Apollo Global Management is negotiating with SoftBank Group to increase a loan facility to $9 billion. This deal would expand the current credit line from $5.4 billion. SoftBank intends to use the capital to increase its investment in OpenAI.
The financing is structured as a net-asset-value (NAV) loan backed by Vision Fund 2 assets. Final terms and the total size of the facility remain under discussion.
SoftBank has committed nearly $65 billion to invest in OpenAI. The company secured a separate $10 billion loan from lenders including Apollo in August. That previous financing was backed by SoftBank's holdings in OpenAI.