Overview

• OpenAI’s latest chipmaker agreements target about 26 gigawatts of AI capacity, roughly comparable to New York state’s peak summer electricity demand.
• Citi estimates roughly $50 billion of spending is needed per gigawatt for hardware, energy infrastructure, and data center construction, driving the $1.3 trillion total.
• Despite rapid adoption, only about 5% of ChatGPT’s roughly 800 million users pay, with subscriptions accounting for around 70% of recurring revenue.
• Financial disclosures and reports indicate $4.3 billion in revenue and a $13.5 billion net loss in the first half of 2025, alongside an estimated $13 billion in annual recurring revenue.
• OpenAI has lined up large vendor deals including a reported $300 billion Oracle agreement tied to Stargate, additional projects in the UAE and Norway with Nvidia, and about $22 billion in capacity from CoreWeave, while analysts flag bubble risks and U.S. power constraints.