What happened
OpenAI's data centre partners are accumulating substantial debt, projected to reach nearly $100 billion, to finance the expansion of infrastructure for OpenAI's artificial general intelligence (AGI) projects. Companies including SoftBank, Oracle, and CoreWeave have collectively borrowed over $30 billion for these investments. Oracle specifically issued $18 billion in corporate bonds and may require an additional $100 billion over four years to meet its commitments. Other entities, such as Blue Owl Capital and Crusoe, manage approximately $28 billion in loans tied to OpenAI deals, often utilising special purpose vehicles to manage financial risk.
Why it matters
This financial model introduces a significant operational constraint by shifting substantial debt and associated financial risk onto OpenAI's partners, increasing their exposure to market volatility and the long-term commercial viability of AGI development. It raises due diligence requirements for procurement and finance teams to assess partner solvency and the stability of the critical AI infrastructure supply chain. The burden of this financial dependency is borne by the partners and their investors, potentially impacting service continuity or pricing for downstream consumers of OpenAI's capabilities.
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