SoftBank Secures Record $40 Billion Bridge Loan for OpenAI Stake

SoftBank Group Corp. signed a loan of $40 billion to finance its investment in OpenAI, adding to the Japanese company’s debt load as it seeks to stay abreast of a global artificial intelligence race.

The non-collateralized bridge loan, which will mature in 12 months, will be used for SoftBank’s $30 billion follow-on investment in OpenAI as well as for other costs, the company said in a statement on Friday. JPMorgan Chase & Co., Goldman Sachs Group Inc., Mizuho Bank, Sumitomo Mitsui Banking Corp. and MUFG Bank are underwriting the facility, which will be paid partly through the sale of assets, it said.