financetom
Business
financetom
/
Business
/
OpenAI, Oracle, SoftBank plan five new AI data centers for $500 billion Stargate project
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
OpenAI, Oracle, SoftBank plan five new AI data centers for $500 billion Stargate project
Sep 23, 2025 2:21 PM

ABILENE, Texas, Sept 23 (Reuters) - OpenAI, Oracle

and SoftBank on Tuesday announced plans for

five new artificial intelligence data centers in the United

States to build out their ambitious Stargate project.

U.S. President Donald Trump in January hosted top tech CEOs to

launch Stargate, a private-sector initiative that plans to spend

up to $500 billion to build AI infrastructure.

AI is a priority for Trump and tech companies that are

pouring billions into building the computers that are necessary

to power the technology.

ChatGPT-maker OpenAI said on Tuesday it will open three new

sites with Oracle in Shackelford County, Texas, Dona Ana County,

New Mexico and an undisclosed site in the Midwest. Two more data

center sites will be built in Lordstown, Ohio and Milam County,

Texas by OpenAI, Japan's SoftBank and a SoftBank affiliate.

The new sites, the Oracle-OpenAI site expansion in Abilene,

Texas, and the ongoing projects with CoreWeave ( CRWV ) will

bring Stargate's total data center capacity to nearly 7

gigawatts and more than $400 billion in investment over the next

three years, OpenAI said.

The $500 billion project was intended to generate 10

gigawatts in total data center capacity.

"AI can only fulfill its promise if we build the compute to

power it," OpenAI CEO Sam Altman said in a statement.

The Tuesday's announcement, expected to create 25,000 onsite

jobs, follows Nvidia ( NVDA ) saying on Monday that it will

invest up to $100 billion in OpenAI and supply data center

chips.

OpenAI and partners plan to use debt financing to lease

chips for the Stargate project, people familiar with the matter

said.

OpenAI and its backer Microsoft ( MSFT ) are among the tech

giants pouring billions into data centers to power generative AI

services such as ChatGPT and Copilot.

AI's role in sensitive sectors such as defense and China's

push to catch up have made the nascent technology a top priority

for Trump.

(Reporting by Nilutpal Timsina and Angela Christy in Bengaluru

and Deepa Seetharaman in Abilene; Editing by Shinjini Ganguli)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
TKO Group Holdings Insider Bought Shares Worth $50,281,340, According to a Recent SEC Filing
TKO Group Holdings Insider Bought Shares Worth $50,281,340, According to a Recent SEC Filing
Jan 23, 2025
03:15 AM EST, 01/23/2025 (MT Newswires) -- Ariel Emanuel, 10% Owner, Director, Chief Executive Officer, on January 17, 2025, executed a purchase for 350,017 shares in TKO Group Holdings ( TKO ) for $50,281,340. Following the Form 4 filing with the SEC, Emanuel has control over a total of 2,923,013 shares of the company, with 66,179 shares held directly and...
Upper Crust owner SSP names CFO designate, deputy CEO to retire
Upper Crust owner SSP names CFO designate, deputy CEO to retire
Jan 22, 2025
Jan 23 (Reuters) - Upper Crust owner SSP said on Thursday Geert Verellen will join in early April as CFO designate, as current finance head and deputy CEO Jonathan Davies decided to retire after 20 years with the company. Verellen will take on the role of CFO and join the board from June 9, 2025, and Davies will remain on...
Puma shares tumble 16% after quarterly sales and profit miss
Puma shares tumble 16% after quarterly sales and profit miss
Jan 23, 2025
(Reuters) -Puma shares fell by 16% as the market opened on Thursday after the German sportswear brand reported lower than expected fourth-quarter sales and a decline in annual profit. The weak results late on Wednesday came after rival Adidas reported strong sales and profitability, highlighting the work Puma still faces to boost its brand, JP Morgan analysts said. Puma sales...
Commerzbank says UniCredit's approach is hostile and unilateral
Commerzbank says UniCredit's approach is hostile and unilateral
Jan 22, 2025
FRANKFURT (Reuters) -Commerzbank on Wednesday defined UniCredit's approach for a potential tie-up as hostile, and said there had been no discussion of it with the Italian bank in the past two years, despite UniCredit CEO Andrea Orcel saying there had. UniCredit is awaiting the European Central Bank approval it needs for the 28% stake it has built in the German...
Copyright 2023-2026 - www.financetom.com All Rights Reserved