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OpenAI’s Cash Burn Projected to Hit $115B by 2029 Amid Chip, Data Center Push

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OpenAI has revised its financial outlook sharply upward, projecting it will burn through $115 billion by 2029, according to The Information. The new figure is about $80 billion higher than its earlier estimate, reflecting the surging costs of powering ChatGPT and other AI models.

The report says OpenAI expects to lose over $8 billion in 2024 alone, roughly $1.5 billion more than forecast earlier this year. The company anticipates that annual burn will balloon to $17 billion next year, rising to $35 billion in 2027 and $45 billion in 2028.

To rein in costs, OpenAI is pursuing vertical integration—developing its own AI server chips and data center infrastructure. Its first in-house chip, being developed in partnership with Broadcom, is expected in 2025 and will be used internally. On the infrastructure side, OpenAI has struck major agreements, including:

  • A $4.5 GW data center expansion with Oracle announced in July.

  • The Stargate project, a planned $500 billion, 10 GW buildout backed by SoftBank.

  • Expanded computing capacity through Google Cloud.

The staggering burn rate underscores the immense capital intensity of generative AI, where costs for cloud computing, GPUs, and electricity are skyrocketing. At the same time, it highlights OpenAI’s strategy to reduce reliance on external providers like Nvidia and Amazon Web Services by building a proprietary AI stack—from chips to data centers.

SoftBank Acquires Foxconn’s Ohio EV Plant to Support Stargate AI Infrastructure Project

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SoftBank Group Corp (9984.T) is purchasing Foxconn Technology Group’s (2317.TW) electric vehicle manufacturing plant in Ohio to further its ambitious Stargate project aimed at building extensive AI data center infrastructure across the United States, Bloomberg News reported on Friday. The Stargate initiative, unveiled by U.S. President Donald Trump in January, represents a private sector investment potentially reaching $500 billion, with backing from SoftBank, OpenAI, and Oracle (ORCL.N).

SoftBank reportedly faced challenges in its financial planning for Stargate and sought Foxconn’s involvement to facilitate the development of data centers and related infrastructure, leading to the acquisition. The Ohio facility is expected to be repurposed as a data center site. Reuters could not independently confirm the report; SoftBank declined to comment, and Foxconn did not immediately respond.

The Stargate Project aims to generate over 100,000 jobs across the U.S., aligning with national goals to boost AI infrastructure and domestic technological capacity.

OpenAI Eyes $500 Billion Valuation in Potential Employee Share Sale

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OpenAI, the creator of ChatGPT, is reportedly in early talks for a private stock sale that would let employees cash out shares, potentially valuing the company at about $500 billion—up significantly from its current $300 billion valuation. The transaction, which would occur before any initial public offering (IPO), aims to allow current and former employees to sell several billion dollars worth of shares.

The move highlights OpenAI’s rapid growth, driven by its flagship ChatGPT product, which has doubled revenue in the first seven months of 2025 to an annualized run rate of $12 billion, with projections to reach $20 billion by year-end. OpenAI now boasts about 700 million weekly active users, up from 400 million in February.

This potential share sale follows a primary funding round announced earlier this year targeting $40 billion, led by Japan’s SoftBank Group, which is obligated to fund $22.5 billion by year-end. The remaining portion of the round has already been subscribed at the current $300 billion valuation.

Amid fierce competition for AI talent, tech giants like Meta are investing billions in startups such as Scale AI to secure top executives, underscoring the high stakes in the AI race. Other private companies like ByteDance and Databricks have similarly used private share sales to refresh valuations and reward employees.

Existing OpenAI investors, including Thrive Capital, are reportedly considering participation in the employee share sale. Thrive Capital declined to comment.

OpenAI is also planning a significant corporate restructuring to move away from its capped-profit model, paving the way for a potential future IPO. However, CFO Sarah Friar emphasized that any public offering would only occur when both the company and market conditions are favorable.