The Stargate Project

United States (Delaware LLC) AI Infrastructure Private

The Stargate Project (incorporated in Delaware as Stargate LLC) is a U.S. joint venture announced on January 21, 2025 at the White House by President Donald Trump, alongside Sam Altman (OpenAI), Larry Ellison (Oracle), and Masayoshi Son (SoftBank). The JV intends to invest up to $500 billion over four years to build advanced AI data center infrastructure in the United States for OpenAI workloads, with an initial $100 billion deployment. Equity funders are SoftBank, OpenAI, Oracle, and MGX; technology partners include NVIDIA, Microsoft, Arm, and Crusoe. SoftBank holds financial responsibility (Masayoshi Son serves as chairman) and OpenAI holds operational responsibility. The flagship Abilene, Texas campus (built with Crusoe, operated on Oracle Cloud Infrastructure) came online in 2025; together with five additional announced U.S. sites, planned capacity has reached roughly 7 GW.

Overview

Company data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.

Founded

2025

Total Funding

$500B

1 rounds

Funding

Total raised $500B across 1 rounds

Funding data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.

Last updated 06-25-2026

Latest Round

Type

Joint-venture committed capital

Date

January 21, 2025

Amount

$500B

Valuation

Lead Investors

SoftBankOpenAI

Leadership

  • Masayoshi Son

    Chairman (SoftBank CEO; financial lead)

  • Sam Altman

    Operational Lead (OpenAI CEO)

  • Larry Ellison

    Equity Partner (Oracle Chairman/CTO)

Competitors

Competitor list is illustrative and may be incomplete, stale, or erroneous.

  • xAI (Colossus)

    Elon Musk's xAI is building the Colossus supercomputer cluster in Memphis, Tennessee, scaling toward 1M GPUs to train Grok; widely framed as the closest scale-equivalent rival to Stargate's compute build-out.

  • Microsoft (Fairwater / Azure AI)

    Microsoft is building its own hyperscale AI campuses (e.g., Fairwater in Wisconsin) to power Copilot/OpenAI workloads on Azure; a technology partner of Stargate but not an equity holder, and a direct capacity competitor.

  • Amazon Web Services (Project Rainier / Anthropic)

    AWS is building large AI training clusters (Project Rainier) anchored on Trainium chips for Anthropic, representing a competing hyperscaler-led AI infrastructure stack.

  • Google Cloud (TPU AI infrastructure)

    Google's TPU-based AI data center footprint, serving Gemini and Google Cloud customers, competes with Stargate's GPU-centric U.S. build-out at hyperscale.

  • Meta Platforms (AI Superclusters)

    Meta is investing tens of billions in proprietary GPU superclusters to train Llama and power AI features; a comparable scale alternative to Stargate operating on owner-financed capex.

  • CoreWeave

    NVIDIA-backed GPU cloud specialist providing dedicated AI training capacity to OpenAI, Microsoft, and other labs; competes for AI compute mindshare even as it partners across the ecosystem.

The Stargate Project Investment FAQ

Public status and buying access

No. The Stargate Project is a private company and does not have a public stock ticker or trade on a public stock exchange. Its shares are generally held by founders, employees, investors, and other private shareholders. Buyers and sellers may be able to transact in The Stargate Project shares through private secondary transactions, but any transaction depends on share availability, buyer and seller agreement, transfer restrictions, company approval rights, and any applicable right of first refusal. There is no guarantee that The Stargate Project will complete an IPO or other liquidity event.

Yes, it is sometimes possible to buy The Stargate Project shares pre-IPO through private secondary transactions. This depends on finding a willing seller, company approval, and satisfying any transfer restrictions or rights of first refusal.

Buyers interested in buying The Stargate Project shares on the secondary market typically do so through SetterVC and other secondary-market platforms, subject to eligibility requirements, share availability, transfer restrictions, and issuer approval. Buyers may need to satisfy sophistication, accreditation, institutional, platform, regulatory, or other eligibility requirements before participating. Once eligible, buyers may be able to view listings, make bids, and work with a licensed broker through the transaction process. Buyers should ensure they have appropriate legal and financial advisors guiding them before completing any transaction.

Valuation and funding

The Stargate Project has raised approximately $500B in disclosed funding. These figures reflect primary capital raised by the company and do not include every possible secondary transaction, undisclosed round, debt facility, or private transfer. Reported funding totals can change as new rounds are announced or older round details are corrected. Eligible users can use SetterVC to track The Stargate Project's funding history alongside private-market activity where available.

Market context

The Stargate Project's most-cited competitors include xAI (Colossus), Microsoft (Fairwater / Azure AI), Amazon Web Services (Project Rainier / Anthropic), Google Cloud (TPU AI infrastructure), Meta Platforms (AI Superclusters) and CoreWeave. Investors often compare these companies by sector, product focus, valuation, funding raised, growth signals, investor base, and private-market activity.

