美股IPO·2025-11-28 09:40Core Insights - OpenAI's partners have accumulated nearly $100 billion in debt to support the AI infrastructure, while OpenAI itself has minimal debt, effectively transferring financial risks [1][4][5] - A new round of financing is underway, with a bank consortium negotiating a $38 billion loan for Oracle and Vantage to build new sites for OpenAI [3][4] - OpenAI has signed contracts for $1.4 trillion in computing power over the next eight years, significantly exceeding its projected annual revenue of $20 billion [5] Debt Accumulation - The total debt related to OpenAI is approaching $100 billion, comparable to the net debt of the world's largest companies [4] - Partners like SoftBank and CoreWeave have borrowed at least $30 billion for investments related to OpenAI, with additional loans tied to OpenAI agreements [3][4] Financial Strategy - OpenAI's strategy involves leveraging the balance sheets of its partners to minimize its own financial exposure [3][4] - The company has a clean balance sheet, having only secured a $4 billion credit line last year, which remains unused [3][4] Procurement Commitments - OpenAI's long-term procurement contracts serve as a credit foundation for its partners to secure loans [5] - Oracle has issued $18 billion in bonds to fulfill its commitments to OpenAI, with projections indicating it may need to borrow $100 billion over the next four years [5] Risk Isolation Mechanisms - Special Purpose Vehicles (SPVs) are being used to isolate risks associated with data center loans, protecting investors and developers from potential defaults [6][7] - These SPVs allow for non-recourse loans, meaning lenders can only claim the project assets without pursuing the parent companies for additional recovery [6][7]