SoftBank Group is seeking a $10 billion loan secured by its shares in OpenAI, according to Bloomberg, as the Japanese conglomerate doubles down on artificial intelligence despite mounting debt concerns.

The move would use SoftBank's stake in the ChatGPT maker as collateral for one of the largest asset-backed loans in tech history. SoftBank led OpenAI's $30 billion investment in the company's February 2026 funding round that valued the AI startup at $730 billion, making it the largest private technology fundraise ever.

For SoftBank, the loan represents a way to raise capital without selling its OpenAI position, allowing the firm to maintain exposure to what it views as the most valuable private company in the world while funding other AI investments. The strategy echoes SoftBank's previous use of Alibaba shares as loan collateral, though those deals were smaller in scope.

But the move also highlights SoftBank's growing dependence on a single bet. If OpenAI's valuation falls or the company struggles, SoftBank could face margin calls on the loan while simultaneously watching its largest investment crater. The firm has been criticized for concentration risk before, particularly during the WeWork debacle.

OpenAI's valuation has more than doubled in 10 months, from $300 billion in April 2025 to $730 billion today, driven by explosive revenue growth and enterprise adoption. The company's annualized revenue reportedly hit $30 billion, making it the fastest-growing software company in history.

The loan, if completed, would signal both the maturation of AI as an asset class and the extreme measures investors are taking to maintain exposure. Whether SoftBank's leveraged bet on artificial general intelligence pays off will determine if this deal looks like genius or the kind of overleveraged speculation that led to previous tech crashes.