SoftBank is racing to wire $22.5 billion to OpenAI by December 31, 2025—an eye-watering second tranche in a follow‑on deal that could total $40 billion. The dash for cash caps a year when AI infrastructure stopped being a back‑office line item and became a front‑page financing story. Reuters reports SoftBank has already sold stakes in Nvidia and T‑Mobile, slowed Vision Fund dealmaking, and is eyeing margin loans against Arm to close the gap, with a delayed PayPay IPO also in the mix. The funds are intended to help power OpenAI’s compute‑hungry roadmap and its $500 billion Stargate buildout across U.S. data‑center campuses. Reuters, SoftBank press release, OpenAI.
<<callout type="note" title="What exactly is the $22.5B?"></> SoftBank signed a definitive agreement on March 31, 2025 to invest up to $40B in OpenAI, with $10B funded in April and up to $30B planned for a second closing by year‑end, subject to OpenAI completing a for‑profit recapitalization. OpenAI finalized that restructuring on October 28, 2025. The $22.5B now in focus is the remaining portion SoftBank is scrambling to deliver under that second closing. SoftBank press (Apr 1, 2025), OpenAI board post (Oct 28, 2025), Reuters.
Why this sprint matters now
OpenAI’s conversion into a public‑benefit, for‑profit structure in October removed capital constraints and re‑cut its Microsoft pact, ending exclusive cloud rights and allowing OpenAI to diversify infrastructure suppliers. That opened the door to Stargate (a proposed $500B U.S. AI infrastructure program co‑led by OpenAI and SoftBank with Oracle and MGX as equity partners) and to potential new capital partnerships—Amazon has been in talks to invest more than $10B tied to chips and capacity. Fortune, TechCrunch, OpenAI, FT, Reuters.
- OpenAI’s financing context: employee secondaries reportedly valued the company around $500B in October; it has since discussed raising tens of billions at ~$750B and has floated a possible IPO as soon as 2026. Reuters.
- Compute demand is the driver: OpenAI and partners say Stargate will invest up to $500B to deploy roughly 10 gigawatts (GW) of new AI data‑center capacity in the U.S. within four years, including a 4.5 GW expansion with Oracle. OpenAI, SoftBank.
How SoftBank is finding the cash
According to Reuters, SoftBank’s toolkit includes asset sales (its entire Nvidia stake and a chunk of T‑Mobile US), tighter Vision Fund approvals, and undrawn margin loans backed by its Arm position—buoyed by Arm’s stock tripling since its IPO. A PayPay IPO, now expected in Q1 2026 after delays, and potential monetization of other holdings could add more dry powder. Reuters.
The moving parts in SoftBank → OpenAI financing
| Piece | Status (as of Dec 20, 2025) | Why it matters |
|---|---|---|
| $10B first closing | Funded in April 2025 | Kick‑starts OpenAI’s for‑profit era and Stargate groundwork. SoftBank press |
| Up to $30B second closing | Contracted; SoftBank racing to wire $22.5B by year‑end | Provides runway for compute, model training, and data‑center commitments. Reuters |
| Syndication (up to $10B) | In discussions | Reduces SoftBank’s net exposure; signals broader investor appetite. SoftBank press |
The new AI infrastructure financing race
Across the market, AI infrastructure is attracting record sums—and novel structures. S&P Global data tallied nearly $61B in data‑center dealmaking through November 2025, an all‑time high. Reuters.
- Vendor‑backed debt is in: Nvidia‑backed CoreWeave raised a $7.5B private credit facility in 2024, added a $650M revolver later, and sold $2B of notes in 2025—fuel to lock up GPUs and build capacity faster. Blackstone, CoreWeave, CNBC.
- Hyperscaler partnerships are scaling: OpenAI and Oracle agreed to develop 4.5 GW of additional Stargate capacity, with SoftBank later outlining five more U.S. sites that bring planned capacity to nearly 7 GW and more than $400B in investment over three years. OpenAI, SoftBank press (Sept 24, 2025).
- Power is the constraint: states like Georgia have approved massive generation expansions—Georgia Power’s $16.3B plan adds 10,000 MW, with regulators saying ~80% will serve data centers—highlighting grid and ratepayer stakes. AP.
