SoftBank Group Corp. has finalized a $10 billion margin loan that is secured by its ownership in OpenAI, according to the company's financial report. The agreement was signed Wednesday with a group of lenders that includes Goldman Sachs Bank USA, JPMorgan Chase Bank NA, Mizuho Securities USA LLC, Apollo Global Funding LLC and Sumitomo Mitsui Banking Corp.
The two-year credit facility is scheduled to be drawn down this month. SoftBank said the proceeds will be used for general corporate purposes across the group and for its Vision Fund II-2. The company will act as guarantor for the borrowing.
The loan documentation includes covenant language that can require the borrower to inject cash or make early repayments under certain conditions. One explicit trigger described in the report is a substantial decline in the value of OpenAI's preferred shares, which would activate additional cash or repayment obligations.
This financing follows an earlier, larger borrowing: SoftBank previously secured a $40 billion bridge loan to back its OpenAI investments. That bridge facility expanded its lender base during a syndication phase last month, adding 21 new lenders to the arrangement.
SoftBank's planned cumulative investment in OpenAI is expected to reach approximately $65 billion by October. The company is relying in part on borrowed funds to support these commitments. The financial report notes this use of leverage as SoftBank seeks to fund its AI investments while investors watch the firm's rising debt levels and the uncertain returns from its biggest investments.
The transaction highlights how SoftBank is structuring liquidity for a large, concentrated strategic bet. The facility's covenant mechanics tie financing flexibility to the market value of the underlying collateral - OpenAI's preferred shares - which creates contingent obligations for the borrower if valuations move materially.
As presented in the financial report, the $10 billion margin loan is one element of a broader funding program for SoftBank's AI commitments, complementing the previously arranged $40 billion bridge facility and supporting the company's goal of reaching the planned total OpenAI investment by October.