How to gain indirect exposure to the Stargate ecosystem
The race for AI market dominance often centers around increasingly more powerful models being released by generative AI companies. Yet to keep training and improving models, some companies like OpenAI take the view that significantly more computing capacity is needed to handle more calculations from ever-growing data.3
So, OpenAI — along with SoftBank, Oracle and MGX — have teamed up on a joint venture called Stargate, which aims to build some of the largest data centers to handle AI workloads.
Announced in January 2025, the project's goals include securing $500 billion in AI infrastructure investments and 10 gigawatts (GWs) of power capacity within the U.S. by 2029. The flagship data center is being built in Abilene, Texas, and the joint venture is also working on building several other data centers around the country to meet these goals.4
SoftBank is the lead financial partner for the Stargate Project, while OpenAI leads the operational side. Arm, Microsoft and NVIDIA are also some of the project's technology partners, but not equity partners like MGX (an investment company) and Oracle (which also serves as a technology partner.5
While the joint venture is a Delaware-registered LLC,6 Stargate isn't directly investable in the way that a venture-backed startup typically is. Still, accredited investors may be able to gain indirect exposure through other assets, as we'll examine in this guide.
Stargate AI: Project background
Stargate LLC is a Delaware-registered company with four equity partners — SoftBank, OpenAI, Oracle and MGX.7 The project was announced in January 2025, but its roots have been planted over the last few years. Rather than starting completely from scratch, reporting indicates that the project includes some pivots and expansions of some previous data center plans, while also seeking new sites to support its stated objectives. meet its ambitious goals.8
In addition to the core U.S.-based infrastructure, OpenAI announced OpenAI for Countries in May 2025.9 This initiative aims to build out AI infrastructure internationally and incorporate more international investment into the U.S. Stargate Project. The initial goal is to develop 10 projects with other countries or regions.10 Some early agreements have already been reached, like for a 1 GW data center project in Abu Dhabi called Stargate UAE, which also includes the UAE investing in U.S. Stargate infrastructure.11
However, the exact legal and corporate relationship between these international projects and the U.S.-based Stargate LLC joint venture is unclear at this time.
Stargate AI funding history
As a joint venture, Stargate does not have the typical stock history/funding history of a venture-backed startup. However, The Information reported last year that OpenAI and SoftBank initially committed to investing $19 billion, with each owning 40% of the joint venture.12
The other main equity partners, MGX and Oracle, reportedly initially committed $7 billion combined,13 but their ownership stakes are not entirely clear at this time. Altogether, the project aims to invest $500 billion in the U.S., which will include external financing, but the exact structure of these commitments has not been publicly disclosed.14
How to buy Stargate AI stock
Stargate LLC is a joint venture, so direct investment may not be possible for most at this time. However, accredited investors may be able to gain indirect exposure, such as by investing in OpenAI stock through Forge's next-generation marketplace for private market trades, subject to availability.
Who can invest in Stargate AI pre-IPO?
Stargate has not disclosed primary funding rounds the way that a typical venture-backed startup does, as it's a joint venture among a mix of private and publicly traded companies. So, at this time, direct investment may be limited to those invited to partner with the Stargate Project.
Those looking to invest in OpenAI as a way to gain indirect exposure might be able to do so through private market funds or through a private marketplace like Forge, subject to availability.
Alternatives for retail investors who want to buy Stargate AI stock
Although retail investors who are not accredited generally can not directly buy pre-IPO stock in companies like OpenAI — which could provide indirect exposure to Stargate — there are publicly available investment options that may also provide indirect exposure to the joint venture or to broader trends in the AI space, which could, in turn, impact Stargate.
Some examples include:
1. Publicly traded Stargate AI partners
Two of Stargate's primary equity partners — SoftBank and Oracle — are publicly traded companies. Technology partners like Microsoft and Nvidia are also publicly traded. Note, however, that these companies provide exposure to much more than just Stargate, so their stock performance may be impacted by trends that do not directly impact Stargate's development.
2. AI-related companies
Another potential option is to consider investments in publicly traded companies with exposure to the AI sector, beyond direct partners. For example, semiconductor manufacturers and software providers may offer indirect exposure to broader AI industry activity, which may overlap with themes relevant to Stargate.
3. Broader tech sector investments
While not quite the same as investing directly in AI companies, making broader tech sector investments could still provide indirect exposure to Stargate. In addition to many tech ETFs and mutual funds holding a diverse range of AI companies, these funds also often hold companies in areas like cloud computing, which requires data center buildouts similar to Stargate. Note, however, that market-wide factors—like macroeconomic trends or regulation—may influence AI and other types of tech companies differently.
How to analyze Stargate AI and its ecosystem
Analyzing private company stocks can be challenging, given that they generally do not have to disclose as much as public companies. Analyzing a joint venture like Stargate can be even more limiting, as it's not necessarily as easy to draw comparisons to other projects, the way it might be possible to compare companies listed on Forge's private stock marketplace that have valuation data.
Still, looking at news reports and public announcements could provide some direction, such as reviewing financing commitments and site buildouts. Even with this information, however, analyzing the value of a joint venture like Stargate can be highly subjective and may require investors to fill in some blanks on their own.
Learn more about investing in AI startups on Forge
While you might not be able to directly invest in Stargate, if you want to invest in AI startups like OpenAI pre-IPO if/when shares become available subject to investor eligibility, you may create an account with Forge marketplace to access our marketplace of private market securities.
After you create a free account, you can potentially buy and sell private market shares in companies like OpenAI and other AI startups — or private companies in other sectors — based on availability.
Forge aims to bring greater transparency to an otherwise opaque private market, and as a publicly traded company, it operates within a regulated environment that allows investors to explore private market access.
FAQs about investing in Stargate AI
Where do I buy Stargate AI stock?
As a joint venture among OpenAI, SoftBank, Oracle and MGX, Stargate is not open to investment from the general public. However, accredited investors may be able to gain indirect exposure, such as through OpenAI stock, if available on a secondary marketplace such as Forge. Retail investors might also gain indirect exposure such as through publicly traded companies like SoftBank and Oracle.
Who can invest in Stargate AI?
At this time, Stargate does not seem to be investable outside of its joint venture partners and potentially other partners that these companies recruit for financing. Yet Stargate has several equity and technology partners that could provide indirect exposure, opening up access to both accredited and retail investors.
Who are Stargate AI's competitors?
Stargate's competitors include other AI companies like xAI that are building out their own data centers, as well as broader tech companies involved in large data center buildouts, such as Meta and Alphabet.15
