Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
FollowingWho is really paying for artificial intelligence infrastructure?
OpenAI and Anthropic are driving hundreds of billions of dollars in artificial intelligence infrastructure investment, but it is often not the two companies themselves that bear the early costs of data center construction. Instead, most construction funding is provided by cloud service providers, infrastructure developers, banks, private credit funds and institutional investors.
OpenAI and Anthropic typically emerge as long-term customers, promising to purchase computing power for many years. These contracts help developers borrow billions of dollars before the facility generates revenue. This creates a financing system: the company that uses the data center, the entity that owns the data center, and the investors that provide funds for it can be completely different three-party entities.
Who are the actual investors of OpenAI data centers?
Oracle is one of OpenAI's major infrastructure partners. In February 2026, Oracle announced plans to raise US$45 billion to US$50 billion through debt and equity financing to expand customer cloud infrastructure, including OpenAI. This means Oracle and its investors provide capital to build computing power, and future payments from OpenAI help support that investment.
Another Stargate project in Michigan demonstrated another structure. The development involves Related Digital, Oracle, OpenAI and Blackstone Group, and its financing comes from infrastructure investors and is backed by long-term debt backed by funds managed by PIMCO. OpenAI does not necessarily directly own the building or assume construction debt.
Anthropic 的基础设施融资方式不同
Anthropic 严重依赖亚马逊（Amazon）、谷歌（Google）以及专门的数据中心运营商。其与亚马逊的协议包含超过1000亿美元的十年期承诺，确保获得高达5吉瓦的计算能力。与此同时，TeraWulf 与 Anthropic 签署了一份为期20年的肯塔基州数据中心租赁协议，代表约190亿美元的合同收入。开发商拥有并建设基础设施，而 Anthropic 承诺在租赁期内支付费用。
芯片融资增加了另一层复杂性。博通（Broadcom）被关联到一项潜在的支持 Anthropic 计算需求的420亿美元融资安排，这表明硬件供应商也可能成为贷款人。这种结构是更广泛的“隐性人工智能负债”趋势的一部分。
OpenAI 和 Anthropic 人工智能基础设施的成本结构
Note: Numbers represent different types of financing and contractual commitments rather than directly comparable construction costs. Broadcom's financing is still in a potential state.
If artificial intelligence demand falls short of expectations, who will suffer?
The answer depends on the terms of the contract. If OpenAI or Anthropic fails to generate enough revenue, the financial consequences could spread across multiple groups. Data center owners may have difficulty collecting rent. Banks and bondholders could face loan losses. Equity investors may see project valuations decline.
However, long-term lease and guarantee clauses may require customers or other counterparties to continue making payments as computing needs weaken. That's why investors are increasingly looking at Anthropic's computing costs and the financing structure behind the expansion of AI.
The core difference is simple: OpenAI and Anthropic create most of the demand, but Wall Street and infrastructure companies often provide upfront funding. Ultimately, AI customers must generate enough revenue to support these payments, or the financial risks could go well beyond the company developing the model itself.
