SoftBank’s OpenAI bet and rising debt are raising liquidity crunch concerns
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- SoftBank shares rose about 70% this year, overtaking Toyota in market capitalization.
- SoftBank secured a $40 billion bridge loan in March to fund additional OpenAI investments, and had previously invested $30 billion in the AI firm, which was valued at $852 billion after a $122 billion funding round.
- SoftBank reported stand‑alone interest‑bearing debt of roughly 16.3 trillion yen (≈$104 billion) at the end of 2025.
- S&P Global Ratings cut SoftBank’s credit outlook to negative, citing OpenAI exposure of about 30% of its portfolio.
- Analysts warned that SoftBank’s heavy reliance on OpenAI could trigger a liquidity crunch if the AI firm’s IPO underperforms.
Why it matters: Investors risk loss if OpenAI’s IPO stalls, while creditors face tighter terms as SoftBank’s credit outlook turns negative and it must service $104 billion debt, potentially forcing asset sales.
