SoftBank Group, a Tokyo-based investment company, has stalled talks to raise at least US$6 billion through a margin loan backed by its OpenAI stake, after cutting the target from US$10 billion.

The company said it had invested US$2.2 billion in OpenAI through SoftBank Vision Fund 2 since September 2024.

In March 2025, it agreed to make follow-on investments of up to US$40 billion, with US$10 billion expected to be syndicated to co-investors, leaving SoftBank’s investment at up to US$30 billion.

Banks are cautious because shares in private companies such as OpenAI are harder to value and sell than listed stock.

SoftBank also has a US$40 billion bridge facility for the OpenAI follow-on investment and general corporate purposes, maturing in March 2027.

The loan was arranged by lenders including JP Morgan, Goldman Sachs, Mizuho Bank, Sumitomo Mitsui Banking Corp, and MUFG Bank.

OpenAI’s confidential filing for an initial public offering could still help, with a recent employee tender offer valuing the company at US$852 billion after the fundraising.

🔗 Source: Bloomberg

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