President Donald Trump on Tuesday announced Stargate, a joint venture led by SoftBank, Oracle, and OpenAI to invest in AI infrastructure in the United States.
The venture will invest $100 billion initially, with a target of up to $500 billion over the next four years. The goal is to build data centers and other infrastructure to support AI development.
“What we want to do is we want to keep it in this country,” Trump said.
“China is a competitor, others are competitors. We want to be in this country, and we’re making it available. I’m gonna help a lot through emergency declarations, because we have an emergency, we have to get this stuff built,” he added.
The announcement was made at the White House with OpenAI CEO Sam Altman, SoftBank CEO Masayoshi Son, and Oracle founder Larry Ellison in attendance. Trump stated that the initiative would support U.S. industrial growth and national security.
OpenAI later confirmed in a post that the project would provide the necessary infrastructure for AI. SoftBank and OpenAI will lead the project, with SoftBank responsible for financial management and OpenAI overseeing operations.
Other key partners include Arm, Microsoft, NVIDIA, and MGX, a UAE-based technology fund.
“Buildout is underway, starting in Texas,” OpenAI said. “We are evaluating potential sites across the country for more campuses.”
SoftBank’s stock rose over 8% in Tokyo following the announcement. Trump also rescinded an executive order from President Joe Biden that had set oversight measures for AI companies, leaving regulations up to individual states.
