JAKARTA – SoftBank Group Corp. has scaled back plans for a USD 10 billion margin loan backed by OpenAI shares after several creditors expressed reservations, according to people familiar with the matter.
In separate discussions with prospective lenders over recent weeks, the Japanese conglomerate and the banks arranging the financing have reportedly considered a lower amount, potentially as low as USD 6 billion.
Discussions are still ongoing and the final loan size has yet to be determined, according to Bloomberg.
The change in plans came after some investors approached for the original USD 10 billion structure raised concerns over the prospects of an unlisted company such as OpenAI.
Separately, a Wall Street Journal report in April said OpenAI had failed to meet several monthly sales targets in early 2026 as rivals such as Anthropic gained strength in the programming and enterprise markets.
OpenAI was also reported to have missed its internal target of reaching one billion weekly active users for ChatGPT by the end of last year.
However, OpenAI chief financial officer Sarah Friar dismissed those concerns, saying the company remained on track and continued to see “tremendous demand” for its products.
The concerns have fuelled broader market debate over whether the hundreds of billions of dollars being invested in artificial intelligence can generate adequate returns in the near term.
SoftBank has taken on substantial debt to finance its investments in OpenAI, as Masayoshi Son seeks to position himself as a key figure in the global AI boom.
Markets remain divided in their assessment. SoftBank shares have risen 39% this year, outperforming the 12.3% gain in Japan’s Topix index.
However, the cost of insuring against potential default on SoftBank’s debt has also risen, with credit default swaps widening by around 61 basis points in 2026.
Investors involved in the proposed margin loan include private credit firms, financial institutions and hedge funds. Discussions over the financing reportedly began in mid-March.
A SoftBank spokesperson declined to comment.
The company had previously committed to invest an additional USD 30 billion in OpenAI after already investing a larger amount beforehand.
SoftBank also secured a USD 40 billion loan in March, the largest dollar-denominated loan ever raised, with part of the proceeds intended to fund the follow-on investment.
In the same month, S&P Global Ratings revised SoftBank’s credit outlook to negative from stable, citing concerns that the OpenAI investment could affect the company’s liquidity and the credit quality of its assets. (DK/KR/ZH)
