SoftBank Group has secured a new $10 billion loan backed by its OpenAI investment as the Japanese technology conglomerate continues to raise financing for one of the world’s most aggressive artificial intelligence bets. The financing, agreed on August 5 through a SoftBank Vision Fund 2 subsidiary, comes as SoftBank prepares to invest another $10 billion in OpenAI in October and seeks to refinance a much larger $40 billion bridge facility due in March 2027.
The latest borrowing highlights the growing role of debt and asset-backed financing in SoftBank founder Masayoshi Son’s strategy to build a dominant position across AI. SoftBank has committed $30 billion in follow-on investment to OpenAI, of which $20 billion had been funded in April and July, with the remaining $10 billion scheduled for October. The group is also pursuing additional financing through bond markets, including a potential $10 billion-$20 billion offshore bond sale and a record ¥1 trillion domestic retail bond issue.
SoftBank Adds $10 Billion Loan For OpenAI Funding
The new $10 billion facility was entered into by SVF II TSUBAKI (DE), a wholly owned subsidiary of SoftBank Vision Fund 2. The loan was arranged by Goldman Sachs, JPMorgan Chase, Mizuho Securities USA, Apollo Global Funding and Sumitomo Mitsui Banking Corporation.
According to SoftBank’s latest financial filings, the loan is expected to be drawn during August 2026 and matures in August 2028. SoftBank Group is the guarantor.
The financing includes a cash-collateral account and provisions that can require additional cash or mandatory repayment under certain circumstances, including a significant decline in the fair value of OpenAI preferred shares held by the Vision Fund.
Key Details Of The New Loan
| Particular | Details |
|---|---|
| Loan amount | $10 billion |
| Agreement date | August 5, 2026 |
| Borrower | SVF II TSUBAKI (DE) |
| Fund | SoftBank Vision Fund 2 |
| Guarantor | SoftBank Group |
| Expected drawdown | August 2026 |
| Maturity | August 2028 |
| Lead arrangers | Goldman Sachs, JPMorgan, Mizuho, Apollo, SMBC |
| Collateral structure | Cash collateral account |
| Key risk trigger | Significant decline in OpenAI preferred-share value |
| Primary purpose | General corporate purposes / SVF2 |
The structure illustrates how SoftBank is increasingly using its private-company investment portfolio as a source of financing capacity.
SoftBank’s OpenAI Commitment Reaches $30 Billion
The new loan comes directly against the backdrop of SoftBank’s enormous commitment to OpenAI.
SoftBank announced a $30 billion follow-on investment in February 2026. The investment was structured through Vision Fund 2 and forms part of the Japanese group’s broader effort to become one of OpenAI’s largest financial backers.
As of SoftBank’s latest financial report, $20 billion had already been funded in two tranches in April and July. The remaining $10 billion is scheduled for October, although the closing schedule could be accelerated if OpenAI’s shares become publicly listed.
SoftBank’s OpenAI Funding Schedule
| Stage | Amount | Status |
|---|---|---|
| April 2026 tranche | Part of $20 billion | Funded |
| July 2026 tranche | Part of $20 billion | Funded |
| October 2026 tranche | $10 billion | Scheduled |
| Total follow-on commitment | $30 billion | In progress |
The October payment is particularly important because SoftBank has explicitly said it expects to borrow another $10 billion under its existing bridge facility to support that investment.
$40 Billion Bridge Loan Is The Bigger Financing Challenge
SoftBank arranged a $40 billion bridge facility in March 2026 to finance its OpenAI investment and for general corporate purposes.
The facility was provided by JPMorgan Chase, Goldman Sachs, Mizuho Bank, Sumitomo Mitsui Banking Corporation and MUFG Bank. It matures on March 25, 2027.
SoftBank said it plans to repay and refinance the bridge loan using a combination of asset-backed financing, bond issuance and potential asset sales.
SoftBank’s Major Financing Commitments
| Financing / Investment | Amount | Purpose / Status |
|---|---|---|
| OpenAI follow-on investment | $30 billion | $20B funded; $10B due October |
| March bridge facility | $40 billion | Matures March 2027 |
| New SVF2 loan | $10 billion | August 2026 financing |
| Potential offshore bonds | $10B-$20 billion | Under discussion |
| Japan retail bonds | ¥1 trillion / ~$6.3B | Planned |
| ABB robotics acquisition | $5.4 billion | Scheduled 2026 |
| DigitalBridge acquisition | $3.1 billion | Scheduled 2026 |
The figures show that the OpenAI investment is only one part of a much larger capital-allocation program. SoftBank is simultaneously expanding its exposure to robotics, data centers, semiconductors and other AI-related infrastructure.
Why Lenders Are Watching OpenAI’s Valuation
Using OpenAI shares as collateral presents a different risk for lenders compared with financing against publicly traded securities.
OpenAI is privately held, so its preferred shares do not have a continuously observable market price. A sharp change in the company’s private valuation could therefore affect the amount of collateral supporting SoftBank’s borrowing.
The new August facility specifically contains provisions linked to a significant decline in the fair value of OpenAI preferred shares. This means SoftBank could potentially face additional collateral requirements or repayment obligations if the valuation falls substantially.
