SoftBank is back at the negotiating table over a $10 billion loan that would be secured against its stake in OpenAI, according to a Reuters exclusive carried by outlets including The Mighty 790 KFGO and The American Bazaar. Reuters reports, citing unnamed sources, that SoftBank has renewed the talks and added concessions to help get a deal done.
The move comes as SoftBank deepens one of the largest bets in the artificial intelligence boom. According to a separate report, SoftBank has completed the second $10 billion tranche of a broader $30 billion commitment to OpenAI, with that installment funded by a bridge loan. The report frames the scale of the spending as a sign of how central OpenAI has become to SoftBank's strategy.
Put simply, SoftBank is putting enormous sums into OpenAI and, at the same time, looking to borrow against the ownership position it is building. Using an equity stake as collateral is a common financing tactic, but it also ties the lender's comfort — and SoftBank's flexibility — to how OpenAI's value holds up.
The sources cited by Reuters indicate the loan discussions had stalled before being revived, which is why the added concessions matter: they suggest SoftBank is willing to sweeten terms to secure the financing.
Neither the identities of the lenders nor the final terms are confirmed in these reports, and the talks are described as ongoing rather than closed.
Why it matters: how SoftBank funds its OpenAI bet — through fresh cash, bridge loans, or borrowing against its stake — is an early test of how the AI investment frenzy is actually being financed, and how much leverage sits behind the headline numbers.