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SoftBank wants to borrow $10 billion against its OpenAI stake. The spread tells you what the banks think.

April 23, 2026 Emily Chen Clock

SoftBank (see details) (find out more) Seeks $10 Billion Margin Loan Backed by OpenAI Shares at SOFR + 425 bps

SoftBank is looking to borrow $10 billion against its stake in OpenAI, according to a Bloomberg report. The proposed loan, with a two-year term and one-year extension option, carries an interest rate of approximately 7.88% (SOFR + 425 basis points).

Background

This latest move by SoftBank builds upon its existing debt structure:

  • In March, SoftBank secured a $40 billion bridge loan from JPMorgan Chase, Goldman Sachs, Mizuho Bank, Sumitomo Mitsui Banking Corporation, and MUFG Bank. This bridge loan is earmarked for a $30 billion follow-on investment in OpenAI and general corporate purposes.
  • The total debt burden for SoftBank now stands at approximately $135 billion.

OpenAI Investment

SoftBank's cumulative investment in OpenAI will reach roughly $64.6 billion upon the close of its $30 billion follow-on investment, granting it a 13% stake in the company.

The collateral for this new margin loan is SoftBank’s OpenAI shares, valued at around $110 billion based on OpenAI's most recent valuation of $852 billion.

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