"OpenAI’s data centre partners are on course to amass almost $100bn in borrowing tied to the lossmaking start-up, as the ChatGPT maker benefits from a debt-fuelled spending spree without taking on financial risks itself.
SoftBank, Oracle and CoreWeave have borrowed at least $30bn to invest in the start-up or help build its data centres, according to FT analysis.
Investment group Blue Owl Capital and computing infrastructure companies such as Crusoe also rely on deals its customers have signed with OpenAI to service about $28bn in loans.
A group of banks was in talks to lend another $38bn for Oracle and data centre builder Vantage to fund further sites for OpenAI, according to people familiar with the matter. The deal is expected to be finalised in the coming weeks.
OpenAI executives have said they plan to raise substantial debt to help pay for these contracts, but so far the financial burden has fallen to its counterparties and their lenders.
“That’s been kind of the strategy,” said a senior OpenAI executive. “How does [OpenAI] leverage other people’s balance sheets?”
The scale of the loans that depend on OpenAI will add to scrutiny of the $1.4tn of deals it has signed this year to procure computing power from chipmakers and data centre companies over the next eight years.
(...)
The $100bn of bonds, bank loans and private credit deals tied to OpenAI are equivalent to the net debt directly held by the six largest corporate borrowers in the world — including carmakers Volkswagen and Toyota and telecoms groups AT&T and Comcast — according to a 2024 report by asset manager Janus Henderson."
https://www.ft.com/content/5605d086-289e-4b5f-803b-4c13666976a5
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