SoftBank Seeks Up to $40 Billion to Boost OpenAI Stake as S&P Flags Liquidity Risk
SoftBank Group Chairman Masayoshi Son sees OpenAI as central to the company’s transformation into an AI-focused holding group. As of the end of December 2025, SoftBank had invested more than $30 billion and held a stake of about 11%. Further investment would increase its exposure to a single unlisted asset and raise its financial leverage as funding needs for model development and data centers continue to grow.
In March 2026, SoftBank was in talks for a bridge loan of up to $40 billion with a term of about 12 months, expected to be underwritten by four banks including JPMorgan. The financing would support $30 billion in new OpenAI investment to be disbursed in April, July and October. S&P Global Ratings has revised SoftBank’s credit outlook to negative. Its loan-to-value ratio rose to 20.6% by the end of 2025 and could breach the 25% financial threshold.
All Coverage
2 original reportsThe Backstory
The history behind this eventSoftBank Pledges OpenAI Stake in Pursuit of $10 Billion Loan as Masayoshi Son Raises AI Bet
Under founder Masayoshi Son, SoftBank Group has made OpenAI central to its AI strategy and committed on March 31, 2025, to invest up to $40 billion. Pledging its privately held OpenAI stake would allow SoftBank to raise funds without selling the shares. However, opaque valuations and limited liquidity could increase risks to its credit ratings and financing costs.
SoftBank was reported on April 23, 2026, to be seeking a $10 billion margin loan. On May 8, it cut the target by 40% to at least $6 billion after some lenders balked. Financing talks stalled again on June 10, when its shares closed 8.33% lower in Tokyo at 6,461 yen. The company is still evaluating other fundraising options and has not secured the loan.
SoftBank Market Value Tops ¥40 Trillion on OpenAI, SB Energy IPO Hopes
SoftBank Group has concentrated its investment portfolio on AI, with OpenAI and chip designer Arm among its core assets. An OpenAI listing would subject an AI valuation long supported by private financing to scrutiny from public markets. SB Energy, a U.S. data-center power platform, raised more than $1.8 billion from SoftBank, OpenAI and Ares Management in the year through May 2026.
SoftBank Group shares rose 7.55% in Tokyo on May 26, 2026, lifting its market capitalization above ¥43 trillion and taking its cumulative gain since May 20 to more than 40%. The stock had gained 4.6% in the previous session, pushing its market value past ¥40 trillion. The rally was driven largely by reports that OpenAI was preparing to file for a U.S. IPO and that SB Energy also planned to file confidentially for a listing. SoftBank has committed nearly $65 billion to OpenAI and is expected to own about 13% by October.
Subscribe to Mark Radar Weekly
Every Friday, the week's strongest signals in your inbox. Unsubscribe anytime.