One slice of a bond, loan or warrant sold or granted in several parts on different terms. Chapter 10.
From The AI Compute Race. Read the book
Where the book uses it
- Chapter 10 — The Lender’s Decision
Who is lending the money and who bears the loss: the bonds, leases and guarantees behind the largest campuses, and how the paper reaches ordinary retirement accounts.
Sources that use it
- MISO, “LRTP Tranche 2.1,” fact sheet, December 2024 (“Tranche 2.1 includes 24 projects and 323 facilities across the MISO Midwest subregion estimated at $21.8 billion and targeted to go in service from 2032 to 2034. It builds a 3,631-mile 765 kV and 345 kV backbone”; “approved by MISO’s Board of Directors on December 12, 2024”). In the Sources
- SoftBank Group Corp., “Execution of Follow-on Investment (First Tranche) in OpenAI,” 1 April 2026 (USD 10.0 billion into OpenAI Group PBC via SoftBank Vision Fund 2, and “SBG made borrowings of USD 10.0 billion on April 1, 2026, under the bridge facility agreement” to procure the funds). In the Sources
- SoftBank Group Corp., “Execution of Follow-on Investment (Second Tranche) in OpenAI,” 1 July 2026 (USD 10.0 billion second tranche, again funded by “borrowings of USD 10.0 billion” under the bridge facility agreement of 27 March 2026; the third tranche of USD 10.0 billion planned for 1 October 2026, its closing date “subject to acceleration in the event of a public listing of OpenAI Group PBC shares”). In the Sources
- SoftBank Group Corp., “Execution of Follow-on Investment (Third Tranche) in OpenAI,” press release, 1 October 2026 (“on October 1, 2026 (Japan time), it executed the third and final tranche of the follow-on investment”, USD 10.0 billion via SoftBank Vision Fund 2; “SBG’s cumulative investment in OpenAI totals USD 64.6 billion, and its ownership interest is approximately 13%”; “The Third Tranche Investment was funded with the proceeds from the issuance of foreign currency-denominated senior notes”; “Effective September 30, 2026, SBG canceled the remaining USD 10.0 billion of undrawn capacity under the bridge facility agreement”, and with the prepayment of September “all borrowings under the bridge facility agreement have been repaid and no undrawn commitments remain”). In the Sources
Related terms
From the glossary of The AI Compute Race.
How to cite this page
Dryburgh, Lee S. “Tranche.” In The AI Compute Race. DRYBURGH. https://dryburgh.com/vol1/glossary/tranche (accessed 2026-11-01).
BibTeX
@misc{dryburgh-tranche-2026,
author = {Dryburgh, Lee S.},
title = {{Tranche}},
howpublished = {In \emph{The AI Compute Race}, DRYBURGH},
year = {2026},
url = {https://dryburgh.com/vol1/glossary/tranche},
note = {Accessed 2026-11-01}
}