From Nvidia to AMD to the $500B Stargate project, OpenAI’s bold infrastructure play is just beginning, as CEO Sam Altman promises more partnerships ahead.
OpenAI’s Deal-Making Machine Is Far From Done
Despite already announcing nearly $1 trillion in AI infrastructure deals this year, OpenAI CEO Sam Altman says the company is just getting started. In a recent podcast with Andreessen Horowitz, Altman revealed that more major deals are in the pipeline.
- “You should expect much more from us in the coming months,” Altman said.
- These deals are part of a “very aggressive infrastructure bet” needed to support OpenAI’s ambitious roadmap.
- Altman believes OpenAI’s next-generation AI models will unlock unprecedented demand and economic value.
The AMD and Nvidia Deals: Two Sides of the Same Coin
OpenAI’s multibillion-dollar partnerships with AMD and Nvidia caught attention not just for their scale but also their unconventional structure.
- OpenAI’s deal with AMD gives it access to next-gen GPUs in exchange for stock — potentially up to 10% of AMD’s shares, tied to performance milestones.
- With Nvidia, the flow is reversed — Nvidia is investing in OpenAI, effectively funding its infrastructure needs and becoming a shareholder.
Both partnerships position OpenAI to reduce reliance on traditional cloud platforms and move toward becoming a self-hosted hyperscaler with its own data centers.
Building the Future: Stargate and Beyond
In 2025 alone, OpenAI has committed to building over 26 gigawatts of data center capacity across multiple partnerships:
- Stargate (U.S.): $500B with Oracle and SoftBank
- Stargate UK: European expansion initiative
- Oracle Cloud Deal: $300B for infrastructure services
- Nvidia partnership: At least 10GW worth of capacity
- AMD deal: 6GW of next-gen chip-enabled centers
These moves signal OpenAI’s shift toward owning the AI stack, from chips to servers to entire facilities.
Critics Question “Circular” Deal Structures
Some analysts have raised eyebrows at these mutual investment loops. Bloomberg reported concerns that deals like the one with Nvidia could be “circular” — where partners underwrite OpenAI’s spending while gaining equity in return.
- Critics argue this creates potential misalignments and inflated valuations.
- Still, it’s a powerful strategy: OpenAI is acquiring billions in resources without upfront cash outlay.
Andreessen Horowitz co-founder Ben Horowitz praised the innovation: “Very impressed by deal structure improvement.” As an investor, his approval is expected — but the strategy is undeniably bold.
The Stakes: High Cost, Higher Belief
According to Nvidia CEO Jensen Huang, each gigawatt of AI infrastructure costs $50–60 billion, including land, servers, power, and networking.
- OpenAI doesn’t have that kind of cash — yet.
- 2025 revenue reportedly hit $4.5 billion in the first half, impressive but far from sufficient to fund current commitments.
Still, Altman remains confident:
“I’ve never been more confident in the research road map in front of us and also the economic value that will come from using those [future] models.”
OpenAI’s Bigger Vision Requires Industry-Wide Support
Altman made it clear: this scale of ambition can’t be achieved in isolation.
“We kind of need the whole industry, or a big chunk of the industry, to support it… from the level of electrons to model distribution.”
OpenAI is betting that AI will be the backbone of the next global tech economy — and that it must build the foundation today.
