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OpenAI Files $1T IPO S-1, SoftBank $40B Loan at Risk

7/13/2026

46 10 Full Breakdown

Summary

Story summary

OpenAI filed an S-1 seeking a $1 trillion IPO valuation, a target Sam Altman calls non-negotiable.
SoftBank Group provided a $40 billion bridge loan due March 25 2027.
The delayed IPO timeline now threatens SoftBank's plan to repay the loan with a 2024 offering.
OpenAI’s revenue tripled from 2024 to 2025 while it posted an operating loss of nearly $21 billion and a market cap of $220 billion.

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Story summary

OpenAI filed an S-1 seeking a $1 trillion IPO valuation, a target Sam Altman calls non-negotiable.
SoftBank Group provided a $40 billion bridge loan due March 25 2027.
The delayed IPO timeline now threatens SoftBank's plan to repay the loan with a 2024 offering.
OpenAI’s revenue tripled from 2024 to 2025 while it posted an operating loss of nearly $21 billion and a market cap of $220 billion.