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# SoftBank OpenAI margin loan: second $10B facility in talks as $40B bridge nears maturity
- URL: https://bytevyte.com/softbank-openai-margin-loan-second-10b-facility-in-talks-as-40b-bridge-nears-maturity/
- Published: 2026-08-29T09:45:46.000Z
- Updated: 2026-08-29T09:45:46.000Z
- Description: SoftBank OpenAI margin loan: a second $10B facility is in talks with Mizuho Bank as the group refinances a $40B bridge due in March 2027.
- Author: Bytevyte Editorial
- Tags: ai-beats

**SoftBank Group** is seeking a second $10 billion margin loan against its OpenAI stake, stepping up the refinancing of the debt behind its biggest AI bet. The two-year **SoftBank OpenAI margin loan** would be priced at about 275 basis points over the Secured Overnight Financing Rate, with **Mizuho Bank** as the mandated lead arranger and bookrunner, and proceeds could go toward repaying part of the $40 billion bridge loan due in March 2027.

The talks surfaced this week, about three weeks after SoftBank closed an identical $10 billion margin loan in early August backed by the same collateral. That first facility was arranged by Goldman Sachs Bank USA, JPMorgan Chase Bank NA, Mizuho Securities USA, Apollo Global Funding and Sumitomo Mitsui Banking Corp., with funds earmarked for general corporate purposes and Vision Fund 2 investments.

The new borrowing is one piece of a wider refinancing program. SoftBank is also weighing a $10 billion to $20 billion dollar- and euro-denominated bond sale that could arrive as early as September, and it has prepared a record ¥1 trillion retail bond in Japan. The company faces roughly $30 billion of obligations in the second half of 2026.

The SoftBank OpenAI margin loan is the second attempt at this particular borrowing. An earlier round collapsed when lenders balked at valuing shares in a private company, and this time the terms include a repayment guarantee under which SoftBank covers any shortfall if the collateral loses value. The group's junk-rated credit profile adds to the caution.

The financing supports more than $60 billion in commitments to OpenAI and related AI infrastructure made by Masayoshi Son's SoftBank, including a $30 billion investment announced earlier this year whose final $10 billion tranche is due by October. A near-term payment of roughly $22.5 billion to OpenAI falls due by the end of the year, and SoftBank reported net income of 347.3 billion yen for April through June.

If it closes, the SoftBank OpenAI margin loan round would push the group's collateralized borrowing tied to its AI strategy past $47 billion, combining the two OpenAI-backed facilities with a $20 billion margin loan against Arm and a $7.4 billion loan secured by SoftBank Corp.

## Why this matters: the SoftBank OpenAI margin loan

SoftBank is effectively borrowing against the appreciation of an illiquid private asset to keep funding its OpenAI stake, concentrating balance-sheet risk at a time when lenders are already discounting AI valuations. The outcome of these negotiations will be a useful test of how much debt the market is still willing to extend against private AI holdings.

*AI-generated image.*

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*Researched and cross-referenced against primary sources by the Bytevyte editorial team. This article was generated with the assistance of artificial intelligence and reviewed by the Bytevyte editorial team.*