OpenAI's partners are accumulating significant debt to finance the company's ambitious projects. Data centre partners are on track to amass nearly $100 billion in debt, leveraging the start-up's growth without directly assuming financial risks. Companies like SoftBank, Oracle, and CoreWeave have already borrowed over $30 billion to invest in OpenAI or expand its data centres. Other entities, including Blue Owl Capital and Crusoe, rely on OpenAI deals to manage approximately $28 billion in loans.
As OpenAI pursues artificial general intelligence, it requires substantial capital for data centres, chips, and power. Oracle has issued $18 billion in corporate bonds to meet infrastructure commitments to OpenAI, and analysts predict it may need to borrow an additional $100 billion over the next four years to fulfil its contracts. Some partners use special purpose vehicles to manage these loans, providing a layer of protection for investors.
With OpenAI's valuation soaring to $500 billion, the debt levels tied to the company are comparable to the net debt of some of the world's largest corporations. This financial strategy allows OpenAI to expand rapidly while shifting financial risks to its partners.