Earlier this year, SoftBank also sought a $10 billion margin loan secured against its OpenAI stake. Lenders reportedly demanded additional protection because of concerns about valuing and liquidating private-company shares. SoftBank subsequently offered repayment guarantees to make the structure more acceptable to banks.
OpenAI IPO Could Change The Financing Equation
One potential development could make SoftBank’s OpenAI collateral significantly easier to value: a public listing.
OpenAI confidentially filed for a U.S. IPO in June, according to Reuters reporting. A public listing would create a market price for the company’s shares and potentially make them easier to value and liquidate if used as collateral.
SoftBank’s own financial disclosures also note that the timing of its remaining $10 billion OpenAI investment could accelerate if OpenAI shares are publicly listed.
Private Vs. Public OpenAI Shares
| Factor | Private OpenAI | Publicly Listed OpenAI |
|---|---|---|
| Share price | Not continuously traded | Market-determined |
| Collateral valuation | More difficult | Easier |
| Liquidity | Limited | Potentially higher |
| Lender risk | Higher | Potentially lower |
| Margin financing | More complex | Potentially simpler |
| Exit / sale | Restricted | Public-market mechanism |
An IPO would not eliminate risk, because public-market valuations can also fall sharply. But it would provide lenders with substantially greater transparency and liquidity.
SoftBank Is Turning To Bond Markets
The OpenAI financing effort is extending beyond bank loans.
SoftBank is reportedly in talks with investment banks about a $10 billion-$20 billion bond offering that could help refinance part of the $40 billion bridge loan. The potential offering could be denominated in dollars and euros and could come as early as September, although the details remain subject to change.
SoftBank has also announced plans for a ¥1 trillion, or roughly $6.3 billion, retail bond offering in Japan. The seven-year bonds are expected to be priced on September 4, with an indicative coupon of 4.3%-4.9%. Proceeds are intended for AI-related investments and refinancing existing debt.
SoftBank’s Funding Options
SoftBank AI Financing
│
┌────────────────┼────────────────┐
│ │ │
Bank Loans Bond Markets Asset Financing
│ │ │
$40B bridge $10B-$20B OpenAI shares
$10B SVF2 loan offshore bonds Arm / listed assets
│ ¥1T Japan
└────────────────┼────────────────┘
│
▼
OpenAI + AI Strategy
The diversification of funding sources is important because SoftBank has said it wants to refinance the bridge facility through multiple channels rather than depending on a single source of capital.
Debt Is Becoming Central To Son’s AI Strategy
Masayoshi Son has significantly increased SoftBank’s financial exposure to AI.
The group is investing not only in OpenAI but also in physical infrastructure needed to support AI, including data centers, robotics and semiconductor-related businesses.
SoftBank’s annual report says the company views asset-backed financing as the primary approach for refinancing large investments. It has specifically identified listed holdings such as Arm and SoftBank itself, as well as its OpenAI holdings, as potential sources of financing capacity.
The strategy allows SoftBank to retain ownership of potentially high-growth assets while borrowing against them rather than selling them immediately.
The trade-off is higher financial leverage and greater exposure to asset valuations.
Credit Risk Is Becoming A Key Investor Question
The financing strategy has attracted greater attention from credit investors.
SoftBank’s aggressive AI investments mean the company must manage two potentially opposing objectives: maximizing its exposure to future AI growth while maintaining sufficient liquidity to meet debt obligations.
That challenge becomes more important as private AI valuations rise and fall rapidly.
If OpenAI’s value increases, SoftBank could benefit from both its investment and the ability to use the stake as stronger collateral. If valuations decline significantly, however, collateral requirements could increase while the underlying investment value falls.
The same principle applies to other assets used for financing.
The Bigger Picture
SoftBank’s latest $10 billion loan shows how the AI investment boom is increasingly being financed through sophisticated combinations of equity, bank debt, asset-backed loans and bonds. The new facility comes as SoftBank prepares to fund another $10 billion payment toward its $30 billion OpenAI follow-on commitment while also refinancing a $40 billion bridge facility that matures in March 2027.
The strategy gives Masayoshi Son’s company a way to maintain large stakes in OpenAI and other AI assets without immediately selling them. But it also increases sensitivity to private-market valuations, interest costs and liquidity requirements. The potential $10 billion-$20 billion offshore bond sale, ¥1 trillion domestic bond issue and growing use of OpenAI-backed financing show that SoftBank is building a broad funding platform around its AI ambitions rather than relying on its balance sheet alone.
Looking Ahead
The immediate priority for SoftBank will be completing the remaining $10 billion OpenAI investment scheduled for October and developing a refinancing package for the $40 billion bridge facility before its March 2027 maturity. The company has said it plans to combine asset-backed financing, bonds and potentially asset sales to meet those obligations.
The longer-term test will be whether the value created by OpenAI and SoftBank’s wider AI portfolio grows quickly enough to justify the substantial financing burden. An eventual OpenAI public listing could improve the liquidity and transparency of SoftBank’s stake, but it could also expose the investment to public-market volatility. For now, SoftBank is betting that maintaining large positions in AI’s most valuable companies and infrastructure assets will generate returns sufficient to offset the rising cost and complexity of financing that strategy.
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