JPMorgan and Goldman Sachs Earn Over $100 Million in Fees from SoftBank's $40 Billion Loan
Miles Bennett
SoftBank's record $40 billion bridge loan to fund its OpenAI investment will pay JPMorgan and Goldman Sachs over $100 million each in fees — roughly matching what the two banks earned from the SpaceX IPO, the largest ever.
How big is this loan, and who gets paid what?
SoftBank signed a $40 billion bridge loan in March, earmarked for its OpenAI investment, with a 12-month term.
JPMorgan and Goldman Sachs, as lead underwriters, each earn fees exceeding $100 million — comparable to their payouts from the SpaceX IPO.
Other banks in smaller roles expect $25 million to $70 million each. Syndication is nearly complete.
Why are Asia-Pacific banks scrambling to participate?
Dollar-, euro-, and yen-denominated loan issuance in Asia-Pacific (excluding Japan) fell to $69 billion in the first half — a 16-year low.
This means → Asia-Pacific banks face a severe deal drought, and a single mega-transaction can reshape an entire year's revenue.
One participating bank expects the deal to account for 8% of its full-year Asia-Pacific revenue. Another expects it to reach 15 times its division's annual budget. Some senior bankers are already planning bonus celebrations.
Are the banks really not worried about risk?
About six bankers privately voiced concern: SoftBank's concentrated exposure to OpenAI means banks are effectively financing a bet on one startup's success.
In plain terms = if OpenAI fails to deliver on its valuation — especially as rivals like Anthropic gain ground — the loan's safety cushion is thinner than it looks.
Yet executives at least four banks said they were more afraid of missing the deal. Mizuho strategist Hiroki Takei put it bluntly: "Turning down this deal was never a realistic commercial option."
What does the BIS say about the AI lending boom?
The Bank for International Settlements — the central bank for central banks — flagged the AI investment bubble as a major threat to global prosperity in its June annual report.
This means → regulators are already warning that if AI investment returns disappoint, financing could tighten abruptly, leaving borrowers across the supply chain struggling to service debt.
This reflects a broader reality: SoftBank's loan is not an isolated event — it is a snapshot of the AI financing frenzy, and regulators have started flashing yellow.
Beyond fees, what are banks really after?
Habib Imam, managing partner at venture firm Menlo Park Capital, noted: "The fees are attractive, but the bigger issue is probably relationship positioning."
In plain terms = banks are not just chasing this one payout. They want proximity to SoftBank and OpenAI for future IPO, bond, margin-lending, or advisory mandates. OpenAI could go public as early as 2027.
SoftBank founder Masayoshi Son has publicly gone "all in" on OpenAI, with commitments now exceeding $60 billion. Whether this loan is repaid smoothly within 12 months will be the first real test of the banks' relationship bet.
Content is for reference only, not financial advice.