According to a Bloomberg report on Friday citing people familiar with the matter, SoftBank Group may take a smaller lombard loan secured by its stake in OpenAI after some lenders were reluctant to join the deal. The report noted that negotiations are ongoing, so final terms — including the loan amount — could still change.
SoftBank originally planned a $10 billion lombard loan with its OpenAI stake as collateral. Bloomberg says that during talks the target amount could fall to about $6 billion, as several lenders worried that the market value of OpenAI — a privately held company — is difficult to determine reliably, making the collateral’s value uncertain.
An April report indicated the planned loan would have a two-year term, with SoftBank having the option to extend it by an additional year. Bloomberg’s current reporting emphasizes that details remain subject to change until the parties conclude negotiations.
SoftBank’s investment in OpenAI began in September 2024; the groups jointly launched the Stargate U.S. AI infrastructure project in January 2025. Additionally, the conglomerate provided a $40 billion bridge loan in March to finance OpenAI-related investments and for general corporate purposes.
The Bloomberg story draws on deal discussions, and Reuters is cited for background information. Because negotiations are ongoing, lender participation and the final loan amount may shift, which could affect SoftBank’s liquidity and financing strategy.
Why this matters
- The size and terms of the lombard loan could influence SoftBank’s financial flexibility and the broader financing arrangements around its OpenAI exposure.
- Lenders’ caution highlights the challenges of valuing privately held AI companies, which can lead to more conservative lending decisions.
(Information: Bloomberg, Reuters.)
