SoftBank group has downsized plans for a $10 billion margin loan backed by its OpenAI stake, according to a Bloomberg news report. SoftBank and bankers have mentioned in discussions plans to revise the target to an amount as low as $6 billion.
The report said that the group’s initial pitch had investors concerned about the difficulty of reaching a valuation for an unlisted company like OpenAI. A margin loan is when an investor borrows from a lender to invest in securities, using the purchased investments as collateral.
According to an earlier report, the two-year margin loan would carry an option for SoftBank to extend the tenure by an additional year. The eventual size of the borrowing is subject to change, as the discussions are ongoing.
READ: SoftBank seeks up to $40 billion loan to fund OpenAI investment (March 6, 2026)
The proposed financing would use SoftBank’s investment in OpenAI as collateral. Some lenders were said to be cautious about assigning a reliable valuation to the ChatGPT maker, given that OpenAI remains unlisted, according to the report.
The development comes amid increased scrutiny over AI investments, and whether they would translate to profits anytime soon. SoftBank CEO Masayoshi Son has aggressively expanded the company’s focus on AI, funding billions of dollars in OpenAI investments through debt financing.
SoftBank first invested in OpenAI in September 2024 and later partnered with the startup on Stargate, a large-scale U.S. AI infrastructure initiative announced in January 2025.
The company recently committed another $30 billion to OpenAI after previously investing more than that amount. In March, SoftBank said it secured a $40 billion bridge loan for its investments in OpenAI and for general corporate purposes. The loan, which matures in March 2027, was arranged with lenders including JPMorgan & Chase, Goldman Sachs, Mizuho Bank, Sumitomo Mitsui Banking Corp and MUFG Bank.
READ: SoftBank secures a $40 billion loan to boost investments in OpenAI (March 27, 2026)
The banking giant noted that borrowings under the Bridge Facility Agreement are expected to be repaid in stages by the maturity date through the use of existing assets and other financing measures.
SoftBank has also made smaller investments beyond OpenAI of late. SoftBank and OpenAI have jointly invested $1 billion in SB Energy, an infrastructure company working with tech firms on a U.S. buildout of data centers. The company has also agreed to buy private equity firm DigitalBridge Group for about $3 billion in cash. Last year, it bought U.S. chip designer Ampere Computing for $6.5 billion and proposed a $5.4 billion acquisition of ABB’s robotics unit.