SoftBank’s effort to secure $6 billion using OpenAI shares as collateral stalls amid valuation concerns and lender hesitation.
SoftBank Group has paused discussions to raise at least $6 billion through a margin loan backed by its OpenAI holdings. The breakdown follows earlier efforts to secure $5 billion in commitments, though it remains unclear whether those pledges were formal. The loan target was previously cut from $10 billion after lenders raised concerns over valuing OpenAI, a private company with no public market benchmark.
The stalled talks come despite OpenAI’s recent confidential IPO filing, which some lenders viewed as a positive signal. SoftBank faces a $40 billion bridge loan repayment due in March 2027, tied to its OpenAI investments. Alternative fundraising options are now under consideration, though a return to the margin loan remains possible.
No immediate market reaction was reported, but the delay adds pressure to SoftBank’s liquidity plans. The company has not commented on the matter.