SoftBank is expanding its $40B OpenAI loan to additional banks as sub-underwriters, requiring $5B commitments each

SoftBank's $40B loan backing its investment in OpenAI has entered a soft launch phase, with additional banks being invited to join as sub-underwriters alongside existing underwriters JPMorgan Chase, Goldman Sachs, Mizuho, Sumitomo Mitsui, and Mitsubishi UFJ, with each new participant required to commit around $5B. The mega loan highlights the scale of debt Masayoshi Son is willing to take on as SoftBank has already injected more than $30B into OpenAI on top of the new commitment, with its other major holding being a roughly 90% stake in Arm Holdings. S&P Global downgraded SoftBank's credit outlook to negative from stable in March, citing concerns that its OpenAI investments could hurt the company's liquidity and asset quality.