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SoftBank margin loan on OpenAI shares
A loan against unlisted OpenAI shares, priced at 475bp over SOFR, with limited recourse to SoftBank. Many Japanese lenders are wary, and US investors are expected to anchor it.
- Size
- Undisclosed · Target $10B, expected about $6B on weaker demand. No closing confirmed.
- Date
- · IFR issue of May 23 to 29.
- Type
- Margin loan
- Status
- In talks
Who does what
- SoftBankpledges its OpenAI stake
- OpenAIits shares are the collateral
What we don’t know
- Whether it closed, and at what size
- The lenders
Sources
- SoftBank's OpenAI bet splits lenders IFR · May 29, 2026
We opened each of these on Oct 30, 2026.
See it on the debt map. Not financial advice.