华尔街见闻·2025-10-14 03:39Core Viewpoint - OpenAI is making significant moves in the AI infrastructure space, with massive procurement orders that raise questions about its funding sources and financial sustainability, especially given its projected losses of approximately $10 billion this year [2][5]. Financial Strategies - OpenAI has signed a major agreement with Broadcom to deploy 10 gigawatts of customized chips and networking equipment over the next four years, potentially adding $350 billion to $500 billion in expenses on top of existing $1 trillion procurement agreements [2]. - The financing strategy employed by OpenAI is described as "world-class financial engineering," relying on ambitious visions to attract investment rather than traditional business plans [3]. - OpenAI's procurement strategy includes a "equity-for-purchase" model, where partnerships with companies like AMD involve issuing warrants that could offset hardware costs if AMD's stock rises due to OpenAI's demand [7]. - Another model is the "recurring revenue" approach, where NVIDIA plans to invest up to $100 billion, which OpenAI can use to purchase NVIDIA chips, creating a cycle of funding and revenue [7]. Financial Outlook - OpenAI's projected operational infrastructure costs for 2026 are estimated at $35 billion, but total funding needs could soar to approximately $114 billion when considering future capital commitments [9]. - The funding structure is expected to become heavily reliant on external equity and debt financing, with contributions from self-generated revenue dropping to only 17% [10]. - OpenAI's ambitious plans, including a projected $285 billion in chip spending over the next four years, far exceed its current annual revenue of about $13 billion, highlighting the critical need for new revenue streams or equity investments from chip manufacturers [10].