SoftBank is taking another run at borrowing $10 billion against its OpenAI holdings, resuming negotiations with a group of major banks after previous attempts hit a wall. The move underscores just how central OpenAI has become to Masayoshi Son’s empire, and how tricky it is to borrow against something that doesn’t trade on a public exchange.

The renewed discussions involve Goldman Sachs, JPMorgan, and Mizuho, a lineup that signals this isn’t a casual ask. SoftBank wants the cash to keep fueling its AI spending spree without selling shares, a strategy that only works if lenders agree on what those shares are actually worth.

A loan with a rocky history

This isn’t SoftBank’s first attempt at this particular deal. The company initially pursued a $10 billion loan back in April 2026, only to scale back its target to $6 billion by June when lenders got squeamish about how to value private equity assets.

Those June discussions ultimately stalled entirely. Now SoftBank is back at the original $10 billion figure, suggesting either the company found new leverage in negotiations or the lenders warmed up. Or both.

Previous discussions reportedly included terms of a two-year maturity with a possible one-year extension, at spreads around 425 basis points over SOFR. In English: SoftBank would pay roughly 4.25 percentage points above the benchmark rate, which is a meaningful premium reflecting the risk lenders see in this arrangement.

To sweeten the deal, SoftBank has offered a corporate guarantee if the collateral proves insufficient. That’s essentially saying, “If OpenAI’s value drops and the stake doesn’t cover the loan, SoftBank itself will make up the difference.”

The $64.6 billion bet on OpenAI

SoftBank’s total investment in OpenAI sits at approximately $64.6 billion for an estimated 13% stake. The scale of the commitment reflects Son’s conviction that AI represents the most important technological shift of this era. He’s been using bridge loans and asset monetization to fund the position.

S&P Global recently flagged a negative outlook on SoftBank’s credit profile, which adds an awkward backdrop to any conversation about borrowing another $10 billion.

What this means for investors

The outcome of these negotiations matters well beyond SoftBank’s balance sheet. If the deal goes through, it would establish a template for how large-scale investments in private AI companies can be financed through conventional lending.

For anyone watching the AI investment space, the key variable isn’t whether SoftBank gets its $10 billion. It’s whether the terms reveal growing lender confidence in private AI valuations, or whether the spreads and guarantees required suggest the banking system still sees this sector as a high-wire act. The 425 basis point spread discussed in earlier rounds was already elevated. If the new terms come in higher, that would be a data point worth paying attention to.