SoftBank secures $40 billion bridge loan to fund further OpenAI investment

SoftBank has taken on a new $40 billion loan to cover its $30 billion commitment to invest in OpenAI. The Japanese conglomerate said the financing supports its role in the AI model maker's $110 billion raise last month. It disclosed the details on Friday. The loan is unsecured and has a 12-month term. It must be repaid or refinanced by next year. JPMorgan Chase, Goldman Sachs, and four Japanese banks provided the funds. The short repayment window signals that lenders expect OpenAI to complete a public listing later this year. CNBC has reported on that timeline. SoftBank's latest investment brings its total commitment to the ChatGPT maker to more than $60 billion. An OpenAI initial public offering this year would give the company liquidity to settle the debt on schedule.