OpenAI’s data center partners are on track to accumulate nearly $100 billion in debt, raising concerns about financial sustainability amid the company’s aggressive expansion in artificial intelligence.
OpenAI’s rapid expansion in the artificial intelligence sector has raised significant financial concerns, particularly regarding the mounting debt faced by its data center partners. These partners are projected to incur nearly $100 billion (€86.4 billion) in borrowing linked to the loss-making startup, while OpenAI itself benefits from a debt-driven spending spree without directly assuming the associated financial risks.
In a statement, OpenAI emphasized the importance of building AI infrastructure to meet the surging global demand for its services. “The current compute shortage is the single biggest constraint on OpenAI’s ability to grow,” the company noted.
OpenAI executives have indicated plans to raise substantial debt to finance contracts related to its infrastructure needs. However, the financial burden has largely fallen on the shoulders of its partners and their lenders. “That’s been kind of the strategy,” a senior OpenAI executive explained. “How does [OpenAI] leverage other people’s balance sheets?”
In 2025, OpenAI secured one of the largest funding rounds in technology history, attracting significant global investors and solidifying its status as a leading AI company. This funding round, reportedly valued at around $40 billion, elevated OpenAI’s valuation to approximately $300 billion. Notable investors included SoftBank, which led the round, Thrive Capital, and long-term partner Microsoft. The influx of capital has allowed OpenAI to scale its compute infrastructure, advance AI research, and develop more powerful AI models, all while maintaining a competitive edge in the rapidly evolving AI landscape.
Additionally, a secondary share sale by employees later in 2025 resulted in an implied valuation of roughly $500 billion, reflecting strong investor confidence in OpenAI’s potential. These investments underscore the global belief in OpenAI’s technology and its capacity to transform industries, driving innovation and shaping the future of artificial intelligence worldwide.
Based in San Francisco, OpenAI recently achieved the status of the world’s most valuable private company, valued at $500 billion. The company asserts that it requires even more capital to fund data centers, chips, and power in its pursuit of creating “artificial general intelligence”—systems that surpass human capabilities.
This strategy of leveraging external balance sheets allows OpenAI to scale quickly without directly assuming a proportionate financial risk. However, it raises critical questions about the long-term sustainability of its infrastructure partners and lenders, who appear to be bearing much of the financial exposure.
As demand for AI continues to surge, ensuring the stability of both OpenAI and its ecosystem of partners is vital. The company’s ability to balance aggressive expansion with responsible financial management will likely determine whether its ambitious vision for advanced AI is sustainable or fraught with unforeseen economic consequences.
The $100 billion in bonds, bank loans, and private credit deals associated with OpenAI is comparable to the net debt directly held by the six largest corporate borrowers globally, which includes major companies such as Volkswagen, Toyota, AT&T, and Comcast, according to a 2024 report by asset manager Janus Henderson.
If OpenAI’s partners struggle to manage such substantial debt obligations, the repercussions could extend across the broader technology and financial sectors, impacting lenders and other companies involved in AI infrastructure projects.
Monitoring the financial health of OpenAI’s data center partners and their capacity to service debt will be crucial. Any disruption in compute capacity or financial stability could directly affect OpenAI’s operations and the wider AI ecosystem.
Source: Original article