Apollo Global Management is in talks with SoftBank Group to increase a loan backed by Vision Fund 2 assets from $5.4 billion to as much as $9 billion, although the final size has not been determined. The facility was first extended in 2021 and increased by $900 million last year. The proposed financing would give SoftBank additional capacity for its investment in OpenAI, where it made a $30 billion follow-on investment earlier this year for a 13% ownership interest. SoftBank has also pursued a $10 billion margin loan and is discussing a potential $10 billion-to-$20 billion overseas high-yield bond sale. S&P downgraded SoftBank's credit rating in March, citing reduced financial capacity after the OpenAI investment, while later revising SoftBank Corp's outlook to stable and affirming its BBB rating. The additional borrowing would improve liquidity but increase leverage and exposure to changes in OpenAI's valuation.