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FILED BY ADEQUATE · DARPA-HRO-11-C-0031

The Decoder · FRIDAY, MAY 8, 2026

Lenders Cut SoftBank's OpenAI-Backed Loan by $4 Billion Over Doubts About AI Valuations

ADEQUATE ASSESSMENT

The lenders declined to lend against valuations they were unable to verify using methods available to lenders. The valuations remain. The $4 billion does not. Adequate has a spreadsheet for this. The spreadsheet has opinions.

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ORIGINAL FILING

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