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What was Stargate in the 2025 report?

By Nathan Benaich (Air Street Capital) · 2025 report

An announced US AI infrastructure project targeting $500B of investment and 10GW of capacity over four years, backed by SoftBank, MGX, Oracle, and OpenAI. These were plans, not completed capacity.

What was Stargate in the 2025 report? - 2025 report, slide 121
What was Stargate in the 2025 report?. 2025 report, slide 121 (PDF page 122)

How to read this finding

All three values describe the announced plan. They are not measurements of investment already spent, chips installed, or operating capacity. Chip count is the report’s approximate translation of the proposed capacity.

Read the full Compute & infrastructure section

Evidence you can use

The Stargate plan announced in 2025

January 2025 announcement as recorded in the report

The Stargate plan announced in 2025
MeasureReported valueDefinition and source
Planned investment$500BOver four years2025 report, slide 121 (PDF page 122)
Planned capacity10GWProposed US buildout2025 report, slide 121 (PDF page 122)
Implied chip countMore than 4 millionReport estimate2025 report, slide 121 (PDF page 122)

All three values describe the announced plan. They are not measurements of investment already spent, chips installed, or operating capacity. Chip count is the report’s approximate translation of the proposed capacity.

Data & methodology Download CSVJSON

Sources and dates

Historical snapshot published October 9, 2025. This web edition was prepared on October 10, 2026 from the online deck and original launch posts. Findings and forecasts retain their original time frame.

  1. 2025 report, slide 105 (PDF page 106)Original 2025 report. Slide numbers printed in the deck are one lower than PDF page numbers because the cover is unnumbered.
  2. 2025 report, slide 121 (PDF page 122)Original 2025 report. Slide numbers printed in the deck are one lower than PDF page numbers because the cover is unnumbered.
  3. 2025 report, slide 128 (PDF page 129)Original 2025 report. Slide numbers printed in the deck are one lower than PDF page numbers because the cover is unnumbered.
  4. 2025 report, slide 131 (PDF page 132)Original 2025 report. Slide numbers printed in the deck are one lower than PDF page numbers because the cover is unnumbered.
  5. 2025 report, slide 141 (PDF page 142)Original 2025 report. Slide numbers printed in the deck are one lower than PDF page numbers because the cover is unnumbered.
  6. 2025 report, slide 146 (PDF page 147)Original 2025 report. Slide numbers printed in the deck are one lower than PDF page numbers because the cover is unnumbered.
  7. 2025 report, slide 155 (PDF page 156)Original 2025 report. Slide numbers printed in the deck are one lower than PDF page numbers because the cover is unnumbered.
  8. 2025 report, slide 158 (PDF page 159)Original 2025 report. Slide numbers printed in the deck are one lower than PDF page numbers because the cover is unnumbered.
  9. 2025 report, slide 202 (PDF page 203)Original 2025 report. Slide numbers printed in the deck are one lower than PDF page numbers because the cover is unnumbered.
  10. State of AI Report 2025: online slides
  11. Nathan Benaich: The State of AI Report 2025Air Street Press, October 9, 2025.
  12. Welcome to State of AI Report 2025Original website launch post, October 9, 2025.

Cite this page

Benaich, Nathan. “What was Stargate in the 2025 report?.” State of AI Report 2025. Historical report snapshot; web edition prepared 2026-10-10.