Unlisted OpenAI shares to serve as collateral; Goldman Sachs, JPMorgan among lenders

Earlier attempt stalled over collateral valuation concerns

Proceeds earmarked for AI investment expansion

SoftBank CEO Masayoshi Son speaks at a forum held in Tokyo, Japan, in February 2025. [Getty Images]
SoftBank CEO Masayoshi Son speaks at a forum held in Tokyo, Japan, in February 2025. [Getty Images]

By Seo Ji-yeon, The Herald Business

SoftBank, the Japanese technology conglomerate led by Masayoshi Son, has revived negotiations to secure a $10 billion loan backed by its stake in OpenAI as it seeks large-scale funding to expand AI investments.

Reuters reported July 1 (local time), citing multiple sources, that SoftBank has restarted talks with financial institutions over the $10 billion loan using its OpenAI shares as collateral.

Goldman Sachs, JPMorgan Chase and Mizuho Financial Group are expected to join the lending consortium, sources said.

SoftBank pursued a similar loan arrangement earlier this year, but negotiations stalled after banks determined that the collateral value was insufficient.

OpenAI shares are difficult to value and lack liquidity because the company is not publicly listed and its stock cannot be freely traded on the open market. Banks were also wary of the significant risk they would face if the share price fell or if restrictions on selling the shares were imposed.

SoftBank has added a payment guarantee clause to the terms of the current negotiations, according to sources.

If the loan goes through, SoftBank plans to use the proceeds to fund its AI investments.

SoftBank raised a $40 billion bridge loan in March to support its investment in OpenAI.

Reuters noted that while the valuations of major AI companies such as OpenAI and Anthropic have surged in recent years, financial institutions remain cautious about extending loans backed by unlisted shares.

Under Son's leadership, SoftBank has been aggressively expanding its AI investments. The company is also participating in Stargate, a large-scale AI data center project in the United States, with its total AI infrastructure investment reported to exceed $60 billion.


sjy@heraldcorp.com