04:28 PM EST, 01/22/2025 (MT Newswires) -- (Updates with SoftBank's response in the last paragraph.)

Elon Musk is casting doubt on the recently announced Stargate project to build artificial intelligence data centers and other infrastructure in the US, arguing that some of the participants in the joint venture, led by Oracle (ORCL), Microsoft-backed (MSFT) OpenAI and SoftBank may lack the funding.

"They don't actually have the money," the xAI founder wrote on his X handle. He also challenged SoftBank's capital resources, claiming the Japanese bank has less than $10 billion secured. OpenAI's Sam Altman rejected Musk's claims in another X post.

US President Donald Trump unveiled the Stargate project at a White House event on Tuesday. The partner firms are providing a combined $100 billion for the initial round and have pledged $500 billion in total funding over the next four years. Trump has not discussed the government's share in the project.

Oracle and OpenAI did not respond to a request seeking comment from MT Newswires. SoftBank did not comment directly on Musk's statement although a source familiar with the bank's activity with Stargate said the partners are ready to deploy $100 billion immediately.