SoftBank Group is seeking a $10 billion loan secured by its shares in ChatGPT-maker OpenAI as it takes on more debt for its push into AI, Bloomberg News reported on Wednesday, citing sources.
The loan underscores the Japanese investment conglomerate's increasingly aggressive bet on artificial intelligence, following years in which SoftBank swung between outsized gains and heavy losses in its Vision Fund.
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The two-year margin loan would carry an option for SoftBank to extend the borrowing by an additional year, the report said.
Reuters could not immediately verify the report. OpenAI and SoftBank did not immediately respond to Reuters' requests for comment.
The development follows a $40 billion bridge loan that SoftBank secured in March to bolster investments in OpenAI and for general corporate purposes as it continues to strengthen ties with the AI firm.
The Japanese investor has previously agreed to invest $30 billion in OpenAI through its Vision Fund 2.
The loan underscores the Japanese investment conglomerate's increasingly aggressive bet on artificial intelligence, following years in which SoftBank swung between outsized gains and heavy losses in its Vision Fund.
Also read: Lululemon says it picks former Nike executive Heidi O'Neill as next CEO
The two-year margin loan would carry an option for SoftBank to extend the borrowing by an additional year, the report said.
Reuters could not immediately verify the report. OpenAI and SoftBank did not immediately respond to Reuters' requests for comment.
The development follows a $40 billion bridge loan that SoftBank secured in March to bolster investments in OpenAI and for general corporate purposes as it continues to strengthen ties with the AI firm.
The Japanese investor has previously agreed to invest $30 billion in OpenAI through its Vision Fund 2.
