Krux
March 28, 2026
SoftBank Borrows $40B to Double Down on OpenAI
Published: March 28, 2026 at 12:37 AM
Updated: March 28, 2026 at 12:37 AM
100-word summary
SoftBank has secured a $40 billion unsecured bridge loan to fund more OpenAI investments, with JPMorgan, Goldman Sachs, and three other banks lined up as lenders. The loan matures in March 2027 and covers both OpenAI commitments and general corporate expenses. Here's the striking part: SoftBank is borrowing the entire amount unsecured, meaning no collateral backing one of the largest corporate loans on record. The move signals SoftBank believes OpenAI's trajectory justifies massive leverage, not just capital deployment. For Wall Street's top banks, it's a bet that financing AI infrastructure is now as safe as financing blue-chip corporates.
What happened
SoftBank has secured a $40 billion unsecured bridge loan to fund more OpenAI investments, with JPMorgan, Goldman Sachs, and three other banks lined up as lenders. The loan matures in March 2027 and covers both OpenAI commitments and general corporate expenses. Here's the striking part: SoftBank is borrowing the entire amount unsecured, meaning no collateral backing one of the largest corporate loans on record. The move signals SoftBank believes OpenAI's trajectory justifies massive leverage, not just capital deployment.
Why it matters
For Wall Street's top banks, it's a bet that financing AI infrastructure is now as safe as financing blue-chip corporates.