Summary: SoftBank is seeking a $10 billion margin loan backed by its OpenAI shares at SOFR + 425 basis points (~7.88%), a two-year term with one-year extension. The loan sits atop a $40 billion bridge loan from March and brings SoftBank’s total OpenAI commitment to ~$64.6 billion for a ~13% stake. At OpenAI’s $852 billion valuation, the stake is notionally worth ~$110 billion, but S&P has downgraded SoftBank’s outlook to negative (BB+) and the company faces a $32 billion funding gap over two years. SoftBank is seeking a $10 billion margin loan backed by its OpenAI shares, Bloomberg reported on Wednesday, adding another layer of debt to the most leveraged bet in the history of artificial intelligence. The proposed loan carries a two-year term with an option to extend by one year, at an interest rate of approximately 425 basis points above the secured overnight financing rate, which translates to roughly 7.88% at current levels. The deal has not been finalised.…