TOKYO — SoftBank Group Corp. has finalized a massive $40 billion unsecured bridge loan to finance a surge in its artificial intelligence portfolio, primarily targeting a substantial stake increase in OpenAI. The deal, executed on March 27, 2026, marks the largest dollar-denominated loan in the conglomerate’s history and underscores Chairman Masayoshi Son’s aggressive pivot toward “Artificial Super Intelligence” (ASI).
Financing a $110 Billion AI Milestone
The short-term facility is designed to cover a $30 billion follow-on investment in OpenAI, which SoftBank committed to in late February. This injection is part of a broader $110 billion funding round for the ChatGPT creator—a record-breaking private capital raise that also drew $50 billion from Amazon and $30 billion from Nvidia.
Upon completion of this latest tranche, SoftBank’s total cumulative investment in OpenAI will reach approximately $64.6 billion, yielding an estimated 13% ownership stake.
Strategic Terms and Lender Confidence
The loan was underwritten by a syndicate of five global financial heavyweights:
- U.S. Institutions: JPMorgan Chase and Goldman Sachs.
- Japanese Megabanks: Mizuho Bank, Sumitomo Mitsui Banking Corporation (SMBC), and MUFG Bank.
Analysts have highlighted two “high-conviction” features of the agreement:
- Unsecured Structure: The banks extended the credit without requiring specific collateral, a testament to SoftBank’s current creditworthiness and the perceived value of its underlying assets, including its nearly 90% stake in chip designer Arm Holdings.
- 12-Month Tenor: The loan matures on March 25, 2027. This compressed timeline has fueled market speculation that SoftBank and its lenders anticipate a major liquidity event—potentially an OpenAI IPO—within the next year to facilitate repayment.
Balancing Growth and Risk
While the market responded positively—SoftBank shares rose over 3% in Tokyo following the announcement—the scale of the “OpenAI bet” has drawn scrutiny from credit agencies. S&P Global recently lowered SoftBank’s outlook to negative, noting that OpenAI now represents roughly 30% of the group’s total investment assets.
To manage this concentration risk, SoftBank has indicated it will repay the bridge loan in stages through the “utilization of existing assets,” which may involve further divestments of non-core holdings.
The $40 billion facility also provides a “general corporate” buffer, ensuring SoftBank can maintain its commitments to the Stargate Project—a $500 billion U.S.-based AI infrastructure initiative—while navigating the capital-intensive race for generative AI supremacy.
Masayoshi-Son-Chairman-and-CEO-SoftBank-by-FT-on-Wikimedia
