OpenAI's $750 Billion Infrastructure Plan Through 2030

The Major Data-Center and Cloud Contracts

Oracle / Stargate
OpenAI's single largest infrastructure commitment is the Stargate initiative. In September 2025, OpenAI signed a landmark agreement with Oracle to establish $300 billion in computing infrastructure under the Stargate banner . The partnership was later expanded to roughly $400 billion across five new U.S. data center sites in partnership with Oracle and SoftBank . By May 2026, total contractual Stargate commitments across partners stood at roughly $400+ billion over three years . The first Stargate data center opened in Abilene, Texas, in September 2025 .

Amazon Web Services (AWS)
In late February 2026, OpenAI expanded its AWS contract by $100 billion, committing to use 2 GW of AWS Trainium chips . Amazon also contributed $50 billion to OpenAI's $122 billion funding round .

Microsoft
OpenAI's relationship with Microsoft has become more complex as OpenAI diversifies its cloud providers. In April 2026, OpenAI pulled back from a Stargate data center project in Norway, with Microsoft taking over that role . Microsoft remains a key partner and investor, but OpenAI is increasingly building its own infrastructure and signing contracts with other cloud providers .

Own Data Centers — Project Camellia
On July 22, 2026, OpenAI announced its first self-led data center project: a $20 billion campus in Georgia known as Project Camellia . The development will span 1,400 acres northwest of Savannah and draw at least 3.2 gigawatts of power from Georgia Power, with capacity expected to become available between 2028 and 2032 . This marks a shift toward building OpenAI-owned infrastructure rather than relying exclusively on cloud partners .

Financing the Ambition: The $122 Billion Funding Round

On March 31, 2026, OpenAI closed the largest private fundraise in Silicon Valley history: $122 billion in committed capital at an $852 billion post-money valuation . Key participants include:

• Amazon — $50 billion
• SoftBank — co-led, contributed approximately $30 billion
• Nvidia — approximately $30 billion
• Andreessen Horowitz, D.E. Shaw, MGX, TPG, T. Rowe Price — co-led or significant participation

The round also included $3 billion from retail investors through a special purpose vehicle . OpenAI's valuation has roughly tripled in under two years, from $157 billion in October 2024 to $300 billion in March 2025, then to $852 billion in March 2026 .

The IPO Trajectory

The $122 billion round was raised explicitly in preparation for a highly anticipated IPO projected for later in 2026 . Brockman confirmed in his May 2026 testimony that OpenAI was exploring an IPO, though he did not provide a specific timeline . Wall Street analysts and major media outlets report that an IPO later in 2026 is widely expected, with the company's $852 billion private valuation setting a towering benchmark .

Key tension: OpenAI is on track to spend roughly $50 billion on compute in 2026 alone, while its 2025 revenue was $13 billion . The company remains deeply unprofitable on an operating basis, meaning its infrastructure buildout depends entirely on continued access to private capital markets — and a successful IPO — to sustain the pace .