Compute / the Ledger · 13 deals
Who is paying whom for compute.
Every deal dated, typed in plain words, and linked to the document it comes from.
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Deals with OpenAI as a party. OpenAI’s page · Show every party
| Announced | Deal | Parties | Type | Value | Terms | Source |
|---|---|---|---|---|---|---|
| 17 Aug 2026 | Nvidia gives SB Energy residual value guaranties, capped at $105B, on ~4.25 GW of Ohio data center leases to OpenAISignedPORTS Technology Campus, Pike County, Ohio; an OpenAI affiliate is the tenant. Nvidia pays the shortfall versus guaranteed minimum value on OpenAI insolvency or non-payment. Obligations start when ready-for-service conditions are met, expected from 2028. The site will host Nvidia infrastructure. | Backstop | $105BCumulative cap of $105B on the initial commitment; Nvidia may, at its discretion, back ~3.8 GW more. | 4,250 MW | NVIDIA 8-K, 2026-08-17Regulatory filing | |
| 27 Feb 2026 | OpenAI expands its AWS agreement by $100B over eight years, including ~2 GW of Trainium capacityAmendedExpands the November 2025 $38B agreement (see openai-aws-capacity-2025-11). AWS becomes exclusive third-party cloud distributor for OpenAI Frontier. Accelerator as stated: AWS Trainium. |
| Capacity contract | $100B | 8 years2,000 MW | Amazon 8-K Ex. 99.1, 2026-02-27Regulatory filing |
| 27 Feb 2026 | Amazon agrees to invest $50B in OpenAI: $15B in the current round plus a $35B commitment tied to milestones or an IPOSignedSigned alongside the expanded AWS agreement (see openai-aws-expansion-2026-02). | Equity stake | $50B$15.0B of Series C preferred due 2026-03-31, plus a $35.0B equity commitment letter that lapses if not invested by 2028-12-31. | Amazon 8-K, 2026-02-27Regulatory filing | ||
| 14 Jan 2026 | OpenAI agrees to deploy 750 MW of Cerebras inference compute; Cerebras's S-1 values the deal at more than $20BSignedTranches through 2028. OpenAI receives a warrant for 33,445,026 Cerebras Class N shares subject to vesting (S-1). | Capacity contract | $20B'More than $20 billion' per Cerebras's S-1 (a floor, not a ceiling); OpenAI's announcement states no value. | 750 MW | Cerebras S-1, April 2026Regulatory filing | |
| 3 Nov 2025 | OpenAI signs a $38B, seven-year agreement for AWS capacity on Nvidia GB200 and GB300 GPUsSignedHundreds of thousands of GPUs in EC2 UltraServers; all capacity targeted before end-2026. Expanded by $100B on 2026-02-27 (see openai-aws-expansion-2026-02). Accelerator as stated: NVIDIA GB200 / GB300. |
| Capacity contract | $38B | 7 years | Amazon announcement, 2025-11-03Company press release |
| 28 Oct 2025 | OpenAI recapitalizes; Microsoft's stake is ~27% (~$135B) and OpenAI contracts to buy an incremental $250B of Azure servicesAmendedMicrosoft's stake valued at ~$135B, ~27% on an as-converted diluted basis. Microsoft loses its right of first refusal as OpenAI's compute provider. | Capacity contract | $250B$250B incremental Azure purchase commitment; no term stated. | Microsoft blog, 2025-10-28Company press release | ||
| 13 Oct 2025 | OpenAI and Broadcom sign a term sheet to deploy 10 GW of OpenAI-designed accelerators and Broadcom networking by 2029AnnouncedDeployment to start H2 2026 and complete by end of 2029. Accelerator as stated: OpenAI-designed custom accelerator. | Chip supply | undisclosedNo dollar value disclosed; a term sheet, not a definitive agreement. | 10,000 MW | OpenAI/Broadcom press release, 2025-10-13Company press release | |
| 6 Oct 2025 | OpenAI agrees to buy AMD Instinct GPUs (binding first 1 GW of MI450, up to 6 GW); AMD issues OpenAI a warrant for up to 160M sharesSignedWarrant at $0.01 per share, vesting on purchase milestones and AMD share-price targets escalating to $600 for the final tranche; exercisable until 2030-10-05. Accelerator as stated: AMD Instinct MI450. | Chip supply | undisclosedNo dollar value in the filing. Binding commitment covers the first 1 GW; warrant vests in tranches up to 6 GW of purchases. | 6,000 MWMI450 | AMD 8-K, 2025-10-06Regulatory filing | |
| 25 Sept 2025 | OpenAI commits up to ~$6.5B more through May 31, 2031 in a new CoreWeave order formAmendedOrder form under the May 8, 2025 MSA, filed as Exhibit 10.1. Expands openai-coreweave-capacity-2025-03 and openai-coreweave-expansion-2025-05. | Capacity contract | $6.5BUp to approximately $6.5B (a ceiling); CoreWeave puts total OpenAI contract value at up to ~$22.4B after this order. | CoreWeave 8-K, 2025-09-25Regulatory filing | ||
| 22 Sept 2025 | Nvidia and OpenAI sign a letter of intent: at least 10 GW of Nvidia systems, with Nvidia intending to invest up to $100BAnnouncedFirst phase planned for H2 2026 on Vera Rubin. The release says the companies "look forward to finalizing the details of this new phase of strategic partnership in the coming weeks." On 2026-02-27 OpenAI announced instead a $110B round including $30B from Nvidia, with 3 GW of dedicated inference and 2 GW of training capacity on Vera Rubin (openai.com/index/scaling-ai-for-everyone/). Accelerator as stated: NVIDIA Vera Rubin. | Chip supply | $100BUp to $100B of Nvidia investment, to be made progressively as systems deploy (a ceiling). No definitive agreement was found. | 10,000 MW | NVIDIA press release, 2025-09-22Company press release | |
| 8 May 2025 | OpenAI expands CoreWeave capacity agreement by up to $4B under a new MSA dated May 8, 2025AmendedCoreWeave's 2025-09-25 release describes an expanded agreement with OpenAI worth up to $4 billion in May 2025; its 8-K of the same day dates the Master Services Agreement May 8, 2025. Expands openai-coreweave-capacity-2025-03. | Capacity contract | $4BUp to $4B (a ceiling). | CoreWeave press release, 2025-09-25Company press release | ||
| 10 Mar 2025 | OpenAI commits up to ~$11.9B through October 2030 for CoreWeave cloud capacity; CoreWeave issues OpenAI $350M of stockSignedMaster services agreement with OpenAI OpCo. Condition: CoreWeave to establish an SPV holding the infrastructure, financed with SPV-level debt. CoreWeave agreed to issue OpenAI Class A shares worth $350.0M at the IPO price. OpenAI may terminate all or part of the commitment on repeated availability failures (Q1 2025 10-Q). Expanded May 2025 and September 2025. | Capacity contract | $11.9BUp to approximately $11.9B through October 2030 (a ceiling), subject to delivery and availability requirements. | CoreWeave S-1/A, 2025-03-12Regulatory filing | ||
| 21 Jan 2025 | OpenAI, SoftBank, Oracle and MGX announce Stargate, intending to invest $500B in US AI infrastructure over four yearsAnnouncedEquity funders SoftBank, OpenAI, Oracle and MGX; SoftBank has financial responsibility, OpenAI operational responsibility. Technology partners Arm, Microsoft, Nvidia, Oracle, OpenAI. | Equity stake | $500BA stated intention ('intends to invest'), not a binding commitment; $100B to be deployed immediately. | 4 years | OpenAI announcement, 2025-01-21Company press release |
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