Secondary-market demand for The Stargate Project shares can be affected by company performance, revenue growth, profitability, funding history, valuation, investor interest, sector momentum, public-market conditions, expected timing of a liquidity event, and the availability of shares for sale. Demand can also be affected by transfer restrictions, company approval rights, right of first refusal processes, limited information, and the price expectations of buyers and sellers. Strong demand does not guarantee strong pricing, liquidity, or investment returns. Weak demand does not necessarily reflect the company's long-term prospects. Demand signals should not be treated as a recommendation or prediction of investment performance. Buyers and sellers should treat demand signals as informational and conduct their own diligence before transacting.

Selling and transaction mechanics

Sellers often rely on intermediaries and platforms, such as SetterVC and other secondary-market platforms, to identify potential buyers. The exact process varies by company and transaction, but sellers often begin by confirming their ownership, desired price, transferability, and any company approval or notice requirements. If the seller agrees with a buyer on acceptable price and terms, the company may need to be notified through a share transfer notice or similar process. If a right of first refusal, company approval right, or other transfer restriction applies, the seller may need to wait until that process is completed. The parties may then execute a purchase and sale agreement, complete required transfer documentation, and close if all required conditions are satisfied. Sellers should always seek proper legal and financial advice before completing the transaction.

Yes, current and former The Stargate Project employees, early investors, and other existing shareholders may be able to sell vested shares before an IPO through a private secondary sale. This is not automatic; it depends on whether the shareholder has transferable shares, whether there is buyer demand, and whether the company's governing documents permit the transfer. Many companies require prior notice, company approval, or a right of first refusal before shares can be sold. Sellers should also seek proper legal and financial advice before proceeding.

A The Stargate Project secondary transaction usually involves an existing shareholder selling shares to a buyer before a public listing. The buyer and seller typically agree on price, number of shares, share class, and closing conditions. The seller may then need to notify The Stargate Project through a share transfer notice or similar process. If The Stargate Project or existing investors have approval rights, transfer restrictions, or a right of first refusal, those steps may need to be completed before the transfer can close. The parties typically enter into a purchase and sale agreement, complete any required transfer documentation, and close only if the necessary conditions are satisfied. Timing and certainty can vary by company and transaction.

In most private secondary transactions, parties commonly use a purchase and sale agreement that outlines price, terms, and conditions. They may also use share transfer documentation, often a stock transfer notice, share transfer notice, transfer instruction, or similar document, along with any required company approval or right of first refusal materials. Proof of ownership, such as a cap table entry, share certificate, brokerage statement, issuer confirmation, or administrator confirmation, may also be important. Buyers often request recent company financials, but private companies may limit disclosure. Since every deal varies, buyers and sellers should consult legal and financial advisors to understand which documents are needed.

Risk, diligence, and investor caution

Buying The Stargate Project shares pre-IPO is risky. Shares are illiquid, no IPO or liquidity event is guaranteed, valuations can change, transfers may require company approval, and private companies may provide limited financial disclosure. Be prepared for total loss. SetterVC and Setter Capital do not provide due diligence, legal, tax, accounting, valuation, or investment advice. Buyers must conduct their own due diligence, verify information, and seek independent legal and investment advice before proceeding.

Private secondary shares are typically illiquid. Unlike public stocks, there is no active public market, so selling them can be difficult and time-consuming. Sales depend on finding a willing buyer and often require company approval. Investors should be prepared to hold the shares for an extended period, with no guarantee of a future sale. Always assess your need for liquidity before investing.

SetterVC and Setter Capital do not provide due diligence, legal, tax, accounting, valuation, or investment advice. Buyers must conduct their own due diligence, including verifying ownership, transferability, legal structure, company approval, and assessing the company's prospects. SetterVC and Setter Capital do not provide advice on whether an investment is good, what price to pay, or what the best bid or ask is. SetterVC and Setter Capital may share documents in some circumstances, but it does not guarantee their accuracy or completeness. Due diligence is essential. Seek legal and investment advice as needed.

Before buying The Stargate Project shares, a buyer should try to review the share class, price per share, implied valuation, transfer restrictions, ROFR process, company approval rights, seller ownership evidence, recent financing or tender-offer information, available financial information, information rights, resale restrictions, tax considerations, and expected liquidity paths. Not all information may be available for a private company. Buyers should confirm available diligence, process details, and information needs with their own legal, tax, and investment advisers.

SPVs carry risks. Examples include the need to confirm the company allows SPV-based transfers, verify that the SPV truly owns the shares or interests it claims to own, and ensure it has not sold more interests than it holds. Due diligence is essential. Seek legal and investment advice as needed.

Forward contracts carry risks. Examples include the seller refusing to transfer the shares at the future date, even if the seller owns them, the seller going bankrupt with creditors claiming the shares, or the seller committing the same shares to multiple parties. Due diligence is essential. Seek legal and investment advice as needed.

Access live market data

Sign Up

Data collected with AI, which can make mistakes. Please double-check this information.