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OpenAI Data Center Capex and Sites

OpenAI launched the Stargate Project in January 2025 as a new company intending to invest $500 billion over four years building AI infrastructure in the United States, with $100 billion deployed immediately and SoftBank, OpenAI, Oracle, and MGX as initial equity funders. Planned capacity milestones grew from a 10 GW commitment at launch to over 8 gigawatts of planned capacity with more than $450 billion in investment over three years by October 2025. By 2026 the program showed retrenchment: the Abilene expansion was cancelled, projected compute spend was trimmed to around $600 billion by 2030 from an earlier $1.4 trillion by 2033 pledge, and OpenAI pulled back from a Stargate Norway deal.

Updated October 8, 2026 8 named sites 21 financing transactions 6 sourced facts 62 sources
OpenAI (Stargate) logo
OpenAI (Stargate)
Frontier AI lab
Financing regimemulti-party JV equity (SoftBank/OpenAI/Oracle/MGX) plus partner-level debt and vendor purchase commitments
Named sites
8
Site-level commitments the atlas ties to OpenAI (Stargate)
Disclosed site capital
$27.5B
Sum of named sites with a stated dollar figure. Not a capex total; see the spending table
Disclosed capacity
5,400 MW
Sum of named sites with a stated megawatt figure
Financing transactions
21
Transactions naming OpenAI (Stargate) or tied to one of its sites
Spending

Reported and guided spending

Audited, reported and guided figures as the filing or release states them. Reported lines are what was spent; guidance is what management said it expects. They are shown side by side and never combined.

PeriodKindAmountAs statedSources
2025-2029 (announced Jan 2025) guidance ≥$500B
Cumulative multi-year: 'intends to invest $500 billion over the next four years building new AI infrastructure for OpenAI in the United States,' with 'We will begin deploying $100 billion immediately.'
Sep 2025 milestone guidance ≥$400B
Cumulative: 'over $400 billion in investment over the next three years' alongside 'nearly 7 gigawatts of planned capacity.' Overlaps the Jan 2025 $500B commitment; do not sum.
Oct 2025 milestone guidance ≥$450B
Cumulative: 'more than $450 billion in investment over the next three years' alongside 'over 8 gigawatts of planned capacity.' Supersedes the Sep 2025 figure; do not sum.
projected by 2030 (reported 2026) guidance ~$600B
'OpenAI has around $600bn in projected compute spend by 2030, an apparent reduction on an earlier pledge to spend $1.4tn by 2033.' Reported figure, not a company disclosure in this passage.
earlier framing (Altman, 2025) guidance $1.40T
'33 gigawatts of new computing power... $1.4 trillion in forthcoming commitments.' Later trimmed; do not sum with other lines.
Named sites

Where OpenAI (Stargate) builds

Georgia
1 site · $20.0B disclosed
Open the Georgia investment tracker →
Michigan
1 site · $7.0B disclosed
Open the Michigan investment tracker →
Texas
4 sites · $470M disclosed
Open the Texas investment tracker →
New Mexico
1 site
Open the New Mexico investment tracker →
Ohio
1 site
Open the Ohio investment tracker →
SiteStatePlaceCapitalMWStatusSources
Project Camellia (Savannah Gateway Industrial Hub)
with Georgia Power, Effingham County Industrial Development Authority
 Georgia Rincon, Effingham County $20.0B 3,200 announced
Stargate Saline Township (Michigan)
with Oracle, Related Digital, DTE
 Michigan Saline Township ~$7.0B 1,000 announced
Milam County Data Center (Stargate site)
with SB Energy, SoftBank
 Texas Burlington (County Road 133), Milam ~$470M n.a. construction
Stargate Abilene
with Oracle, Crusoe
 Texas Abilene n.a. 1,200 operating
Shackelford County Stargate AI Campus
five new sites announced September 2025
 Texas Shackelford n.a. n.a. announced
Stargate site, Dona Ana (announced)
with BorderPlex Digital Assets, STACK Infrastructure, Oracle (tenant), OpenAI
 New Mexico Santa Teresa, Dona Ana n.a. n.a. announced
Stargate site, Lordstown (announced)
 Ohio Lordstown n.a. n.a. announced
Stargate site, Shackelford (announced)
 Texas Shackelford n.a. n.a. announced
Financing

Financing transactions

Transactions that name OpenAI (Stargate) as a party or attach to one of its named sites. Amounts are as stated; overlapping commitments are never summed.

