SoftBank is seeking an additional $10 billion loan secured by its OpenAI stake, with a two-year term and pricing of about 275 basis points over the Secured Overnight Financing Rate, or SOFR, and with Mizuho Bank as lead arranger and bookrunner. The facility revives earlier margin-loan discussions that stalled over how to value privately held OpenAI shares and is intended to refinance OpenAI-linked debt while SoftBank prepares for the March 2027 maturity of a $40 billion unsecured bridge loan raised mainly to fund a $30 billion OpenAI follow-on. Cumulative OpenAI commitments total roughly $65 billion, or about a 13% stake, and SoftBank is also weighing $10 billion to $20 billion of dollar- and euro-denominated bonds plus a record 1 trillion-yen, or about $6.3 billion, Japanese retail bond offering. The push comes amid a broader AI borrowing wave in which global corporate bond funding for data centers and AI infrastructure has exceeded $410 billion this year and U.S. investment-grade corporate issuance reached about $1.7 trillion through July, roughly 27% above the prior-year pace and on track to surpass $2 trillion for the first time. Treasury Secretary Scott Bessent has said much AI-related corporate supply is almost yield-agnostic because firms expect very high build-out returns, while Ed Yardeni argues heavy demand has kept spreads compressed and diverted capital from Treasuries, lifting government yields in a classic crowding-out effect as U.S. debt hits $40 trillion and annual debt service runs near $1 trillion. Federal Reserve Chairman Kevin Warsh has flagged expanding capital pools flowing into AI infrastructure, and S&P Global has warned that markets are growing leery of rapidly rising hyperscaler leverage after absorbing the debt flood.