US EditionOpenAI Partners Amass $100bn Debt Pile to Fund Its Ambitions
OpenAI partners carry nearly $100 billion in debt for infrastructure to support AI compute demand, with most liabilities off OpenAI's balance sheet, Financial Times analysis shows.
- Recently, a Financial Times analysis found OpenAI partners have taken on roughly 96 billion in debt, mostly on partners' balance sheets, with deals expected in the coming weeks.
- OpenAI needs vast computing power to train advanced models, and its AGI ambitions plus a $500 billion valuation underpin plans requiring tens of billions in funding, supported by SoftBank's $20 billion raised this year.
- Many loans use SPVs and variable-interest structures, including Blue Owl and Crusoe joint SPVs in Abilene, Texas, Oracle’s $18 billion bond sales, and Vantage’s $38 billion Texas-Wisconsin debt package.
- The loan scale has drawn added scrutiny, as Oracle's aggressive capital spending tied to OpenAI sparked a stock sell-off and partner companies that declined to comment remain silent.
- The scale suggests debts tied to OpenAI match those of the six largest corporate borrowers and may grow as partners fulfill contracts, while Gemini 3 and cash burn darken outlook with potential capacity flowing via Microsoft.
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Banks and cloud companies are in debt to put even more money into the AI startup. Should the AI bubble burst, the losses could be enormous.
OpenAI’s data center partners in debt to the tune of $100 billion
OpenAI could be in trouble or at least its data center partners may be. OpenAI’s data center partners are on course to amass almost $100 billion (€86.4 billion) in borrowing tied to the loss-making startup, as the ChatGPT maker benefits from a debt-fuelled spending spree without taking on financial risks itself. OpenAI said: “Building AI infrastructure is the single most important thing we can do to meet surging global demand … The current compu…
AI infrastructure expansion drives massive debt across major tech partners
A new Financial Times analysis found that several OpenAI partners have taken on roughly 96 billion dollars in debt to fund data center and chip expansion. The article AI infrastructure expansion drives massive debt across major tech partners appeared first on THE DECODER.
Tech companies make billions of debt – and rely on the success of ChatGPT-makers OpenAI to pay them off again
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