SoftBank cuts target for OpenAI margin loan by 40% to US$6 billion
Valuation concerns over the unlisted tech giant led investors to trim the US$10 billion plan
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[TOKYO] SoftBank Group has downsized plans for a US$10 billion margin loan backed by its OpenAI stake after facing hesitation from some creditors, people familiar with the matter said.
In separate discussions with potential lenders in recent weeks, the Japanese conglomerate and bankers helping it seek the loan have mentioned targeting an amount as low as US$6 billion, according to the people, who asked not to be identified discussing private matters. Discussions are ongoing and details including the eventual size of any borrowing could change, the people said.
The shift comes after some investors who were pitched on the initial plan for US$10 billion expressed concerns about the difficulty of reaching a valuation for an unlisted company like OpenAI, the people said.
The US tech giant fell short of several monthly sales targets earlier in 2026 after rival Anthropic gained ground in the coding and enterprise markets, the Wall Street Journal reported in April, citing people familiar with the matter. It also missed an internal goal of reaching one billion weekly active users for ChatGPT by the end of last year, according to the report.
OpenAI chief financial officer Sarah Friar pushed back on concerns about missing internal targets, saying the company is meeting objectives and sees “a vertical wall of demand” for its products.
More broadly, debate is intensifying over whether the hundreds of billions of US dollars major tech companies are investing in AI will generate sufficient profits anytime soon.
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SoftBank has taken billions of US dollars in debt to finance its large-scale investments in OpenAI, as founder Masayoshi Son seeks to position himself as a linchpin in the global artificial intelligence boom.
Markets have indicated split views on the push. SoftBank’s shares have surged 39 per cent this year, exceeding the 12.3 per cent for Japan’s benchmark Topix index. In contrast, the cost of insuring SoftBank’s debt against credit risks has risen, with credit-default swaps widening about 61 basis points in 2026.
Investors pitched on SoftBank’s proposed margin loan have included private credit firms, financial institutions and hedge funds, the people added. Discussions concerning the potential borrowing began as early as mid-March, they said.
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A spokesperson for SoftBank declined to comment.
The firm recently committed an additional US$30 billion to OpenAI, after previously investing more than that amount. In March, the Japanese group secured a US$40 billion loan, its largest-ever in US dollars, in part to fund its latest follow-on investment.
In the same month, S&P Global Ratings lowered the group’s credit outlook to negative from stable, citing the danger that its investments in OpenAI may hurt the company’s liquidity and the credit quality of its assets. BLOOMBERG
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