SoftBank Revives $10 Billion OpenAI Stake Loan Talks

SoftBank Group, the Japanese technology investor known for its Vision Fund bets and its major stake in OpenAI, is back at the negotiating table with banks over a $10 billion loan backed by that OpenAI holding, after an earlier round of talks broke down over how to value a private company's shares.

At a Glance

• SoftBank is seeking a $10 billion loan collateralized by its OpenAI stake
• Talks stalled earlier over disagreements on valuing private shares
• SoftBank is now offering to personally guarantee repayment
• Goldman Sachs, JPMorgan Chase and Mizuho Financial Group are expected lenders
• Neither SoftBank nor OpenAI has commented publicly

Why the Deal Stalled and What Changed

Lenders balked the first time around because OpenAI, unlike a publicly traded company, has no daily stock price to anchor a loan against. Pricing collateral for a private, fast growing artificial intelligence firm is a messier exercise than valuing shares in a company listed on an exchange, and that uncertainty reportedly slowed momentum on the original financing plan.

SoftBank appears to have found a workaround. Rather than asking banks to rely solely on the value of the pledged OpenAI shares, the firm is offering to guarantee repayment itself. That would give the lending group recourse to SoftBank's broader balance sheet if the collateral loses value, according to two people familiar with the discussions. It is a structural fix aimed squarely at the risk that made banks hesitant in the first place.

SoftBank's Collateral, Guarantees and Lender Risk

The mechanics here matter more than the headline number. A $10 billion facility secured by equity in a private company is unusual in scale, and the addition of a corporate guarantee shifts the risk calculus. Banks are no longer betting purely on OpenAI's implied worth; they are also leaning on SoftBank's own creditworthiness as a backstop. That distinction likely explains why Goldman Sachs, JPMorgan Chase and Mizuho Financial Group are reportedly willing to reengage after the earlier stall.

For SoftBank, the arrangement lets it extract liquidity from a stake that cannot easily be sold or traded, without diluting its position in OpenAI. The tradeoff is that a personal guarantee ties SoftBank's own balance sheet more tightly to the fortunes of a single, unlisted AI company, concentrating risk rather than spreading it. If OpenAI's valuation were to slide sharply, SoftBank, not just the collateral, would be on the hook.

What Happens Next in the Loan Talks

None of the parties involved, including SoftBank, OpenAI, Goldman Sachs, JPMorgan and Mizuho, have confirmed details publicly, and all declined to comment or did not respond to requests for comment. The loan has not closed, and terms could still shift. What is clear is that SoftBank is determined to unlock value from its OpenAI position through debt rather than a sale, and the guarantee offer suggests both sides are working to bridge the valuation gap that stalled talks the first time.