Why SoftBank’s new $40B loan points to a 2026 OpenAI IPO

TechCrunch / 3/28/2026

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Key Points

SoftBank has secured a new $40 billion loan to help fund its $30 billion commitment to invest in OpenAI following the company’s reported $110 billion private funding round.
The loan is unsecured and due in 12 months, which may indicate lenders expect OpenAI to pursue an IPO later in 2026 to provide liquidity.
The borrowing is arranged with JPMorgan Chase, Goldman Sachs, and four Japanese banks, tying major global lenders to OpenAI-related financing.
The article frames the potential IPO as one of the largest public listings ever, which would help SoftBank repay or refinance quickly given its growing total investment in OpenAI exceeding $60 billion.

SoftBank has taken on a new $40 billion loan to help it cover its $30 billion commitment to invest in OpenAI as part the AI model maker’s record-breaking $110 billion raise last month, the Japanese conglomerate said on Friday.

Most striking is that the loan is unsecured and has a 12-month term, meaning it must be repaid or refinanced by next year. This could be a signal that the lenders believe OpenAI’s highly anticipated public listing will indeed come later this year, as some markets outlets, like CNBC, have reported. The loan is provided by JPMorgan Chase, Goldman Sachs and four Japanese banks.

Since OpenAI’s IPO is bound to be one of the largest listings ever, if it does happen this year, that would presumably give SoftBank the liquidity to settle the debt in such a short time span. SoftBank’s new $30 billion investment in OpenAI brings its total bet on the ChatGPT’s maker to over $60 billion.