PartiesInstrumentAmountDateSiteSources
OpenAI
OpenAI raised its projected computing infrastructure spending to about $750 billion through 2030, reflecting new cloud provider agreements, according to a person with knowledge of the projections cited by The Wall Street Journal. The report came the day OpenAI announced Project Camellia, a $20 billion campus in Effingham County, Georgia with 3.2 GW contracted from Georgia Power between 2028 and 2032 and the first data center OpenAI will lead in designing and developing itself, and OpenAI hired former xAI executive Brent Mayo to lead data center build and delivery. The Journal reported the push followed slower-than-expected progress on Stargate
 capex guidance ~$750B Reported by The Wall Street Journal on 22 July 2026 Project Camellia (Savannah Gateway Industrial Hub) (GA)
OpenAI + SoftBank + Oracle + MGX
Stargate launched as a new company intending to invest $500 billion over four years building new AI infrastructure for OpenAI in the United States, starting in Texas, with SoftBank, OpenAI, Oracle, and MGX as initial equity funders.
 platform ≥$500B January 2025 n.a.
Oracle + OpenAI
Oracle and OpenAI entered an agreement to develop 4.5 gigawatts of additional Stargate data center capacity in the U.S., taking the pair to over 5 gigawatts under development running over 2 million chips, under a partnership exceeding $300 billion over five years.
 other ≥$300B Over the next five years n.a.
OpenAI + Microsoft
Under the restructured partnership announced 28 October 2025, OpenAI contracted to purchase an incremental $250B of Azure services, and Microsoft no longer has a right of first refusal to be OpenAI's compute provider.
 other $250B Announced 28 October 2025 n.a.
Microsoft + OpenAI Group PBC
Microsoft holds an investment in OpenAI Group PBC valued at approximately $135 billion, representing roughly 27 percent on an as-converted diluted basis.
 other ~$135B Announced 28 October 2025 n.a.
OpenAI + SoftBank Group (Vision Fund 2) + Nvidia + Amazon
OpenAI's $122 billion funding round, which valued the company at $852 billion, drew commitments of up to $50 billion from Amazon and $30 billion each from Nvidia and SoftBank. SoftBank paid its $30 billion in three $10 billion tranches due 1 April, 1 July and 1 October 2026, funding the last from an $11.1 billion high-yield bond sale announced 24 September 2026, which lifted its total OpenAI investment to $64.6 billion for about a 13% stake; it also repaid and closed its $40 billion bridge loan. SBS, citing The Information, reported that Nvidia also paid its final $10 billion and that Amazon's $50 billion was paid in full in July 2026. OpenAI is now reported to be seeking a further $30 billion at a $1.4 trillion valuation.
 equity raise $122B Round agreed early 2026 (TNW: SoftBank commitment agreed late February 2026; SBS: March 2026 round); SoftBank's third and final $10 billion tranche paid 1 October 2026 Japan time, completing its $30 billion; Nvidia's final $10 billion reported paid by The Information on 1 October 2026 (relayed by SBS) n.a.
NVIDIA + SB Energy + OpenAI
NVIDIA guaranteed SB Energy's PORTS-Pike Technology Campus in Pike County, Ohio to exclusively host NVIDIA AI compute. SB Energy will build, own and operate the campus under a 20-year lease to OpenAI, which has contracted for approximately 8 IT-GW: an initial 4.25 IT-GW plus a 3.75 IT-GW option. Capacity is expected to come online in phases from 2028. SB Energy's registration statement further discloses that the transmission expansion project enabling full planned campus capacity could alone require over $6 billion in credit support, in the form of guaranties or letters of credit.
 guarantee ~$105B Announced 17 August 2026 PORTS-Pike Technology Campus (OH)
SoftBank + OpenAI
SoftBank's Stargate disclosures cite more than $400 billion of investment over three years across five new US sites totalling nearly 7 gigawatts, plus an additional $22.5 billion SoftBank investment in OpenAI completed Dec. 26.
 equity raise $22.5B completed Dec. 26 n.a.
CoreWeave + OpenAI
AI infrastructure agreement, expanded twice in 2025 to approximately $22.4 billion.
 other ~$22.4B March 10, 2025; expanded May 2025 and September 25, 2025 n.a.
OpenAI + Cerebras
The dominant Cerebras contract, calling for up to 750MW of capacity through 2028.
 other ≥$20.0B capacity from 2026 through 2028 n.a.
OpenAI + SoftBank
Reported equity economics of the Stargate venture: OpenAI and SoftBank each investing $19 billion for 40% stakes each.
 jv equity $19.0B January 2025 (reported) n.a.
Oracle (tenant) + Santander + Jefferies
The Financial Times reported, as carried by Reuters on 18 September 2026, that about $18 billion of loans secured late in 2025 for the Oracle-leased Project Jupiter campus on about 1,400 acres in Doña Ana County, New Mexico, were being quoted at 89 to 91 cents on the dollar by syndicate banks including Santander and Jefferies, and that efforts to sell the debt to a wider pool of investors had stalled. The reports cited S&P's July 2026 downgrade of Oracle to one notch above junk. Oracle, Santander and Jefferies did not comment. On 24 September 2026 Bloomberg News reported that Oracle had sent the developer a force majeure notice aimed at deferring payments if the campus does not come online in 2028 as planned; see the Project Jupiter at-risk record
 debt facility ~$18.0B Loans secured late 2025; secondary pricing reported 18 September 2026. Reported by the Financial Times via Reuters Stargate site, Dona Ana (announced) (NM)
Newmark (advisor) + OpenAI Stargate-tied Texas data center
Newmark advised on a $2.3B loan financing a Texas data center tied to OpenAI's Stargate.
 debt facility $2.3B reported with Newmark's 2024 results Texas data center tied to OpenAI's Stargate (TX)
OpenAI + Cerebras
OpenAI extended a working capital loan to Cerebras tied to capacity delivery.
