SoftBank Pursues $10B Margin Loan Against OpenAI Stake, Doubling Down on AI Leverage

SoftBank is seeking a $10 billion margin loan collateralized by its OpenAI stake. Following a $40 billion bridge loan in March, the company is once again expanding its leverage, bringing cumulative OpenAI investment to $64.6 billion.

Justin·April 24, 2026·3 min read

AI Summary

SoftBank is seeking a $10 billion margin loan collateralized by its OpenAI stake, extending a leverage push that already included a $40 billion bridge loan in March. Cumulative investment in OpenAI has reached $64.6 billion. S&P Global has revised its outlook on SoftBank to 'Negative,' and margin call risk has grown materially should OpenAI's valuation deteriorate.

Another leverage move following the $40B bridge loan in March — cumulative OpenAI investment approaches $64.6 billion

SoftBank Group is pursuing a $10 billion margin loan collateralized by its OpenAI stake, Bloomberg and other outlets reported on the 23rd (local time). Chairman Masayoshi Son continues to maintain his all-in AI strategy while steadily expanding the company's debt load.

A margin loan is a financing structure in which existing assets — such as equity holdings — are pledged as collateral to raise cash. The facility is structured with a two-year maturity and a one-year extension option, with the interest rate reportedly being negotiated at SOFR plus 425 basis points (approximately 7.88%).

Another Leverage Move Following March's Bridge Loan

This loan follows the $40 billion bridge loan SoftBank arranged in March of this year, which was primarily used to fund its OpenAI investment. With the addition of this $10 billion margin loan, SoftBank's OpenAI-linked borrowings will surpass $50 billion in total.

An additional $30 billion investment via Vision Fund 2, bringing ownership stake to approximately 13%
Cumulative investment in OpenAI reaches $64.6 billion
Co-investors in this round: NVDA ($30 billion), Amazon ($50 billion)

Divesting NVDA and T-Mobile to Concentrate on OpenAI

SoftBank has liquidated significant existing holdings to fund its AI-focused strategy, fully exiting its NVDA position ($5.8 billion) and divesting its T-Mobile US stake ($4.8 billion). The company is also currently running a $20 billion margin loan against its 87% stake in Arm Holdings. The underlying rationale is that, as long as OpenAI's valuation holds, SoftBank can secure liquidity without resorting to asset sales.

S&P Outlook Revised to 'Negative' — Risks Are Rising

Credit rating agencies have sounded the alarm over SoftBank's aggressive leverage strategy. S&P Global Ratings revised its outlook on SoftBank from 'Stable' to 'Negative' back in March. The company's credit default swap (CDS) spread has recently widened by approximately 10 basis points to around 360 bps, approaching its highest level since March of this year.

The key risk is a decline in OpenAI's valuation. Should the value of SoftBank's OpenAI stake fall, a margin call could be triggered, potentially forcing the company to post additional collateral or liquidate assets. SoftBank is counting on an OpenAI IPO this year to convert the stake into publicly traded shares, which would significantly enhance its liquidity and financing capacity.