OpenAI plans to secure the chips needed for its Stargate artificial intelligence (AI) infrastructure project through leases rather than purchases and to raise additional funds through this approach.
Reuters reported on the 24th (local time), citing OpenAI executives, that the company has decided to use creative financing options to secure AI chips needed for its AI data centers. Instead of buying the chips, it will secure them through leases.
Nvidia recently announced it would invest up to $100 billion (about 140 trillion won) in OpenAI, also as part of the Stargate project. OpenAI plans to use $10 billion in cash from the first investment to obtain Nvidia's AI chips through leases and secure additional funds. One source said OpenAI estimates that in this case it could reduce expense by 10–15%.
Unlike purchases, leases do not require expense to be paid all at once upfront, but are spread over a long period. Doing so expands OpenAI's free cash flow and improves its financial position, enabling it to raise more funds (through corporate bond issuance) on more favorable terms in the market. Executives familiar with the Stargate program said this approach would help OpenAI tap the financing market in connection with sites for data centers to be added.
The recent agreement with Nvidia is also part of a broader strategy to allow OpenAI to shoulder the expense over a long period instead of paying upfront to buy chips. Nvidia's equity participation is also expected to boost creditors' confidence in OpenAI. While OpenAI has not yet issued bonds, it plans to do so for data centers to be built.
OpenAI also held a launch ceremony on the 23rd in Abilene, Texas, for Stargate's first data center, together with Oracle and SoftBank, which are participating in the Stargate project, and newly unveiled plans to build five additional AI data centers. The five include three pursued by Oracle and two linked to SoftBank. When the new data centers are completed, they will consume up to 7GW (gigawatts) of power. That amounts to about 70% of Stargate's initial target.
Reuters said, "Altogether, OpenAI's project amounts to nearly 7GW out of the 10GW of computing power initially proposed by Stargate."
OpenAI said the Stargate project has become far more extensive than originally conceived and encompasses nearly everything OpenAI is pursuing related to AI chips and data centers. CEO Altman said in a blog post that the ultimate goal is to reach the point of building new AI infrastructure at a scale of 1GW each week.