The $40B unsecured bridge loan matures in Q1 2027 forcing an OpenAI IPO

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The $40B unsecured bridge loan matures in Q1 2027 forcing an OpenAI IPO

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SoftBank just reported the biggest profit in Japanese corporate history and basically all 32 billion dollars of it is an unrealized gain on OpenAI shares that can't actually be sold because the company is still private. They funded the whole thing with a 40 billion dollar bridge loan that expires in about 12 months, which means OpenAI's IPO isn't happening when Sam Altman feels like it anymore—it's happening on SoftBank's lenders' timeline or this entire structure starts to unravel. They sold off massive chunks of T-Mobile and NVIDIA to go all-in on a single private AI bet they're now considering using as margin collateral, and if that sounds like Archegos with extra steps, that's because it kind of is.

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