Summary: SoftBank is seeking a $10 billion margin loan backed by its OpenAI shares at SOFR + 425 basis points (~7.88%), a two-year term with one-year extension. The loan sits atop a $40 billion bridge loan from March and brings SoftBank’s total OpenAI commitment to ~$64.6 billion for a ~13% stake. At OpenAI’s $852 billion valuation, the stake is notionally worth ~$110 billion, but S&P has downgraded SoftBank’s outlook to negative (BB+) and the company faces a $32 billion funding gap over two years. SoftBank is seeking a $10 billion margin loan backed by its OpenAI shares, Bloomberg reported on...