SoftBank Clears OpenAI Bridge Loan; Intel Contracts Produce ¥321.9 Billion Loss

SoftBank Group completed repayment of its borrowing under a $40 billion OpenAI bridge facility by mid-September, months before its March 2027 maturity, after arranging replacement funding from loans and share-linked contracts.

Separately, prepaid forward contracts tied to Intel shares produced a ¥321.9 billion derivative loss after Intel shares rose. The contracts raised about $7.35 billion in August. They included a collar, which sets a floor and ceiling for share-price exposure: it protects against declines below one level but limits gains above another. As Intel shares climbed, the contracts’ value moved against SoftBank.

The bridge facility was arranged in March 2026 to help finance a planned $30 billion follow-on investment in OpenAI through SoftBank Vision Fund 2. SoftBank had told lenders it planned to repay the $25.9 billion then outstanding on Sept. 15. The completed payoff followed that plan, as described in earlier coverage of the repayment plan.

Replacement financing included an $11.87 billion term loan and bond proceeds. In September, SoftBank increased an Arm-backed margin loan by $5 billion, bringing that facility to $25 billion. The package shifted part of the financing to contracts and borrowing tied to the value of SoftBank’s Intel and Arm shares.

In this arrangement, SoftBank received cash in advance and will settle later by transferring shares or paying an equivalent amount. The original bridge facility was unsecured and had been due in March 2027.