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Since Nigerian billionaire Adebayo Ogunlesi joined the board of directors at OpenAI in January, the artificial intelligence (AI) company behind ChatGPT has been moving quickly to expand its reach. The company has raised tens of billions of dollars, acquired startups, and now signed one of the largest cloud computing deals ever—committing to spend $300 billion over five years on computing power from Oracle.
Oracle signs $300 billion AI deal
The $300 billion arrangement underscores the demand for processing capacity and Oracle’s push to position itself as a key supplier of AI infrastructure. The size of the deal illustrates how spending on data centers has soared to record levels, even as analysts caution that the pace of investment may be difficult to sustain. The contract will require 4.5 gigawatts of power, roughly the same as the electricity used by four million homes.
For OpenAI, it is a bold bet. The company’s revenue is still modest compared with such a massive commitment, but executives see computing power as the foundation for future growth. The deal, which bolsters Oracle's position in the cloud market, reflects the scale of financial and technical resources needed to support increasingly complex AI models.
OpenAI’s $300 billion valuation push
The cloud contract follows a series of other moves this year, as OpenAI in March raised $40 billion in a funding round that propelled valuation to $300 billion. The capital is earmarked for research, computing infrastructure, and product development, with the aim of building more powerful systems. The investment ties into OpenAI’s longer-term goal of developing artificial general intelligence (AGI) capable of handling tasks once thought to require human intelligence.
In September OpenAI agreed to acquire Statsig, a startup known for testing new features and analyzing data in real time. The all-stock deal, which values Statsig at $1.1 billion, will help OpenAI expand ChatGPT’s capabilities and roll out new applications for both individual and enterprise users worldwide.
Adebayo Ogunlesi’s fortune climbs past $2.5 billion
Adebayo Ogunlesi’s role at OpenAI adds another chapter to a long career in global finance. The 71-year-old co-founded Global Infrastructure Partners (GIP), which became the world’s largest independent infrastructure manager, overseeing more than $100 billion in assets.
In January, GIP completed a $12.5 billion deal with BlackRock to create a leading multi-asset infrastructure investment platform. The deal included $3 billion in cash and 12 million BlackRock shares valued at $9.5 billion. After the deal Ogunlesi’s net worth rose above $2.5 billion, cementing his position as one of Africa’s most influential investors.
