SoftBank renews talks for $10 billion loan using OpenAI stake

SoftBank has revived talks for a $10 billion loan backed by its OpenAI stake, offering a corporate guarantee to reassure lenders as it accelerates its multi-billion-dollar artificial intelligence investment strategy.

SoftBank Group has reopened negotiations with a consortium of global banks to secure a massive $10 billion margin loan backed by its ownership stake in OpenAI, signaling renewed confidence in the artificial intelligence sector despite growing concerns over valuing private technology companies. The financing would rank among the largest loans ever secured against equity in a privately held AI startup.

According to reports, discussions resumed after earlier negotiations stalled because lenders were reluctant to accept OpenAI shares as collateral due to the lack of a publicly traded market value. Unlike listed companies, private firms do not have transparent stock prices, making it difficult for banks to accurately value or liquidate the collateral if a borrower defaults.

To overcome those concerns, SoftBank has reportedly revised the financing structure by offering a corporate guarantee. Under the updated proposal, the Japanese investment giant itself would be responsible for repaying the loan if the OpenAI-backed collateral loses value, significantly reducing the risk for participating lenders.

The banking group involved in the negotiations is expected to include Goldman Sachs, JPMorgan Chase, and Mizuho Financial Group. None of the parties have publicly commented on the ongoing discussions.

The financing forms a key part of SoftBank founder Masayoshi Son’s broader strategy to expand the company’s investments in artificial intelligence, an area he has described as central to SoftBank’s long-term growth. The company had initially sought to raise more than $10 billion through a margin loan before reducing its target to roughly $6 billion after lenders expressed concerns over the original structure.

The renewed talks also come as SoftBank faces a March 2027 deadline to repay a separate $40 billion bridge loan that helped finance its investment in OpenAI. Company executives have previously indicated that repayment could involve asset sales and alternative financing arrangements.

A future public listing of OpenAI could substantially improve the value of the proposed collateral. The AI company confidentially filed for a U.S. initial public offering in June, and a successful IPO would establish a public market valuation, making OpenAI shares significantly easier for banks to value and trade.

Financial analysts say the outcome of these negotiations could become an important benchmark for how major financial institutions evaluate loans backed by rapidly growing private AI companies, especially as artificial intelligence continues attracting record levels of global investment.