A new Financial Times analysis found that several OpenAI partners have taken on roughly 96 billion dollars in debt to fund data center and chip expansion. The list includes major players like Oracle and Softbank, along with specialized providers such as Coreweave. According to the report, Coreweave's liabilities and lease obligations far exceed its expected annual revenue of five billion dollars.
The borrowing isn't limited to a few companies. Bank of America says the five largest tech firms, including Amazon and Microsoft, have issued 121 billion dollars in new debt this year - about four times their usual annual average. Deutsche Bank also reports rising credit default swap costs for companies like Oracle, pointing to growing concern among lenders and investors.
