Another Reality Check For OpenAI? Major Investor SoftBank Reportedly Trims Debt Raise Backed By OpenAI Stake

• OpenAI investor SoftBank Group has reportedly downsized plans for a $10 billion margin loan backed by its OpenAI stake, Bloomberg reported.
• OpenAI is planning an initial public offering later this year, which would go head-to-head with Anthropic's.
• Last month, Ark Invest said it picked up a $240 million stake in OpenAI through its funds ARKK, ARKF, and ARKW.

Even as OpenAI faces strong competition from rival Anthropic, both are moving forward with plans for an initial public offering later this year, and investors and banks appear to be growing uneasy about OpenAI’s prospects, a new report on Friday said.

Major OpenAI investor SoftBank Group has reportedly downsized plans for a $10 billion margin loan backed by its OpenAI stake after facing hesitation from some creditors, according to a report in Bloomberg, which cited people familiar with the matter.

In separate discussions with potential lenders in recent weeks, the Japanese conglomerate has mentioned targeting an amount as low as $6 billion, according to the report.

The shift comes after some investors who were pitched on the initial plan for $10 billion expressed concerns about the difficulty of reaching a valuation for an unlisted company like OpenAI, the report said.

OpenAI’s Woes

The reported development serves as another significant negative development for OpenAI. Last month, the Wall Street Journal reported that it fell short of several monthly sales targets earlier in 2026 after rival Anthropic gained ground in the coding and enterprise markets, the Wall Street Journal reported in April.

That report pressured shares of several OpenAI-linked companies, such as Oracle and CoreWeave, at the time.

Earlier, reports said OpenAI CFO Sarah Friar internally warned that the company’s IPO timeline may be too aggressive, putting her at odds with CEO Sam Altman, who is pushing for a fourth-quarter listing.

On the other hand, Anthropic more than doubled its annual revenue run-rate to $30 billion from $9 billion, it announced in February, and is now reportedly in talks to raise fresh funding at $1trillion. If that deal goes through, it would Anthropic would become bigger than OpenAI, which was valued at $852 billion in March.

Retail Interest Builds In Pre-IPO AI Gaints

Meanwhile, retail investors are already gaining exposure to these marquee pre-IPO tech names, such as OpenAI and Anthropic, through funds such as ARK Innovation (ARKK), Fundrise Innovation Fund (VCX), Destiny Tech100 (DXYZ), and KraneShares Artificial Intelligence & Technology ETF (AGIX).

Last month, Ark Invest said it picked up a $240 million stake in OpenAI through its funds ARK Innovation ETF (ARKK), ARK Fintech Innovation (ARKF) and ARK Next Generation Internet (ARKW).

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