Key takeaways
- OpenAI CFO confirms continued investment despite AI market selloff
- Nasdaq 100 loses $2.5 trillion amid infrastructure spending concerns
- OpenAI reports 70% quarterly growth and raises fresh capital
OpenAI will continue expanding its artificial intelligence infrastructure despite a $2.5 trillion stock-market selloff and growing opposition to data-center construction, Chief Financial Officer Sarah Friar said on November 6.
Speaking during a CNBC interview, Friar defended the company's investment strategy, pointing to customer demand and rapid business growth. She said OpenAI's business expanded 70% quarter over quarter in the third quarter, while its enterprise business doubled.
The comments followed a sharp November 5 market decline that erased approximately $2.5 trillion from the Nasdaq 100, as investors questioned whether tighter restrictions on data-center development could undermine AI infrastructure spending.
OpenAI Defends AI Spending After $2.5 Trillion Selloff
The Nasdaq Composite declined 5.5% on Thursday, while the Nasdaq 100 lost 6.4%, its worst session since April 2025.
Nvidia fell approximately 9%, AMD dropped 17%, and AI cloud providers including CoreWeave and Nebius also suffered substantial losses. The selloff reflected concerns over financing costs, infrastructure demand and potential restrictions following the US midterm elections.
Despite the turmoil, Friar said the election results had not fundamentally changed OpenAI's plans.
The company's position contrasts with increasing pressure across AI infrastructure stocks, where investors are demanding stronger evidence that enormous capital expenditures will eventually produce sustainable profits.
OpenAI's commitment also comes as other providers reconsider infrastructure economics. Microsoft's recent AI cloud decisions have highlighted the increasingly selective demand for computing capacity.
OpenAI Pledges to Cover Energy Costs and End Secrecy Agreements
The market selloff followed an election in which candidates campaigning for tighter oversight of data-center projects gained support in several states.
In response, OpenAI published a new infrastructure policy on November 5, committing to stronger transparency and community engagement at future company-owned and operated facilities.
The company pledged to cover its electricity and infrastructure costs, publish information about water consumption and construction impacts, and stop using most nondisclosure agreements with public officials.
These measures address concerns that expanding AI facilities could increase household electricity bills, strain local resources or impose infrastructure costs on surrounding communities.
OpenAI also highlighted its Georgia project, where arrangements with Georgia Power would allow up to 1,000 megawatts of electricity demand to be reduced during periods of grid stress.
OpenAI Secures $11 Billion as 2027 IPO Remains in Focus
The spending commitments arrive as OpenAI continues raising capital to finance its infrastructure expansion.
On November 6, the company reportedly secured an initial $11 billion at a $1.25 trillion valuation, below its earlier ambitions. The investment is part of a broader fundraising effort rather than confirmation that the entire planned round has closed.
Friar also indicated that OpenAI continues considering a 2027 public offering, even as rival Anthropic's $1.5 trillion IPO faces valuation uncertainty.
The financing environment remains challenging. Rising AI debt concerns have increased scrutiny of companies relying on external borrowing to expand computing infrastructure.
