SoftBank Borrows $40B More to Double Down on OpenAI

SoftBank just closed a $40 billion bridge loan — its largest-ever dollar-denominated borrowing — to fund a $30B follow-on investment in OpenAI, with the rest covering related costs. The loan matures in 12 months, underwritten by JPMorgan, Goldman Sachs, Mizuho, SMBC, and MUFG.

This stacks on top of the $30B+ SoftBank has already poured into OpenAI via Vision Fund 2, making it one of the company's largest holdings. The 12-month maturity is a tell: SoftBank is almost certainly betting on an OpenAI IPO in 2026 to repay it — and the blue-chip bank lineup suggests they agree.

Masayoshi Son isn't hedging. At this scale, SoftBank's fortunes are increasingly tied to whether OpenAI can deliver on its valuation.

Why it matters: If OpenAI stumbles or delays its IPO, SoftBank is holding a very expensive, very time-sensitive position — and the AI funding cycle could feel it.