According to two informed sources, SoftBank Group has revived discussions with a consortium of lenders, aiming to secure a $10 billion loan using its stake in OpenAI as collateral. These talks had previously stalled due to concerns over the difficulty of valuing the privately held company.

The sources indicate that to provide greater assurance to the lenders, SoftBank has proposed offering a repayment guarantee for the loan. This arrangement means that if the value of the OpenAI shares used as collateral declines, the banks could seek recourse from SoftBank itself.

This lending consortium is expected to include Goldman Sachs, JPMorgan Chase, and Mizuho Financial Group, according to the sources.

The financing is part of SoftBank's strategy to fund its ambitious artificial intelligence investment plans. This type of financing is known as a margin loan, functioning similarly to a line of credit.

The sources added that initially, SoftBank requested the loan be secured solely by its OpenAI shares. However, the banks rejected this structure because, if the collateral depreciated, they would have no claim against SoftBank beyond the shares themselves. Under such terms, SoftBank would have had no obligation to repay the debt.

These negotiations highlight the increased caution among lenders regarding loans backed by equity in private companies. Valuations for such firms are more challenging to assess, and their shares are harder to sell compared to publicly traded stocks.

In recent years, valuations for major AI companies like OpenAI and Anthropic have surged dramatically, fueled by intense competition for leadership in the artificial intelligence sector.

Driven by founder Masayoshi Son, SoftBank has become one of OpenAI's largest global backers. The group has invested over $60 billion into OpenAI and related AI infrastructure projects. This includes the Stargate data center project announced last year in collaboration with OpenAI and Oracle.

SoftBank primarily relies on debt financing and asset-backed loans to fund these investments.

In recent months, the company has been exploring various financing options related to its investment portfolio. Last year, SoftBank attempted to raise a $5 billion margin loan using shares of chip designer Arm Holdings as collateral.

Unlike the OpenAI financing, the Arm loan was secured by shares of a publicly listed company. This makes it easier for lenders to value the collateral and liquidate it if necessary.

Previous reports indicated SoftBank had attempted to raise at least $10 billion through a margin loan backed by its OpenAI stake. After encountering lender hesitancy, the target amount was reportedly reduced to around $6 billion.

OpenAI confidentially filed for a U.S. initial public offering (IPO) in June of this year. This move could eventually make it easier for lenders to assess the value of SoftBank's holding and facilitate its liquidation.

SoftBank also faces a deadline to repay a $40 billion bridge loan by March 2027. This loan was originally used to finance its investment in OpenAI. SoftBank has stated this loan could be repaid "by leveraging existing assets and other financing measures."

This year, founder Masayoshi Son has accelerated the company's investment pace in artificial intelligence. Investments span data centers, semiconductors, and robotics, as SoftBank Group aims to position itself at the core of the industry's rapid expansion.