OpenAI Inc. told investors it projects its spending through 2029 may rise to $115 billion, about $80 billion more than previously expected, The Information reported, without providing details on how and when shareholders were informed.
OpenAI is in the process of developing its own data center server chips and facilities to drive the technologies, in an effort to control cloud server rental expenses, according to the report.
The company predicted it could spend more than $8 billion this year, roughly $1.5 billion more than an earlier projection, The Information said.
Another factor influencing the increased need for capital is computing costs, on which the company expects to spend more than $150 billion from 2025 through 2030.
The cost to develop AI models is also higher than previously expected, The Information said.