<<callout type="warning" title="A note on circularity and risk"></> Investors are increasingly wary of “circular” deals in which infrastructure providers invest in model companies that then commit spend back to those providers. The dynamic concentrates vendor risk—and can obscure true unit economics if capacity is pre‑paid or subsidized. Meanwhile, valuations and debt loads tied to AI infrastructure have some analysts warning about potential bubble dynamics if model monetization lags. FT, Reuters.
What changes at OpenAI unlocked this capital
OpenAI’s October 28 recapitalization created OpenAI Group PBC, with Microsoft holding roughly 27% and the nonprofit OpenAI Foundation retaining a stake valued around $130B. The reworked pact preserves Microsoft’s model access through 2032 but ends exclusivity on cloud, enabling OpenAI to source capacity from Oracle and potentially Amazon. OpenAI, Fortune, TechCrunch.
Who’s paying for what (indicative, publicly reported)
| Partner | Role | Indicative scale / terms |
|---|---|---|
| SoftBank | Lead financier to OpenAI; Stargate co‑lead; may syndicate part of commitment | Up to $40B follow‑on (SoftBank net up to $30B) with $22.5B racing to fund by year‑end; financing options include asset sales and Arm‑backed margin loans. SoftBank, Reuters |
| Oracle | Infra partner and operator for Stargate capacity | 4.5 GW additional capacity agreement; part of nearly 7 GW plan under development. OpenAI, SoftBank |
| MGX | Equity partner in Stargate | Undisclosed stake; early partner in White House announcement. SoftBank |
| Microsoft | Strategic investor and distribution partner | ~27% stake; cloud exclusivity lifted; model access through 2032. Fortune |
| Amazon (in talks) | Potential investor and chip capacity provider | Early‑stage talks to invest >$10B tied to Trainium and cloud capacity. FT, Reuters |
What it means for AI buyers and builders
For CIOs, CTOs and CFOs, this wave of infra financing isn’t abstract—it shapes the price, availability and reliability of compute.
- Expect capacity reservations and longer‑dated contracts. Build budgeting processes to support 12–36 month commitments tied to specific model families and hardware generations.
- Diversify across clouds and specialized GPU providers to cut queue times and pricing risk; watch for minimum‑spend clauses and transfer penalties.
- Tie model roadmaps to power availability. Many next‑gen training runs will be gated by megawatts, not code. Consider partnering with vendors that can demonstrate firm power (PPAs, on‑site generation, or dedicated transmission).
- Benchmark cost per successful token generated or per task solved—not just per GPU hour—to avoid chasing headline FLOPS.
The 2026 watchlist
- Does SoftBank complete the wire—and on what final terms after any syndication?
- Do Amazon–OpenAI talks yield a chips‑for‑equity deal, and how does it coexist with Microsoft’s pact?
- Can Oracle and partners deliver the first 4–5 GW of Stargate on time, and where do the next sites land?
- Do grid constraints (and politics) slow U.S. capacity growth—or spur more state‑level approvals like Georgia’s? AP.
- Are data‑center M&A and private credit still receptive if market rates stay elevated?
Sources
- Reuters: SoftBank races to fulfill $22.5B funding commitment to OpenAI by year‑end
- SoftBank (Apr 1, 2025): Announcement Regarding Follow‑on Investments in OpenAI
- OpenAI (Jan 21, 2025): Announcing The Stargate Project
- OpenAI (Jul 22, 2025): Stargate advances with 4.5 GW partnership with Oracle
- SoftBank (Sept 24, 2025): OpenAI, Oracle, and SoftBank expand Stargate with five new AI data center sites
- Fortune: OpenAI completes for‑profit restructuring and grants Microsoft a 27% stake
- TechCrunch: Microsoft is no longer OpenAI’s exclusive cloud provider
- Reuters: OpenAI discussed raising tens of billions at ~$750B valuation
- AP: Georgia regulators approve huge electric generation increase for data centers
- Blackstone: CoreWeave Secures $7.5B Debt Financing Facility
- CoreWeave: $650M Credit Facility
- CNBC: CoreWeave $2B notes
