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Term 12 months: SoftBank urgently borrows $40 billion just to heavily invest in OpenAI
IT Home on March 28 reported that SoftBank issued an announcement yesterday (March 27) stating that it has obtained a $40 billion unsecured short-term loan to fulfill its investment commitment of up to $30 billion to OpenAI.
The announcement said that this round of lending is an unsecured pure credit loan, and that the repayment term is just 12 months. The lineup of the lenders is extremely impressive: led by two major giants, JPMorgan Chase and Goldman Sachs, with four other top Japanese banks participating as well. This means SoftBank must either repay the debt in full or restructure it within next year.
IT Home has included the relevant screenshots below:
Last month, OpenAI completed a record-breaking $110 billion financing, and SoftBank pledged to subscribe for $30 billion of it. Adding this latest $30 billion heavy follow-on brings SoftBank’s total bet on the parent company of ChatGPT to officially surpass the $60 billion mark.
Tech media outlet TechCrunch interprets it this way: the entry of top Wall Street investment banks, and SoftBank’s confidence in using extremely high leverage and borrowing enormous short-term debt, is because OpenAI is expected to go public this year. Once OpenAI successfully lists, it will inevitably bring SoftBank astonishing liquidity of funds.