21 Banks Line Up Behind SoftBank’s $40 Billion OpenAI Bet, Fueling IPO Speculation

SoftBank Group (SOBKY) has drawn 21 new banks into its $40 billion unsecured bridge loan to fund its OpenAI investment, with First Abu Dhabi Bank, Singapore’s GIC, and Standard Chartered each taking on nearly $1 billion. The loan matures in March 2027, and the market widely reads it as a signal that OpenAI’s IPO is imminent. As of the July 24, 2026 close, JPMorgan (JPM) traded at $353.21, up 0.95% from the prior close of $349.90. U.S. markets were closed for the holiday, with no live trading.

Loan Size and Bank Lineup Expands

SoftBank announced the $40 billion unsecured bridge loan on March 27, 2026, to funnel an additional $30 billion into OpenAI via Vision Fund 2 and for general corporate purposes.^{[Startup Fortune]} Initially, JPMorgan, Goldman Sachs, Mizuho Bank, Sumitomo Mitsui Banking Corp., and MUFG Bank were listed as lenders.^{[Startup Fortune]} According to Startup Fortune, the loan has now been expanded to 21 new banks, with First Abu Dhabi Bank, GIC, and Standard Chartered each taking on nearly $1 billion.^{[Startup Fortune]} This is one of SoftBank’s largest-ever dollar-denominated borrowings.^{[Startup Fortune]}

According to Yahoo Finance, lead arrangers JPMorgan and Goldman Sachs are each expected to pocket roughly $100 million in fees.^{[Yahoo Finance]} That fee haul reflects the sheer size and complexity of the deal.

Loan Maturity Tied to OpenAI IPO Timeline

The key risk on this loan is its maturity date. Per SoftBank’s own announcement, the loan is unsecured and matures on March 25, 2027.^{[Startup Fortune]} That means SoftBank has less than a year to repay the debt, either through an OpenAI IPO or refinancing. Startup Fortune’s analysis calls the maturity date “the clearest signal yet that OpenAI’s IPO is coming.”^{[Startup Fortune]} If OpenAI’s IPO is delayed, SoftBank will face greater repayment pressure.

SoftBank said in February that its follow-on investment in OpenAI would bring its total committed capital to $64.6 billion, giving it roughly a 13% stake upon completion.^{[Startup Fortune]} The new $30 billion investment will be paid in three tranches of $10 billion each, on April 1, July 1, and October 1, 2026.^{[Startup Fortune]} SoftBank said the investment will initially be funded via the bridge loan and other arrangements, then gradually replaced with existing assets and other financing measures.^{[Startup Fortune]}

SoftBank Taps Multiple Funding Channels: Bonds and Margin Loans

Beyond the $40 billion bridge loan, SoftBank is raising money through other channels. According to TradingView, SoftBank plans to raise about ¥60 billion ($369 million) by issuing bonds to institutional investors in Japan during the last week of July.^{[TradingView]} The deal is expected to include roughly ¥50 billion in three-year bonds and ¥10 billion in five-year bonds. Daiwa Securities will act as lead manager, with Nomura and SMBC Nikko also participating.^{[TradingView]}

SoftBank has already raised ¥678 billion this year by selling subordinated bonds to retail investors and tapped the dollar and euro bond markets in April.^{[TradingView]} Separately, SoftBank is considering a margin loan backed by its OpenAI equity, though the potential borrowing target has been trimmed from an initial $10 billion to roughly $6 billion.^{[TradingView]}

Market Reaction and Analyst Views: AI Return Concerns Mount

While SoftBank’s fundraising shows strong market confidence in AI infrastructure, investor worries about AI investment returns are also growing. According to TradingView, SoftBank’s stock has pulled back from its early-June peak on reports that OpenAI’s IPO could be delayed.^{[TradingView]} On July 16, S&P Global Ratings revised SoftBank’s outlook from negative to stable, citing a greater-than-expected improvement in its financial position after a sharp rally in Arm’s stock.^{[TradingView]} The agency also affirmed SoftBank’s BB+ long-term issuer credit rating, still one notch below investment grade.^{[TradingView]}

Meanwhile, Nvidia (NVDA) is in talks with OpenAI to guarantee up to $250 billion in financing for a $500 billion data center project.^[WSJ] The 10-gigawatt project, being developed by SoftBank’s energy subsidiary SB Energy in Ohio, would be one of the largest data center projects globally, per Bloomberg.^{[Energy Connects]} Gary Tan, a portfolio manager at Allspring Global Investments, said: “While Nvidia’s investment and partnerships boost confidence in long-term AI buildout, investors remain worried about the circular financing issue.”^{[Energy Connects]}

This content is for informational purposes only and does not constitute investment advice, trading advice, or any guarantee of returns.