OpenAI has adopted a rather unique strategy for securing the immense computing power it needs for future AI models.
Instead of just being a customer, OpenAI is becoming a major shareholder in its key infrastructure suppliers, CoreWeave and Cerebras. This is done by linking massive, multi-billion dollar purchase agreements for cloud services and AI chips directly to equity stakes. For instance, OpenAI received $350 million in CoreWeave stock as part of an $11.9 billion cloud contract. Similarly, its more than $20 billion commitment to Cerebras comes with warrants that could give it up to an 11% ownership stake.
This intricate arrangement didn't happen overnight. The foundation was laid over the past year. First, OpenAI established huge, long-term spending commitments with these suppliers. For Cerebras, this involved not only a purchase agreement but also a roughly $1 billion loan, which in turn secured the warrants. Second, these suppliers needed to be credible, high-growth companies. CoreWeave's successful IPO in 2025 and Nvidia's subsequent investment validated its market position, directly boosting the value of OpenAI's shares. Third, the immense demand for AI compute, highlighted by Cerebras's IPO being oversubscribed more than 20 times, created the perfect environment for these deals.
So, what does this all mean? This 'customer-creditor-shareholder' model is a double-edged sword. On one hand, it helps guarantee OpenAI access to scarce and vital computing resources, a key bottleneck in AI development. By being a major investor, it ensures its needs are prioritized. On the other hand, it creates a significant financial risk. OpenAI's financial health is now tied to the stock market performance and business execution of its suppliers. If they do well, OpenAI's investment grows. If they stumble due to market conditions, execution problems, or policy risks—like the past national security review Cerebras faced—OpenAI's investment value could fall.
In essence, OpenAI is betting on the entire AI infrastructure ecosystem, not just its own models. Its success is now intertwined with the success of its partners, making its financial future more complex and pro-cyclical. As of today, this bet looks promising, with the combined stakes valued at around $1.7 to $2.1 billion, but it carries risks that are just as substantial.
- Glossary -
- Warrants: A type of financial contract that gives the holder the right, but not the obligation, to buy a company's stock at a specific price before a certain date.
- Mark-to-market: An accounting practice of valuing an asset based on its current market price, providing a realistic assessment of its worth.
- IPO (Initial Public Offering): The process through which a private company becomes publicly traded by offering its shares to the public for the first time.