SoftBank Group is negotiating with Apollo Global Management to increase a Vision Fund 2 loan from $5.4 billion to $9 billion. The firm intends to use the additional capital to expand its investment in OpenAI.
SoftBank has already committed $64.6 billion to the artificial intelligence developer. The expanded financing is collateralized by assets held within the Vision Fund 2.
The move has triggered market scrutiny, driving the cost of insuring SoftBank’s debt against default to its highest level since 2023. Investors are signaling concern over the company's concentrated financial exposure to a single unlisted entity.