SoftBank Seeks Record $40 Billion Loan to Expand OpenAI Stake

SoftBank Group is seeking a loan of up to $40 billion to expand its stake in OpenAI. If realized, it would be the largest-ever single borrowing denominated solely in dollars. Masayoshi Son's all-in strategy on AI continues to accelerate without apparent limits, but credit rating agencies have raised warning flags.

$40 Billion Bridge Loan: Record-Breaking Scale

According to Bloomberg, SoftBank plans to raise up to $40 billion through a bridge loan with an approximately 12-month tenor. Four major banks, including JPMorgan Chase, are underwriting the facility. The loan proceeds will mostly be used to expand SoftBank's stake in OpenAI.

SoftBank already held about 11% of OpenAI as of the end of 2025. On February 27, 2026, the company signed a definitive agreement to invest an additional $30 billion through Vision Fund 2, bringing its cumulative investment to $64.6 billion and its ownership stake to approximately 13%.

OpenAI's $110 Billion Funding: The Largest in AI History

This loan is directly tied to OpenAI's $110 billion mega funding round that closed on February 27. Amazon invested $50 billion, while SoftBank and NVIDIA each contributed $30 billion. This values OpenAI at $730 billion pre-money ($840 billion including the new capital).

Of Amazon's $50 billion commitment, the initial tranche is $15 billion, with the remaining $35 billion to be deployed as certain conditions are met. OpenAI also secured infrastructure deals for 3 GW of dedicated inference capacity and 2 GW of training capacity on NVIDIA's Vera Rubin systems.

S&P Credit Outlook Downgrade: Risk Warning

SoftBank's aggressive betting has drawn concern from credit rating agencies. S&P lowered SoftBank's credit outlook, warning that its OpenAI investments could hurt the company's liquidity and the credit quality of its assets.

SoftBank has been unloading assets including its NVIDIA stake to bankroll the growing bet. A cumulative investment exceeding $64.6 billion in a single company is unprecedented in scale. The 12-month bridge loan structure also creates rollover risk, requiring either refinancing into long-term debt or asset sales at maturity.

Can Son Overcome the WeWork Lesson? The AI Era's Biggest Bet

SoftBank reported a $4.2 billion valuation gain from its OpenAI investment in its February earnings, boosting Vision Fund performance. However, Bloomberg columnists have criticized that "Son and Altman are dreaming too much."

Negotiations are ongoing and details could change. Spokespeople for both JPMorgan and SoftBank declined to comment. Whether this scale of leveraged investment in a single company will pay off, or whether it will echo SoftBank's WeWork debacle, will ultimately be determined by the trajectory of the AI industry.