SoftBank’s Bid to Raise Billions Against OpenAI Stake Hits Roadblock

SoftBank Group’s discussions with potential lenders to raise a margin loan backed by its stake in OpenAI have stalled, according to people familiar with the matter, as cited by Bloomberg. The company had been seeking at least $6 billion but had already reduced its initial target of $10 billion after facing pushback from creditors.

The Japanese conglomerate had reportedly secured about $5 billion in commitments before the talks paused, although it is unclear whether these were verbal or formal agreements. SoftBank is still weighing alternative fundraising options and could revive the margin loan later, the report said.

The development adds pressure on SoftBank’s financing plans at a time when it is deeply exposed to large-scale artificial intelligence investments, including its multibillion-dollar commitment to OpenAI.

Lender Caution Slows Financing Plans

SoftBank’s margin loan talks reportedly lost momentum as lenders grew cautious about valuing exposure tied to an unlisted company like OpenAI. The deal size had already been reduced after hesitation from banks earlier in the process.

According to people familiar with the discussions, uncertainty over OpenAI’s valuation made it harder for creditors to structure the loan. Some lenders had only recently begun viewing the proposal more positively.

The pause reflects broader concerns in markets about concentrated AI bets and the difficulty of pricing private technology assets at scale.

AI Boom, OpenAI IPO Add New Pressure

The funding delay comes a day after OpenAI said it had confidentially filed for a US initial public offering (IPO), a move that could pave the way for one of the most closely watched market debuts in recent years. The company is working with Goldman Sachs and Morgan Stanley on a potential listing, though the timing and size of the offering remain undecided.

OpenAI’s IPO push follows similar listing plans by rival Anthropic, highlighting rising competition among leading AI developers. Market attention has also been building ahead of SpaceX’s expected market activity.

SoftBank itself has been expanding aggressively in AI infrastructure, including plans to invest up to €75 billion in data centers in France. However, it still faces a $40 billion bridge loan repayment due in 2027, adding to financing pressure.

Meanwhile, SoftBank’s balance sheet has been supported by rising valuations in holdings such as Arm and Intel, while its credit risk perception has improved, with credit-default swap spreads narrowing in recent weeks.