SoftBank seeks a second $10 billion loan against its OpenAI stake
August 28, 2026 – 11:30 am
Masayoshi Son, CEO of Japanese holding conglomerate SoftBank, is reported to be seeking another $10 billion loan to fund its OpenAI stake, according to Bloomberg.
SoftBank previously closed a $10 billion loan secured against the same asset just 22 days ago. While TNW has not independently verified the report, we can look at the public record of SoftBank’s financing of its OpenAI commitments.
The Background
- March 2026: SoftBank signed a $40 billion unsecured bridge facility to fund OpenAI commitments, due for repayment or refinancing by March 2027.
- April 2026: SoftBank approached lenders for a $10 billion loan secured on OpenAI shares but faced challenges valuing the private company.
- May 2026: The target loan amount was reduced to $6 billion.
- July 2026: The loan request was revived with SoftBank adding a corporate guarantee, making it more attractive to lenders.
- August 6, 2026: Bloomberg reported the closure of the $10 billion margin loan.
- August 26, 2026: SoftBank considered a bond sale of up to $20 billion to refinance the OpenAI borrowing.
- August 28, 2026: The report of a second $10 billion loan emerged.
SoftBank has also leveraged Japanese retail investors through record $6.3 billion bond sales this year. Despite the high level of leverage, shareholders have been relatively forgiving due to the strong performance of SoftBank’s stock following the AI rally.
The sequence of events suggests a strategic plan involving multiple financing instruments, with each loan or bond issue priced against a collateral valuation that exists only on paper until OpenAI’s potential listing.