SoftBank is looking to borrow $10 billion using its OpenAI shares as collateral, according to a Bloomberg report citing people familiar with the matter. The margin loan would have a two-year term with an option to extend for another year.
This would be the second major loan SoftBank has taken out recently tied to its OpenAI investment. Back in March, the company secured a $40 billion bridge loan to increase its stake in OpenAI and for general corporate purposes. SoftBank had previously committed $30 billion to OpenAI through its Vision Fund 2.
It's a big bet on a hot asset—and a sign that even the biggest investors are leveraging up to stay in the AI game. For context, OpenAI's valuation has soared in recent years, making its equity a valuable piece of collateral. This move follows other notable AI financing stories, like the TV shopping company that bet on Anthropic before it was cool, showing just how far investors will go to get a piece of the action.