 debt facility $1.0B January 2026 n.a.
Effingham County Industrial Development Authority + OpenAI
The Effingham County Industrial Development Authority approved a 15-year, 50% property tax abatement for OpenAI's proposed data center at the Savannah Gateway Industrial Hub near Rincon, a 1,440-acre campus with four buildings totaling 720,000 sq ft. Minimum benchmarks are the $20 billion investment and an initial 400 full-time jobs, with OpenAI locked into the 2026 millage rate of 32.057. Effingham County said the related PILOT plan is still expected to yield $27 million a year for the county at full build-out in 2032
 incentive ≥$870M Approved Tuesday 21 July 2026 Project Camellia (Savannah Gateway Industrial Hub) (GA)
SoftBank + OpenAI + Oracle + MGX
SoftBank, OpenAI, Oracle, and MGX are the initial equity funders in the Stargate Project, with OpenAI and SoftBank each reported at a 40% stake.
 jv equity n.a. Announced January 2025 n.a.
The debt package for the Saline Township, Michigan Stargate site is described in the atlas's §5.4.
 debt facility n.a. described in atlas §5.4 Stargate Saline Township (Michigan) (MI)
DTE + Stargate (Saline Township data center)
Michigan regulators approved a 19-year DTE contract for 1.4 GW serving the Stargate AI data center in Saline Township.
 ppa n.a. approved December 2025 Stargate Saline Township (Michigan) (MI)
SB Energy, Inc. + SoftBank + OpenAI + NVIDIA
SB Energy, Inc. filed a Form S-1 registration statement for an initial public offering of Class A common stock on 1 September 2026. The filing discloses a Data Center Contracted Portfolio of 8.8 GW-IT, comprising 0.8 GW-IT under construction (the Cosmos Technology Campus and Milam County Buildings 1 and 2) and 8.0 GW-IT contracted but not under construction (the PORTS-Pike Technology Campus), against 5.5 GWac of power that is operating, under construction or contracted, of which approximately 2.2 GWac of solar and battery storage was in service at 30 June 2026. No data center capacity is in operation. The company reports approximately $439 billion of backlog ($430 billion data center segment, $10 billion power segment) and approximately $178 billion of backlog-associated capex ($174 billion data center, $4 billion power), and states that approximately $357 billion of the backlog is expected to be recognized beyond 96 months. SoftBank and OpenAI are strategic investors and customers; NVIDIA is a strategic investor and residual value guarantor at PORTS-Pike and is expected to become a holder of Class N common stock in connection with the offering, subject to closing of a concurrent private placement and settlement of a prepaid forward contract. Underwriters named on the cover include J.P. Morgan, Goldman Sachs & Co. LLC, Morgan Stanley, Citigroup and Mizuho. The registration statement records total revenue of $138.7 million and a net loss attributable to SB Energy, Inc. of $3,208.9 million for the six months ended 30 June 2026. SB Energy filed Amendment No. 2 to its Form S-1 on 21 September 2026, still leaving the offering size and price range blank and keeping the proposed Nasdaq and Nasdaq Texas symbol SBE. The amendment states that NVIDIA will invest $3.0 billion in total in connection with the offering, through a $1.5 billion private placement of Class N shares at the offering price and $1.5 billion already prepaid under a forward contract at 90 percent of that price, adds a Citibank agented revolving credit agreement whose $473.0 million initial borrowing is to repay the Hickory Facilities, and says the company targets up to 90 percent debt financing of $8 billion to $9 billion of capital expenditure per building at the PORTS-Pike Technology Campus. Reuters reported on 21 September 2026, citing The New York Times, that SB Energy had delayed its IPO; the company has not confirmed a postponement in any SEC filing.
 equity raise n.a. Form S-1 filed 1 September 2026; Amendment No. 2 filed 21 September 2026; delay reported 21 September 2026 (Reuters citing The New York Times), not confirmed by the company n.a.
OpenAI + Georgia Power + Southern Company
Southern Company disclosed a 25-year agreement for Georgia Power to serve an OpenAI data center in Effingham County near Savannah, Georgia, of about 3.2 GW, with up to 1 GW available as flexible demand response, described as a first for Southern with a data center customer. Service is expected to begin in phases in 2028. Southern reported more than 17 GW of contracted large load by the mid-2030s Georgia Power announced on 26 August 2026 that its contract to serve OpenAI in Effingham County, filed with the Georgia PSC in July and covering 3,200 MW of new demand with up to 1,000 MW of flexible demand response, was approved in the PSC regulatory process; the utility said OpenAI will pay the full cost of the infrastructure needed to serve it.
 tariff agreement n.a. Disclosed with Southern Company second-quarter 2026 results; reported 17 and 18 August 2026 n.a.
Oracle + Bloom Energy + BorderPlex Digital Assets
Oracle and BorderPlex Digital Assets announced on 27 April 2026 that Project Jupiter in Dona Ana County, New Mexico will be fully powered by up to 2.45 GW of Bloom Energy fuel cells as part of Oracle and Bloom's expanded partnership, replacing previously planned gas turbines and diesel generators with a single microgrid. After Bloomberg reported Oracle's force majeure notice on 24 September 2026, Bloom said on 25 September that Oracle remains committed to the project and to its contract for 2.4 GW, and that the project remains on schedule; the gas pipeline and the fuel cell air-quality permit are still pending.
 power supply agreement n.a. Backfill (not previously recorded). Announced 27 April 2026 (Oracle release); Bloom said on 25 September 2026 that Oracle remains committed after the force majeure report Stargate site, Dona Ana (announced) (NM)
The record

