The numbers are no longer just “large”—they are nation-state scale.
From OpenAI’s $500B “Stargate” project to Meta’s aggressive vertical integration, 2025 has become the year Big Tech stopped testing AI and started building the industrial backbone for it.
Here is the breakdown of the mega-deals reshaping the landscape:
1️⃣ THE OPENAI ECOSYSTEM (The “Stargate” Economy): OpenAI is effectively acting as a central bank for compute demand, triggering massive capital commitments:
- The “Stargate” Project: A $500B joint venture with SoftBank and Oracle to build AI infrastructure (announced by President Trump).
- Cloud & Compute: A reported $300B deal with Oracle (5 years) and a $100B investment/supply deal with Nvidia.
- Content: A $1B licensing deal with Disney to train Sora on Star Wars/Marvel IP.
- Hardware: Partnerships with Broadcom (in-house chips) and AMD (supply deal + 10% equity option).
2️⃣ META’S AGGRESSIVE CAPEX (Vertical Integration): Mark Zuckerberg is securing every layer of the stack to win the “Agentic AI” race:
- Application Layer: Acquiring Manus (Agentic AI) for $2B – $3B.
- Data Layer: Taking a 49% stake in Scale AI for $14.3B.
- Compute Layer: Securing power via Oracle ($20B), CoreWeave ($14B), and Google Cloud ($10B).
3️⃣ THE HARDWARE CONSOLIDATION (Nvidia & Others): The chip wars are shifting from competition to consolidation and sovereign-scale capacity:
- Nvidia’s M&A: Agreed to acquire assets from rival Groq for $20B (hiring CEO Jonathan Ross) and investing $5B in Intel (4% stake).
- Infrastructure: An investor group (BlackRock/Microsoft/Nvidia) is buying Aligned Data Centers for $40B.
- Tesla: A $16.5B chip sourcing deal with Samsung for the AI6 chip.
💡 ANALYST TAKEAWAY: We are witnessing the financialization of compute. With deals like CoreWeave’s $11.9B contract with OpenAI and $6.3B “take-or-pay” deal with Nvidia, compute power is becoming a structured asset class. The sheer scale of capital—$500B for Stargate alone—suggests we are entering a “Winner-Takes-All” phase where only players with sovereign-level balance sheets can compete.
👇 Infrastructure Investors: Are we overbuilding capacity, or is this just the first inning of the AI energy transition?