SoftBank expanded its bridge loan backing OpenAI to roughly $40 billion by bringing in 21 lenders and allocating about $7 billion to them, with a March 2027 maturity and an initial margin around 250 basis points over SOFR.

The loan carries an initial rate of SOFR plus 250 basis points, roughly 6.14% at current SOFR levels.

OpenAI’s $30 billion investment is among the largest private-tech financings, distributed across a broad syndicate spanning Tokyo, London, and New York.

A key risk is if OpenAI delays an IPO beyond March 2027, forcing SoftBank to refinance, sell assets, or pursue alternative financing, which would tighten liquidity options.

Details and terms may evolve as the syndication expands and market conditions change.

Bankers have raised concerns about SoftBank’s OpenAI exposure amid competition from rivals like Anthropic, even as SoftBank pledges to go all in.

The deal previously added nine new banks before May’s general syndication, with ongoing questions about SoftBank’s exposure amid competitive pressure.

The transaction tests how global finance handles concentrated AI exposure at scale and explores possible refinance or exit paths before the March 2027 maturity.

SoftBank is pursuing over $500 million stake in Gravis Robotics, potentially via staged purchases and a new U.S.-listed vehicle.

New lenders include European, Japanese, and Taiwanese banks, with some institutions joining across multiple branches, affecting the count by parent.

JPMorgan and Goldman Sachs are expected to earn roughly $100 million in fees related to SoftBank’s financing activities tied to OpenAI.

The new lenders collectively took about $7 billion; First Abu Dhabi Bank, GIC, and Standard Chartered each took around $1 billion, with the remainder split among European, Japanese, and Taiwanese banks.