SoftBank's OpenAI Equity-Backed Loan Plan Shrinks to $6 Billion, AI Valuation Disagreements Tighten Financing

Odaily Odaily reports that SoftBank Group is scaling back a financing plan backed by OpenAI equity. It originally aimed to raise approximately $10 billion in margin loans, but the size may now be reduced to around $6 billion.

Sources say some lenders have expressed concerns about the transaction structure and the reliability of OpenAI's valuation as an unlisted company, which has become a key factor hindering the financing progress. The loan was initially designed to be secured by SoftBank's equity holdings in OpenAI, with a term of two years and an optional one-year extension, intended to further expand its investment layout in the artificial intelligence sector.

SoftBank has been continuously increasing its bets on the AI track in recent years, having invested approximately $30 billion in OpenAI through Vision Fund 2 and participating in major AI infrastructure projects including Stargate. However, this financing adjustment also reflects a broader trend: although the AI investment frenzy continues to heat up, the market is beginning to show caution regarding the verifiability of valuations for private AI giants, with some institutional investors tightening their risk pricing.

Currently, discussions regarding the loan are still ongoing, meaning the final size may still change. (Bloomberg)