SoftBank borrows $10B against its OpenAI stake

SoftBank agreed a $10 billion two-year margin loan collateralized by its OpenAI stake, with Goldman Sachs, JPMorgan, Mizuho, Apollo and Sumitomo Mitsui as lead arrangers and a draw planned this month; terms force cash posting or early repayment if OpenAI's preferred shares fall substantially. Banks reserve loans this size for publicly traded collateral, so lending against a private, loss-making company marks a real shift in how Wall Street prices AI equity — and it ties SoftBank's balance sheet, including Vision Fund II-2, to OpenAI's private mark.

Source: bloomberg.com ↗