https://openai.com/index/building-ai-infrastructure-with-the...

Yeah, Open AI and Anthropic may be buying the bulk of their compute from other providers but they are now moving into building their own infrastructure directly. There is a scale beyond which it makes more sense to build vs. rent

>As of and subsequent to September 30, 2026, we have entered into purchase commitments and lease agreements, including short-term commitments, as well as leases not yet commenced, with an aggregate committed spend of approximately $895.4 billion. These commitments include approximately $447.5 billion expected to be incurred before December 31, 2030, and substantially all of the remainder is expected to be incurred between 2031 and 2045. Approximately $69.8 billion of these commitments are due in the 12 months following September 30, 2026. A significant portion of this total committed spend relates to Anthropic Direct, and we expect it to represent a growing share of our compute investments over time. The flexibility from Anthropic Direct allows us to backfill the short-term compute we procure during periods of high demand with more cost-effective, long-term compute as our dedicated infrastructure comes online.

So they decide to change the way they procure compute (rent vs buy) for which they will have to raise a little shy of $1T in the next 20 years, with $70B due in the next 12 months (and $450B in the next 4 years). This adds significant risk because they have not only to execute the build-up (which they haven't done before) but also raise the funds to pay for it, all while continue to operate and grow the core business.