SoftBank secures $11.87B loan for OpenAI stake, betting $64.6B total

By Khal · · 1 min read

Editorial illustration: A glass cube containing a glowing processor balances against stacks of bundled money on a metal beam. Another money bundle rests on a block beneath the cube’s side.
AI-generated editorial illustration · AI-generated editorial illustration · Published Sep 14, 2026, 2:32 a.m. (2 hours ago)

In brief

  • SoftBank secured $11.87 billion loan for OpenAI, exceeding $10 billion target by 18%
  • Total OpenAI commitment reaches $64.6 billion with 13% ownership stake
  • SoftBank credit rating BB+ reflects heavy leverage amid aggressive AI bet

The Spending Spree Accelerates

SoftBank's aggressive funding of OpenAI accelerated dramatically in March 2026. The company secured a $40 billion unsecured bridge loan, with approximately $30 billion directed into a follow-on investment in OpenAI. That funding round valued OpenAI at approximately $730 billion pre-money, and the broader round totaled roughly $110 billion, making it one of the largest private funding events ever.

By August 2026, SoftBank added another layer of leverage. The company took on a $10 billion margin loan backed by its OpenAI shares, with Goldman Sachs and JPMorgan among the lenders. Then in September, SoftBank announced plans to prepay $25.9 billion of the remaining balance on its bridge loan.

The Valuation Risk

Here's the catch. SoftBank's credit rating currently sits at BB+, which is one notch below investment grade. The margin loan isn't a straightforward credit facility — it includes valuation covenants that could trigger repayment obligations if OpenAI's assessed worth declines significantly.

This structure concentrates enormous financial risk on a single asset. If OpenAI's valuation falters, SoftBank faces forced repayment obligations that could strain its balance sheet further. The conglomerate has a track record of bold bets (its early Alibaba investment turned $20 million into tens of billions), but it's also experienced cautionary tales — the Vision Fund's backing of WeWork became a cautionary tale about the dangers of conviction untethered from fundamentals.

Beyond OpenAI, SoftBank is also engaged in Stargate, a high-profile AI infrastructure initiative. The company is betting heavily across the AI landscape. Whether these bets compound into a transformative portfolio or expose SoftBank to systemic financial stress remains an open question.

Related stories