JAPANESE conglomerate SoftBank is seeking a loan of up to $40 billion, primarily to finance its investment in ChatGPT-maker OpenAI, Bloomberg News reported on Friday, citing people familiar with the matter.
The bridge loan would hold a roughly 12-month tenor, Bloomberg reported, with four lenders, including JPMorgan, underwriting the facility.
Talks with banks are ongoing, and terms could change, according to the report.
Reuters could not immediately verify the report. OpenAI and SoftBank did not immediately respond to Reuters’ request for a comment.
SoftBank Chief Executive Masayoshi Son has made an “all in” bet on OpenAI, ramping up investment in artificial intelligence.
The Japanese firm held a stake of about 11 percent in OpenAI at the end of last year.
OpenAI is laying the groundwork for an IPO that could value the company at up to $1 trillion, Reuters exclusively reported last year.
Last month, the firm said it would raise $110 billion in a funding round that could value it at $840 billion, including $30 billion each from SoftBank and US chipmaker Nvidia, and $50 billion from e-commerce retailer Amazon.