SoftBank is taking another run at borrowing $10 billion against its OpenAI holdings, resuming negotiations with a group of major banks after previous attempts hit a wall. The move underscores just how central OpenAI has become to Masayoshi Son’s empire, and how tricky it is to borrow against something that doesn’t trade on a public exchange.
The renewed discussions involve Goldman Sachs, JPMorgan, and Mizuho, a lineup that signals this isn’t a casual ask. SoftBank wants the cash to keep fueling its AI spending spree without selling shares, a strategy that only works if lenders agree on what those shares are actually worth.
A loan with a rocky history
This isn’t SoftBank’s first attempt at this particular deal. The company initially pursued a $10 billion loan back in April 2026, only to scale back its target to $6 billion by June when lenders got squeamish about how to value private equity assets.
Those June discussions ultimately stalled entirely. Now SoftBank is back at the original $10 billion figure, suggesting either the company found new leverage in negotiations or the lenders warmed up. Or both.
