SoftBank gets upsized 11.9 billion loan in OpenAI funding push

SoftBank gets upsized $11.9 billion loan in OpenAI funding push SoftBank Group secured an $11.87 billion two-year loan from about 20 banks to support its investment in U.S. artificial intelligence firm OpenAI, exceeding its earlier $10 billion target. SoftBank Group secured an $11.87 billion loan to support its investment in U.S. artificial intelligence firm OpenAI, people familiar with the matter said, up from its earlier target of $10 billion. The Japanese conglomerate sealed the two-year facility last week, attracting commitments from around 20 banks, said the people, asking not to be identified because they're not authorized to speak publicly. The financing comes as some executives are now voicing the need to slow the pace of AI development due to escalating risks from the technology. OpenAI Chief Executive Officer Sam Altman said in an interview with Fortune that his company wouldn't proceed with a public offering this year as it addresses safety-related concerns.