A look at OpenAI’s tangled web of dealmaking
Openai CEO Sam Altman, September 23, 2025, Texas, Abilene, Openai Data Center in Texas, a question -after -answer speaks in the media.
Shelby Tauber | Reuters
Openai CEO Sam Altman everywhere.
Currently, an artificial intelligence attempt worth 500 billion dollars, even if it continues to burn cash mounds, makes agreements with hundreds of billion dollars with its infrastructure partner.
These expenditures direct the market.
Nasdaq and S&P 500 broke the highest record this week Nvidia He agreed to invest up to $ 100 billion in Openai. He followed this 300 billion dollar agreement Openai and Prophecy As a part of The Stargate program in July, a $ 500 billion infrastructure project financed Softbank.
His commitments do not stop here. Sunflower seed On Thursday, he said that in the AI infrastructure up to 22.4 billion dollars, it was decided to provide Openai. 11.9 billion dollars He initially announced it in March. At the beginning of this month, chipset manufacturer Broadcom He said that it provided a new customer of $ 10 billion and that the analysts pointed to Openai.
Openai says that scaling is the key to increasing the innovation and future AI breakthroughs, while investors and analysts begin to raise their eyebrows on mind amounts and rely on Openai’s common network.
Openai received a share of $ 350 million in Coreweave, for example in front of his public offering in March. In October, Nvidia participated in a $ 6,6 billion financing round and officially officially officially officially. Oracle spends about $ 40 billion on Nvidia chips to strengthen one of Openai’s Stargate data centers, Financial times. At the beginning of this month, Coreweave announced an order worth $ 6.3 billion from Nvidia.
And thanks to the $ 100 billion investment in Openai, Nvidia will initially receive self -equipment and earn income at the same time.
According to CFO Sarah Frar, Openai is expected to earn only $ 13 billion this year. He told CNBC that technology explosions require bold bets for infrastructure.
Friar, “When the internet begins, people ‘oh, we build more, there is a lot of things’ continued to feel.” Look where we are today, right? “
Altman told CNBC that he was willing to execute the company with loss of growth and investments in August.
‘Disturbing signal’
However, some analysts raise red flags, arguing that Openai’s agreement with Nvidia reminds us. In the early 2000s, the seller financing molds that help the point-com balloon explode.
NVIDIA has been the biggest winner of the AI explosion so far, because it produces graph processing units (GPU) required to train models and run large AI workloads. Nvidia’s investment in Openai, which will be paid in installments for several years, will help the initiative to create data centers based on GPUs.
“You don’t need to be skeptical about the word of AI technology to see how much reference the whole field has become a reference to the customers on Tuesday. “NVDA, if it has to provide the capital that has become income to maintain growth, the entire ecosystem may be unsustainable.”
Openai (L) CEO Sam Altman and Jensen Huang CEO of Nvidia.
Reuters
At one point, BFG Wealth Partners’ chief investment manager Peter Boockvar said that after the announcement of the Openai-Nvidia agreement, the names of the companies have stolen from the late 1990s.
However, an important difference is that this process is “much larger in the dollar”.
“In order for this great experiment to work without causing major losses, Openai and peers were now forced to obtain large revenues and profits to pay all the obligations they have registered, and at the same time return to their investors.” He said.
An Openai spokesman directed CNBC to the comments of Altman and Frriar this week, and added that the company has “an opportunity in the century that demanded equal ambitions”.
According to Bain & Company’s, the total amount of demand for the calculation can reach an amazing 200 Gigawatt by 2030 2025 Technology Report. To meet this expected demand, creating enough data centers would cost approximately $ 500 billion per year, ie AI companies would have to earn 2 trillion dollars annually to cover these costs.
“The amount still required to finance the entire investment will fall shorter than 800 billion dollars,” even if companies throw all their weight behind all their weights in cloud and data centers. He said.
There is an open uphill war in front of us, but Openai has eliminated Altman’s concerns on Tuesday, and rejected the idea that the infrastructure spending frenzy was excessive.
“This is what you need to deliver artificial intelligence.” He said. “Unlike previous technological revolutions or previous versions of the Internet, there are too many infrastructures necessary and this is a small example.”
-Yun Li and Mackenzie Sigalos from CNBC contributed to this report
WRISTWATCH: Sam Altman from Openai defends the Stargate expansion as the demand for AI rises
