SoftBank's $40B OpenAI loan draws 21 new lenders

SoftBank Group's $40 billion（約6.4兆円） bridge loan to finance its investment stake in OpenAI has entered a broader syndication phase, attracting 21 new lenders who collectively take around $7 billion（約1.1兆円） of the facility. First Abu Dhabi Bank, GIC, and Standard Chartered Bank each secured nearly $1 billion（約1600億円） shares, while European, Japanese, and Taiwanese banks received allocations from the remainder. The 21 lenders are counted on a parent-institution level, as some institutions are joining across multiple branches.

The remaining $33 billion（約5.3兆円） of the bridge loan is currently held by underwriters and senior lenders but may undergo further syndication, which is standard practice for large financings. The 12-month loan, signed in March, is positioned as one of the largest bridge financings ever completed in the Asia-Pacific region and is expected to generate more than $100 million（約160億円） in fees for underwriters. The facility had already attracted nine additional banks before its May launch into general syndication, despite concerns among some bankers regarding SoftBank's exposure concentration in OpenAI, which faces growing competition from competitors including Anthropic.

The loan carries an initial interest margin of about 250 basis points over the Secured Overnight Financing Rate, translating to an interest rate of 6.14% at current SOFR levels. SoftBank founder and CEO Masayoshi Son has publicly committed to going "all in" on OpenAI, with total commitments now exceeding $60 billion（約9.6兆円）. OpenAI filed for a public listing last month and was valued at $852 billion（約140兆円） in its March fundraising round, signaling the company's rapid valuation growth and the magnitude of SoftBank's strategic bet.

SoftBank's $40 billion（約6.4兆円） bridge loan for OpenAI represents one of Asia-Pacific's largest bridge financings and underscores the scale of the Japanese conglomerate's bet on the U.S. artificial intelligence company. The syndication to 21 new lenders, added to nine banks that joined before general syndication launched in May, demonstrates substantial market appetite despite some banker concerns about SoftBank's concentrated exposure to OpenAI. The loan is generating more than $100 million（約160億円） in fees for underwriters, reflecting its size and complexity.

The facility comes as OpenAI pursues aggressive growth amid competition from rivals such as Anthropic. SoftBank founder Masayoshi Son has made clear his intention to stay deeply invested: his total commitments to OpenAI now exceed $60 billion（約9.6兆円）. OpenAI's recent public listing filing and $852 billion（約140兆円） valuation in its March fundraising round signal the company's rapid ascent and the stakes SoftBank has placed on its success.

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