I have one word to describe the entire financial orgy we are publicly witnessing between OpenAI, Oracle & Nvidia—Stargate.

Yes, many of us forgot (and probably even laughed off) the $500B “ambitious” mega project that was announced at the start of 2025. Many of us (including myself) completely underestimated how quickly and relentlessly the vision of Stargate could be executed into this AI infrastructure reality it is rapidly evolving into. 

Here is the evolution of the funding so far.

• 1️⃣ Through H1, Stargate announced they would secure $100B/$500B in funding via a combination of debt and equity. OpenAI was/is the operational lead, Oracle was the tech infrastructure lead, and SoftBank was the financial lead, who also later on roped in Abu Dhabi’s MGX as financial backers.

• 2️⃣ Through the summer, there were operational disputes that arose regarding Stargate between OpenAI and SoftBank, but those appear to have been watered down, especially because…

• 3️⃣ … OpenAI eventually confirmed the $300B order to Oracle, which the latter announced in their mega Q1 FY26 ER, with Oracle’s backlog surging 3x to $455B. That makes it ~$400/$500B in commitments that the consortium has managed to secure for Stargate.

• 4️⃣ It’s highly likely that OpenAI will use Nvidia’s $100B investment from yesterday to secure more financing and close off the $100B gap in Stargate’s $500B funding requirement that was originally stated at the start of this year. And it’s likely that this announcement should be coming before Thanksgiving/Christmas 2025.

So, who are the winners? 

Oracle, Nvidia, and the entire supply chain of silicon partners, vendors, and power providers, including emerging neoclouds and cross-breed data center operators and all the players we’ve been talking about in our research.