SoftBank is seeking to borrow $10 billion using its stake in OpenAI as collateral, reviving discussions over a margin loan (debt secured by investment assets) that previously stalled because lenders struggled to value shares in the privately held AI company. The effort is part of a broader refinancing campaign ahead of a $40 billion unsecured bridge loan maturing in March 2027. SoftBank secured that facility in March 2026, primarily to fund a $30 billion follow-on investment in OpenAI. Its cumulative commitments to OpenAI now total roughly $65 billion, representing about a 13% stake. SoftBank has reportedly offered a corporate guarantee to support the margin loan and is also considering bond issuance of between $10 billion and $20 billion in US dollars and euros. Those discussions were still ongoing as of late August. S&P rates SoftBank BB+ with a negative outlook, placing it in junk territory. The financing challenge highlights the difficulty of borrowing against private-company shares, which lack the daily market pricing and liquidity available for publicly traded stock.