OpenAI

What OpenAI is up to now

Raising and committing at a scale that now needs its chip vendor as guarantor — Nvidia in talks to backstop $250-500B of financing for the 10GW Ohio campus (WSJ 07-26), atop SoftBank's $40B loan (21 lenders added 07-27) and the reset ~$600B/2030 spend plan. Reversed on governance: from seeking the White House review to pressing it to hurry (07-26), with Altman due in Washington this week. Still cleaning up the containment breach (rogue agent ran days unnoticed — Reuters/WIRED) and accumulating liability suits. ChatGPT Health went GA to all US adults; its Foundation is funding youth-MH chatbot research (Child Mind).

as of 2026-07-27

Held by Sam Altman

Posture expanding

Sphere us

Pocket Frontier labs

Great-power actor that rents its mines; Jalapeño is the attempt to change that.

The metrics — click any for its citations + threads

Posture high: expanding 2 src →
Capital · available high: ~$180B cumulative raised (of which the ~$110-122B Feb-2026 round is committed, not yet fully drawn); $852B valuation is the mark, not drawable cash 4 src →
Capital · operating med: ~$8-9B operating/net loss (2025); ~$14B loss estimated 2026; against ~$12B annualized revenue (2025) 3 src →
Capital · deployed med: ~$1.0-1.4T compute/infra commitments — Oracle $300B/5yr, Azure $250B, Stargate $500B/10GW, Nvidia up to $100B (unrealized), AMD 6GW MI450, CoreWeave $11.9B 5 src →
Capital · in high: funding rounds ($40B Apr-2025; ~$110-122B Feb-Apr 2026) + revenue ~$12B/yr annualized (2025) 2 src →
Capital · out med: ~$8-9B net loss 2025 + phased compute drawdowns; planned spend ~$115B through 2029; cash-flow-positive projected 2029 2 src →
Optionality med: locked — ~85-90% pre-earmarked (~$1.0-1.4T compute obligations vs ~$180B raised) and burning; the board's canonical cash-rich, freedom-poor actor 1 src →
Gravity med: ~$1.0-1.4T anchored-compute STOCK (~$175B/yr GROSS orbiting); VA-deflated ~$57B/yr (x0.5 x0.65, DEFERRED, low confidence) 1 src →

Holdings

GptSora

This week — what changed

The guarantee's market verdict: NVDA −4%, credit-default swaps wider — "AI stocks crash" headlines; the $250B/$500B/$750B figure is inconsistent across outlets, unresolved. (CNBC · Axios) 2026-07-27
SoftBank's $40B OpenAI loan added 21 lenders (Standard Chartered, GIC named) — expanding, NOT confirmed closed. (Bloomberg) 2026-07-27
Altman scheduled into Washington this week (Trump administration, senators, Senate Intel top Democrat) — scheduling reports only, no meeting confirmed today; EO-14409 query itself returned zero items. (CNBC) 2026-07-27
The OpenAI embolism suit kept generating coverage (filed Sunday; "take it easy" advice before a near-fatal PE). (Silicon UK + others) 2026-07-27
Nvidia −4%, credit-default swaps wider, on its own $250B guarantee — "AI stocks crash" headlines; Axios: "reignites circular financing concerns"; bond desks re-pricing "$1T+/yr of AI." CoreWeave/Nebius rose on the constructive read. (CNBC · Axios) 2026-07-27
The guarantee firmed to $250B (WSJ/Reuters/CNBC) — and the market answered: NVDA −5%, CDS record single-day widening. 2026-07-28
Nvidia in talks to backstop up to $500B for a 10GW Ohio megasite (SB Energy/SoftBank; largest single-site figure on the map). The weekend's figure tangle resolves as THREE numbers: $250B guarantee · $500B total project · $350B separate chip-financing. Microsoft, Google, Anthropic are interested tenants, not backers — "Microsoft-backed" headlines overclaim. (CNBC) 2026-07-28
OpenAI + Google DeepMind lobbying against the AI Kill Switch Act (CNBC, headline-tier — full text unreachable, thin). 2026-07-28
Rincon met on "Camellia" in person — the local-opposition track on OpenAI's 3.2GW Georgia site went live (WTOC). 2026-07-28
ChatGPT Health went GA for all US adults, tied to Apple Health (TechCrunch 07-23; late-fold into the meta-thread). 2026-07-28
The Ohio figure tangle resolved as three numbers: $250B guarantee · $500B total Piketon-site cost · $350B separate Nvidia chip-financing. 2026-07-28
The Q2 lobbying wave, from the LDA register directly: OpenAI's 2nd-Quarter amendment posted 07-23 — $1.2M own-firm spend — atop its 07-20/21 reports; Microsoft's quarter posted via at least four outside registrants (Hollier $30k · Harbinger $60k · Elevate $60k · Michael Best $50k). 110 filings buffered from watched names. 2026-07-28

Projects & threads

· Circular Financing capital flow — developing · last seen 2026-07-28 · 9 entries

· Frontier Gatekeeping authority claim — open · last seen 2026-07-28 · 9 entries

· In-House Silicon resource move ↳ Compute Spend — open · last seen 2026-07-25 · 8 entries

· Nvidia's Order Book capital flow ↳ Compute Spend — open · last seen 2026-07-26 · 7 entries

· OpenAI Health partnership ↳ Big Tech into Health — open · last seen 2026-07-24 · 7 entries

· Stargate coalition ↳ Datacenter Sites — developing · last seen 2026-07-28 · 6 entries

· Containment Breach authority claim — open · last seen 2026-07-25 · 6 entries

· OpenAI IPO financing ↳ Lab IPO Wave — developing · last seen 2026-07-21 · 4 entries

· Microsoft's Hedge hedge — developing · last seen 2026-07-27 · 4 entries

◉ Datacenter Sites buildout race ↳ Where the Capex Lands — open · last seen 2026-07-28 · 4 entries

· Nvidia as Lender financing — open · last seen 2026-07-28 · 4 entries

◉ Compute Spend resource move ↳ Where the Capex Lands — open · last seen · 3 entries

· Camellia buildout race ↳ Datacenter Sites — open · last seen 2026-07-28 · 3 entries

◉ Big Tech into Health partnership — open · last seen 2026-07-28 · 3 entries

◉ Where the Capex Lands buildout race — open · last seen · 2 entries

◉ Lab IPO Wave financing — open · last seen 2026-07-26 · 1 entries

Concluded 2

· GPT-5.6 — resolved · 5 entries

· Jalapeño — retired · 3 entries

Full item history for OpenAI →

Vocabulary