Overview
- Talks to secure a margin loan of at least $6 billion using SoftBank’s OpenAI stake as collateral have stalled, according to Bloomberg reporting cited by multiple outlets.
- SoftBank trimmed the loan target from about $10 billion to $6 billion after lender interest cooled on the larger package.
- Before talks paused, roughly $5 billion of commitments had been reported but sources said it was unclear whether those pledges were formal or informal.
- Banks flagged the core problem that OpenAI is privately held and has no public market price, which makes it hard to set a reliable collateral value or to liquidate the stake if needed.
- The news sent SoftBank shares sharply lower and leaves the group weighing asset sales, new equity or other borrowing while an eventual OpenAI IPO remains a potential path to unlock cash.