OpenAI: The AI Deal Record

Nvidia (Financier) · OpenAI (Buyer) · SB Energy (Developer)

Value

up to $250B

Capacity / term

10 GW

First revenue

not disclosed

Sources

[1] tier-1[2] other

REPORTED ONLY, excluded from binding aggregates: Nvidia in talks to guarantee up to $250B of financing so OpenAI can lease the SoftBank-subsidiary SB Energy 10 GW Ohio campus. Circular by construction: the guarantor's chips are the campus's payload. Nvidia fell 5% on the report.

Conditions: Early talks per WSJ reporting; nothing signed. Backstop would cover lease and construction financing so OpenAI can lease a planned $500B, 10 GW SB Energy campus in Pike County, Ohio (800 MW first phase targeted 2028). Parallel talks reportedly cover up to $350B of chip financing.

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CoreWeave (Provider) · OpenAI (Buyer)

Value

up to $6.5B

Capacity / term

n/a

First revenue

not disclosed

Sources

[1] primary[2] tier-1

Expansion of the March 2025 agreement by up to $6.5B, taking the cumulative CoreWeave-OpenAI contract value to roughly $22.4B per CoreWeave (a figure that includes a reported May 2025 expansion of up to $4B still sitting in the candidate queue). Circular flag inherited from the parent agreement's cross-shareholding.

Nvidia (Financier) · OpenAI (Buyer)

Value

up to $100B

Capacity / term

10 GW

First revenue

2026

Sources

[1] primary[2] primary[3] other

NON-BINDING, excluded from binding aggregates: LOI for Nvidia to invest up to $100B in OpenAI, staged as each gigawatt of at least 10 GW of Nvidia systems deploys. The archetypal circular AI deal: the investor is the chip supplier whose systems the investment buys. Context for the July 2026 backstop talks (nvidia-openai-backstop-talks-2026-07).

Conditions: Letter of intent, not a definitive agreement: investment staged progressively as each gigawatt of at least 10 GW of Nvidia systems is deployed. First gigawatt targeted for H2 2026 on the Vera Rubin platform.

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Oracle (Provider) · OpenAI (Buyer)

Value

$300B

Capacity / term

4.5 GW · 5y

$13.33M per MW-year

First revenue

2027

Sources

[1] tier-1[2] tier-1[3] primary[4] tier-1[5] other

The largest verified compute contract on record: OpenAI to purchase $300B of computing power from Oracle over roughly five years starting 2027, part of the Stargate program, delivered from about 4.5 GW of capacity per the July 2025 Oracle-OpenAI development agreement (Bloomberg). Corroborated by Oracle's own FY26 Q1 release the day before the WSJ report: RPO up 359% to $455B on 'four multi-billion-dollar contracts with three different customers'. Held in the candidate queue at ledger launch until a primary source and two tier-1 URLs were captured; promoted the same day.

Conditions: Neither company has press-released the $300B figure; it was reported by WSJ on 2025-09-10 and subsequently confirmed by OpenAI per CNBC. March 2026: the planned 600 MW Abilene flagship expansion was scrapped after financing talks stalled (Bloomberg), with capacity redistributed across other sites; the 4.5 GW program and the contract itself remained in effect per the same reporting.

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CoreWeave (Provider) · OpenAI (Buyer)

Value

up to $4B

Capacity / term

n/a

First revenue

not disclosed

Sources

[1] tier-1[2] other

The middle link of the CoreWeave-OpenAI chain: up to $4B of additional capacity through 2029, disclosed at Q1 2025 earnings, between the March initial agreement (up to $11.9B) and the September expansion (up to $6.5B). Promoted from the candidate queue on 2026-08-03 once the Bloomberg capture pinned the date. Circular flag inherited from the parent agreement's cross-shareholding.

Conditions: OpenAI pays through 2029. Disclosed on CoreWeave's Q1 2025 earnings call as an unnamed 'enterprise AI company'; the counterparty was identified as OpenAI in the regulatory filing the following day.

CoreWeave (Provider) · OpenAI (Buyer)

Value

up to $11.9B

Capacity / term

n/a · 5y

First revenue

not disclosed

Sources

[1] primary[2] tier-1

Initial five-year agreement of up to $11.9B for CoreWeave to deliver AI infrastructure to OpenAI, signed just ahead of CoreWeave's IPO. Flagged circular: OpenAI simultaneously became a CoreWeave investor via $350M of stock issued as part of the deal. A further expansion of up to $4B was reported in May 2025; it sits in the candidate queue until a primary source with an exact date is captured.

OpenAI (Buyer) · SoftBank (Financier) · Oracle (Provider) · MGX (Financier)

Value

up to $500B

Capacity / term

10 GW · 4y

First revenue

not disclosed

Sources

[1] primary[2] primary[3] other

PROGRAM ENVELOPE, excluded from every summed total: the January 2025 Stargate announcement of intent to invest $500B over four years in US AI infrastructure. The discrete contracts inside it get their own rows as they sign, most notably the $300B OpenAI-Oracle compute contract (openai-oracle-stargate-2025-09); summing the envelope and its contents would double count by construction. Circular: the operational partner is the anchor customer of the capacity the JV builds.

Conditions: Intent to invest $500B over four years, $100B initially, targeting 10 GW. SoftBank holds financial responsibility, OpenAI operational responsibility; initial equity funders SoftBank, OpenAI, Oracle and MGX. By late 2025 the program reported nearly 7 GW of planned capacity and over $400B of investment across announced sites.