SoftBank revives $10 billion loan backed by OpenAI shares, adding a corporate guarantee

SoftBank resumed talks in early July 2026 on a $10 billion loan, offering banks a corporate guarantee on top of the OpenAI shares already pledged. It is a new incentive for lenders who were not satisfied with the earlier terms, Reuters reports.

What the revised offer includes

The basic structure of the loan has not changed: SoftBank wants to raise $10 billion by pledging its stake in OpenAI. The key condition has changed: the company is adding a corporate guarantee. If the value of the OpenAI shares proves insufficient when the obligations fall due, the banks have the right to demand repayment of the debt directly from SoftBank as a legal entity.

In a standard collateralized loan, liability is limited to the asset itself: if the collateral loses value, the bank takes the loss. A corporate guarantee changes the risk calculation: the banks are protected by SoftBank's balance sheet, not just by the market value of one block of shares.

• Loan amount: $10 billion
• Collateral: SoftBank's stake in OpenAI
• New element: SoftBank's corporate guarantee
• Source: Reuters, citing people involved in the talks
• Current status: talks are ongoing, the deal is not closed

Why the previous offer fell flat

OpenAI shares are an unconventional asset. The company remains private, its shares do not trade on the open market, and its valuation depends entirely on closed funding rounds. For lending banks this is a specific risk: if the next round values OpenAI below current levels, or market sentiment worsens, the collateral may not cover the debt.

The original version, with shares alone as security, failed to win support for exactly this reason. Adding a corporate guarantee reduces that uncertainty: the banks get two layers of protection. If the OpenAI position slips, they can pursue SoftBank, a company with a diversified portfolio of technology investments.

"The concession gives the banks a right of recourse to SoftBank itself if the pledged OpenAI shares turn out to be insufficient,"

Reuters explains.

Why SoftBank needs this loan

SoftBank has long bet on AI and holds a significant position in OpenAI. A $10 billion loan would give the company liquidity without having to sell one of its key strategic assets.

Borrowing against a stake in a private AI company is becoming an established financing practice: valuations of such companies have reached levels at which their shares work as real collateral, provided reliable guarantees back them. SoftBank's willingness to personally vouch for $10 billion points to high confidence in the asset's long-term value.

What it means

SoftBank's willingness to give a corporate guarantee reflects both OpenAI's strategic importance to the company and the maturing of the AI investment market. Large AI assets are being integrated into traditional financial infrastructure: multi-layered credit structures are built around them and they are pledged in deals with leading banks. It is a sign that top-tier AI companies are viewed by the market as full-fledged financial instruments.