SoftBank Group is looking to secure a USD 10 billion margin loan, using its stake in OpenAI as collateral. This move highlights the company’s ongoing efforts to expand its AI-related financial commitments.
This initiative forms part of SoftBank’s broader strategy to use assets as collateral for borrowing, as it deepens its engagement in the AI sector.
Increased OpenAI Investment Boosts Financing Activities
Since committing over USD 60 billion in investments to OpenAI following a recent pledge of an additional USD 30 billion, SoftBank has significantly expanded its holdings. The group had already invested around the same amount previously. In March 2026, SoftBank secured a USD 40 billion loan facility—the largest ever in dollar terms—partly to fund this follow-on investment. Last week, it raised USD 3.6 billion through a multi-tranche bond offering, with part of these funds aimed at repaying bridge financing linked to its OpenAI positions. The ten-year dollar tranche carried an 8.5% coupon rate, the highest interest rate issued on such securities by SoftBank.
According to reports, discussions for this margin loan include a potential interest rate of about 425 basis points over the Secured Overnight Financing Rate (SOFR), which would amount to around 7.88% with current SOFR levels. No final decisions have been made and terms are still subject to change.
News of this loan has impacted SoftBank’s credit risk profile, with credit-default swap rates on the group’s debt increasing by about ten basis points, bringing them close to a one-year high of 376 basis points reached in late March 2026.
Equity and Credit Markets Show Different Sentiments
While the credit markets have responded with increased risk perception, equity markets are more optimistic. SoftBank’s share price has surged approximately 31.5% year-to-date, compared to an 8.3% rise in the Topix index.
SoftBank has utilized margin loans before, having expanded a similar facility for its stake in Arm Holdings to USD 20 billion as of November 2025. The company also holds substantial equity positions in T-Mobile US, Intel Corp., and ByteDance Ltd., which could be sold if needed.
In March 2026, S&P Global Ratings downgraded SoftBank’s credit outlook from stable to negative due to concerns about the company’s concentrated exposure to OpenAI. This downgrade reflects the broader tension between SoftBank’s aggressive investment in AI infrastructure and its ability to manage debt sustainability.
