OpenAI recently closed the largest private funding round in history, raising $110 billion from Amazon (NASDAQ:AMZN | AMZN Price Prediction), NVIDIA (NVDA:NVDA), and SoftBank. Leading the way was Amazon with an investment of approximately $50 billion, of which $15 billion was committed to upfront, while another $35 billion was tied to various milestones. For their parts, NVIDIA and SoftBank each contributed $30 billion, pushing OpenAI’s massive valuation to $730 billion pre-money and $840 billion including the new capital.
If you’re watching this situation, this isn’t just a funding event, but more of a declaration that AI infrastructure is now being treated like a national utility, and the companies that supply, build, and connect that infrastructure are the ones with the most to gain. The round remains open for additional investors, with sovereign wealth funds and financial institutions still finalizing commitments.
What makes this round different from prior OpenAI fundraises is the sheer scope of what the money is being earmarked for. OpenAI is targeting roughly $600 billion in total compute spending by 2030 and it has a $300 billion cloud deal with Oracle (NYSE:ORCL), a $250 billion Azure commitment with Microsoft (NASDAQ:MSFT), a $22.4 billion infrastructure agreement with CoreWeave (NASDAQ:CRWV), and a 10-gigawatt custom chip collaboration with Broadcom (NASDAQ:AVGO) worth potentially hundreds of billions more.
Why the Spending Trail Matters More Than the Headlines
The easy narrative here is that Amazon and NVIDIA made a massive bet on OpenAI’s future, which is true, but it misses the more important story in that this $110 billion isn’t sitting in a vault as it’s going to flow outward for infrastructure, chip purchases, and cloud commitments. To get to its internal goals, OpenAI is aiming to generate around $30 billion in revenue in 2026 and $280 billion by 2030, and if it wants to achieve this, it’s going to need data centers measured in megawatts, chips measured in the millions, and cloud platforms that can handle the load.
The five stocks and companies below are all well-positioned at different points in the AI supply chain, and each one has a contractual, strategic, or structural relationship with OpenAI that makes the $110 billion round a direct catalyst for their business.
Microsoft
Microsoft may not have participated in the $110 billion round, but this is kind of the point in that they didn’t need to. The company already holds approximately 27% of OpenAI’s for-profit entity, valued at roughly $135 billion, and its exclusive partnership terms remain fully intact. It took just hours after the funding announcement for the two companies to confirm that Azure remains the exclusive cloud provider for all stateless OpenAI APIs, and Microsoft has this license through 2032.
OpenAI has also committed to purchasing an incremental $250 billion in Azure services, and the $110 billion round guarantees it has the liquidity to honor such a commitment. Any stateless API calls generated through third-party partnerships, including Amazon’s, are still hosted on Azure. The bottom line is Microsoft will collect revenue from every OpenAI partnership, and didn’t have to write a check in this funding round to do so.
CoreWeave
Arguably one of the biggest benefactors of OpenAI growth, CoreWeave holds a $22.4 billion contract across three expanding agreements. The company’s backlog now exceeds $55 billion, all while analysts are projecting revenue growth of roughly 134% in 2026 to $12 billion, after going from $16 million in 2022 to management guidance of over $5 billion in 2025.
The positive gains aside, the risks for CoreWeave here are also worth acknowledging, as it carries approximately $29 billion in total liabilities, burned $1.59 billion in free cash flow in Q3 2025, and it has announced a 2026 capex of $12 to $14 billion. However, the $110 billion round does dramatically reduce counterparty risk on its largest contracts, and if OpenAI has the cash to pay its bills, this backlog becomes far more likely to convert into actual revenue, the single biggest variable required for CoreWeave’s stock to reap some rewards.
Oracle
Quietly becoming one of OpenAI’s primary data center builders through the “Stargate” initiative, the company secured a $300 billion, five-year cloud contract. The flagship 1-gigawatt campus in Abilene, Texas, is already operational with NVIDIA GB200 racks deployed, and the partnership has expanded to 4.5 gigawatts of additional capacity across Texas, New Mexico, and the Midwest.
The $110 billion round is critical for Oracle because OpenAI represents a significant share of those obligations, and without funding certainty, the market had legitimate questions about whether a company losing billions annually could honor a $300 billion contract with Oracle. This concern is now largely addressed, though Oracle’s own debt has surpassed $100 billion, and a 2026 capex project at $50 billion.
Alphabet
While Alphabet (NASDAQ:GOOGL) may not be directly tied to the OpenAI deal, it may be the biggest indirect beneficiary of the infrastructure arms race the $110 billion round accelerates. The company has committed between $175 and $185 billion in capex for 2026, nearly double the $91.4 billion spent in 2025, and Google Cloud now runs at over $70 billion annually with a $240 billion backlog that is more than doubled year over year.
Every dollar OpenAI spends on infrastructure raises the bar for what it takes to compete in AI, and Alphabet is one of the few companies with the revenue base, cash flow, and proprietary technology to match that pace. Full-year 2025 revenue surpassed $400 billion, generating enough operating cash to fund its buildout without the debt pressure facing either Oracle or CoreWeave. For investors, this is a structural bet that the AI infrastructure cycle favors companies with both financial muscle and technical capability.
Broadcom
Broadcom’s relationship with OpenAI is one of the most critical yet least discussed stories in the AI supply chain. In October 2025, the two companies announced a joint collaboration to deploy 10 gigawatts of custom AI accelerators designed by OpenAI and built by Broadcom, with deployments starting in the second half of 2026 and running through 20209. Estimates for the deal’s total value range somewhere in the “multi-billion” range according to both parties, all while Broadcom already builds custom silicon for Google, Meta (NASDAQ:META), and reportedly Anthropic.
The company’s fiscal year revenue reached $64 billion with AI revenue included, and is projected to grow more than 100% in fiscal 2026 to around $40 billion. The company maintains an adjusted EBIDTA margin of 67% and a $73 billion AI backlog. For investors, Broadcom isn’t a cloud provider or infrastructure landlord, it’s the company designing the custom silicon and building the networking fabric that connects every piece of the AI puzzle. As OpenAI shifts toward its own chip designs, Broadcom is the partner that will make this vision into a physical reality.
Top Gaining Stocks
Top Losing Stocks