SoftBank seeks $10B margin loan backed by OpenAI shares at SOFR+425bps as leverage stack deepens

SoftBank is seeking a $10 billion margin loan backed by its OpenAI shares at SOFR+425bps (~7.88%), adding to the $40 billion bridge loan secured in March. The total OpenAI commitment reaches ~$64.6 billion for a ~13% stake, notionally worth ~$110 billion at OpenAI's $852 billion valuation. SoftBank's total debt stands at ~$135 billion, S&P has cut its credit outlook to negative (BB+), and analysts estimate a $32 billion funding gap over two years. The loan's spread is nearly triple that of SoftBank's 2018 Alibaba margin loan, reflecting the illiquidity risk of collateral in a private company whose secondary market shows five sellers for every buyer. Masayoshi Son frames the strategy as 'total offence mode' on AI, but the leverage stack leaves little margin for error if OpenAI's valuation softens or debt servicing becomes strained.