit in a zone of acute uncertainty.
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