Lenders pushed back on valuing OpenAI shares as collateral. The downsize lands a fortnight after the $10bn ask first surfaced and is the clearest signal yet that even an $852bn primary round has not closed the gap between sticker and what banks will lend against.

SoftBank Group has trimmed the size of a margin loan it is trying to raise against its OpenAI stake to as little as $6bn, down from the $10bn it originally pitched, after several creditors balked at the valuation, Bloomberg reported on Friday.

The Tokyo-listed conglomerate and bankers running the syndication have spent recent weeks separately walking lenders through a smaller transaction, according to Bloomberg’s sources.

Discussions are continuing, and the final size could change again.…