Sourced facts on OpenAI (Stargate)

  • The initial equity funders in Stargate are SoftBank, OpenAI, Oracle, and MGX, with Arm, Microsoft, NVIDIA, Oracle, and OpenAI as key initial technology partners, and the buildout starting in Texas.
  • The January 2025 launch carried a 10 GW capacity commitment, growing to over 5 gigawatts and over 2 million chips with the Oracle 4.5 GW partnership in July 2025, nearly 7 gigawatts in September 2025, and over 8 gigawatts by October 2025.
  • The September 2025 announcement added five sites, with coverage identifying the new campuses across multiple states.
  • The Abilene expansion was cancelled, with the 2 GW ambition reduced to the built 1.2 GW, power unavailable for a year, and OpenAI preferring to deploy Vera Rubin silicon at a new campus.
  • Early scepticism about the program's pace was reported in 2025, and OpenAI later pulled back from a Stargate Norway deal.
  • Fellow Stargate backer SoftBank is turning to debt to fund OpenAI's expansion and is seeking $40bn in loans.
Sources

Sources for OpenAI (Stargate)

Every source cited on this page, once each. The full atlas source register is at Capital Atlas sources.

Frontier AI lab: one page each

Anthropic 5OpenAI (Stargate) 8xAI (now operating under SpaceX / "SpaceXAI") 5

The figure beside each provider is its count of named sites in the atlas.

Part of the North American Data Center Capital Atlas, refreshed every Tuesday, Thursday and Saturday. Site commitments overlap reported capital expenditure and overlap one another, so this page shows each figure as its source states it and never adds them into a single deployment number. Informational, not investment advice.
The SAVRN reference set

Seven references, one system

Capital, delay, policy, water, grid, permits and scarcity are one system seen from seven sides. Each reference is primary-sourced, refreshed on a schedule, and links into the others, so a project can be followed from the money committed to the docket that stopped it.

Delay Watchlist
Project-level slippage: named projects, jurisdictional actions, utility and federal dockets, SEC disclosures, and the interconnection queue.
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Moratorium Tracker
The policy layer: every state measure and local moratorium mapped and cited, with one page per state.
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Water Tracker
Every federal, state, local and interstate water measure that touches a data center, plus a fifty-state water ledger.
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Grid Operator Watchlist
ERCOT, PJM, MISO, CAISO, SPP, NYISO, ISO-NE and FERC: the large-load rules, filings and queue positions that decide whether a site can energize.
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Permits and Power Development
Data center and substation permits, large loads in the interconnection queues, and the power plants planned to serve them, refreshed hourly from public records.
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SAVRN Scarcity Tracker
Eleven primary-sourced indicators of AI infrastructure scarcity, one composite index, read against the token index, SAVRN's own cost basis and the frontier ceiling.
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