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businessOpenAI · Sarah Friar · Sam Altman · David Sacks · Wall Street Journal

OpenAI CFO floats federal loan guarantees for $1 trillion buildout, then walks it back

Sarah Friar told a WSJ audience OpenAI was looking at an 'ecosystem' including government backing to lower borrowing costs — a suggestion the company spent the evening trying to un-say.

OpenAI chief financial officer Sarah Friar tells the Wall Street Journal’s Tech Live event on Wednesday that the company is looking at an “ecosystem” of banks, private equity and possibly government participation to finance its more than $1 trillion in infrastructure commitments. Asked by a WSJ editor whether that means a federal subsidy, Friar describes a backstop or guarantee that would lower the cost of financing and raise the loan-to-value the company could support against its equity. Pressed on whether she means federal backing for chip investors, she agrees.

By Wednesday evening she posts on LinkedIn saying OpenAI is not seeking a government backstop for its infrastructure commitments, that the word muddied her point, and that American technological strength requires both the private sector and government to play their part. The company has signed more than $1.4 trillion of infrastructure deals in recent months, including a roughly $300 billion Oracle agreement and the $500 billion Stargate data center venture, while reporting a net loss above $11.5 billion for the September quarter.

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Sarah Friar

In a LinkedIn post late Wednesday, the OpenAI CFO walks back her on-stage answer, saying she used the word 'backstop' and it muddied the point; OpenAI, she said, is not seeking a government backstop for its infrastructure commitments.

One year later — open only if you can handle spoilers

OpenAI's next big raise was private: after announcing $110 billion in commitments in February 2026, it closed a record $122 billion round at an $852 billion post-money valuation on March 31, 2026, including $3 billion from individual investors through bank channels.

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