SoftBank Group has scaled back plans for a loan tied to its stake in OpenAI after some lenders became uneasy about the risks involved.
The Japanese investment company had originally aimed to secure a $10 billion margin loan backed by its OpenAI holdings.
However, discussions with banks and other potential lenders have recently shifted towards a smaller deal that could fall to about $6 billion, according to people familiar with the talks.
The loan is still under discussion and the final size could still change.
Lenders reportedly became cautious because OpenAI is privately owned, making it harder to determine a stable market value for the company.
Although OpenAI was recently valued at around $852 billion in a funding round earlier this year, creditors are wary about using unlisted shares as collateral for such a large borrowing arrangement.
A margin loan allows investors to borrow money against the value of assets they already own. In this case, SoftBank planned to use its OpenAI stake to secure the financing.
The proposed loan would run for two years, with an option to extend it by another year. Reports earlier this year also said the borrowing could carry an interest rate tied to SOFR plus 425 basis points, pushing costs close to 8%.
That is significantly higher than standard corporate lending rates and reflects the risks lenders see in the structure.
SoftBank has increased its financial exposure to OpenAI over the past two years. The company first invested in the ChatGPT maker in September 2024 and later expanded the partnership through Stargate, a large artificial intelligence infrastructure project launched in the United States in January 2025.
In March this year, SoftBank also secured a separate $40 billion bridge loan backed by major banks including JPMorgan and Goldman Sachs.
The company said the funding would support OpenAI investments and broader corporate operations.
Analysts estimate SoftBank’s total investment commitment to OpenAI could eventually reach about $64.6 billion, giving the group roughly a 13% in the company.
At the same time, some analysts believe SoftBank faces a financing gap of around $32 billion over the next two years.
To raise cash, the company has already sold several major assets. In 2025, SoftBank exited its Nvidia position for about $5.8 billion and also sold T-Mobile shares valued at roughly $12.7 billion.
Credit rating agency S&P recently revised SoftBank’s outlook to negative while keeping its BB+ rating, pointing to the company’s debt exposure and aggressive borrowing strategy.
Neither SoftBank nor OpenAI immediately responded to requests for comment following the latest reports on the loan discussions.
