Gareth Gore
@garethgore.bsky.social
Writing about the money behind Silicon Valley at IFR
Author of OPUS, published by Simon & Schuster
“Vividly told and excellently researched" - Financial Times
Author of OPUS, published by Simon & Schuster
“Vividly told and excellently researched" - Financial Times
SpaceX acquisition of xAI brings relief to the lossmaking AI and social media platform
But the deal could complicate the rocket maker’s plans to launch the world’s biggest ever IPO this June
"If I were a SpaceX shareholder, I would be furious," said one investor
www.ifre.com/equities/238...
But the deal could complicate the rocket maker’s plans to launch the world’s biggest ever IPO this June
"If I were a SpaceX shareholder, I would be furious," said one investor
www.ifre.com/equities/238...
SpaceX purchase of xAI brings relief – and headaches – ahead of record IPO | IFR
People & Markets
Acquisition is the largest ever seen, beating Vodafone’s purchase of Mannesmann in 2000
www.ifre.com
February 6, 2026 at 10:18 AM
SpaceX acquisition of xAI brings relief to the lossmaking AI and social media platform
But the deal could complicate the rocket maker’s plans to launch the world’s biggest ever IPO this June
"If I were a SpaceX shareholder, I would be furious," said one investor
www.ifre.com/equities/238...
But the deal could complicate the rocket maker’s plans to launch the world’s biggest ever IPO this June
"If I were a SpaceX shareholder, I would be furious," said one investor
www.ifre.com/equities/238...
Oracle will ask investors to inject as much as $50bn into the company, as the beleaguered cloud computing provider seeks to address concerns over the gargantuan amounts of debt it is taking on to fulfil commitments made to hyperscaler clients such as OpenAI
www.ifre.com/bonds/237887...
www.ifre.com/bonds/237887...
Oracle unveils US$50bn capital raise in bid to steady nerves over debt | IFR
www.ifre.com
February 2, 2026 at 11:30 AM
Oracle will ask investors to inject as much as $50bn into the company, as the beleaguered cloud computing provider seeks to address concerns over the gargantuan amounts of debt it is taking on to fulfil commitments made to hyperscaler clients such as OpenAI
www.ifre.com/bonds/237887...
www.ifre.com/bonds/237887...
Reposted by Gareth Gore
OpenAI faces a $20bn black hole in its accounts this year, as a series of buy now, pay later deals with suppliers start to come due
It makes 2026 a make-or-break moment for the company, raising questions about whether it could buckle under the weight of its commitments
www.ifre.com/people-and-m...
It makes 2026 a make-or-break moment for the company, raising questions about whether it could buckle under the weight of its commitments
www.ifre.com/people-and-m...
OpenAI faces financial crunch point as huge supplier bills start to come due | IFR
People & Markets
Founder Sam Altman tours Middle East to raise cash to fill US$20bn black hole in accounts
www.ifre.com
January 23, 2026 at 1:32 PM
OpenAI faces a $20bn black hole in its accounts this year, as a series of buy now, pay later deals with suppliers start to come due
It makes 2026 a make-or-break moment for the company, raising questions about whether it could buckle under the weight of its commitments
www.ifre.com/people-and-m...
It makes 2026 a make-or-break moment for the company, raising questions about whether it could buckle under the weight of its commitments
www.ifre.com/people-and-m...
Reposted by Gareth Gore
Reposted by Gareth Gore
<eyeballs>
OpenAI faces a $20bn black hole in its accounts this year, as a series of buy now, pay later deals with suppliers start to come due
It makes 2026 a make-or-break moment for the company, raising questions about whether it could buckle under the weight of its commitments
www.ifre.com/people-and-m...
It makes 2026 a make-or-break moment for the company, raising questions about whether it could buckle under the weight of its commitments
www.ifre.com/people-and-m...
OpenAI faces financial crunch point as huge supplier bills start to come due | IFR
People & Markets
Founder Sam Altman tours Middle East to raise cash to fill US$20bn black hole in accounts
www.ifre.com
January 23, 2026 at 3:38 PM
<eyeballs>
Reposted by Gareth Gore
The bill always comes due.
OpenAI faces a $20bn black hole in its accounts this year, as a series of buy now, pay later deals with suppliers start to come due
It makes 2026 a make-or-break moment for the company, raising questions about whether it could buckle under the weight of its commitments
www.ifre.com/people-and-m...
It makes 2026 a make-or-break moment for the company, raising questions about whether it could buckle under the weight of its commitments
www.ifre.com/people-and-m...
OpenAI faces financial crunch point as huge supplier bills start to come due | IFR
People & Markets
Founder Sam Altman tours Middle East to raise cash to fill US$20bn black hole in accounts
www.ifre.com
January 23, 2026 at 3:35 PM
The bill always comes due.
Reposted by Gareth Gore
When OpenAI goes under - and it will, because it's grossly overvalued - it's going to make the 2000 dotcom crash look like a walk in the park
It's going to take out so many tech companies who have pinned their fortunes on Altman being able to pay his bills on time and in full
It's going to take out so many tech companies who have pinned their fortunes on Altman being able to pay his bills on time and in full
OpenAI faces a $20bn black hole in its accounts this year, as a series of buy now, pay later deals with suppliers start to come due
It makes 2026 a make-or-break moment for the company, raising questions about whether it could buckle under the weight of its commitments
www.ifre.com/people-and-m...
It makes 2026 a make-or-break moment for the company, raising questions about whether it could buckle under the weight of its commitments
www.ifre.com/people-and-m...
OpenAI faces financial crunch point as huge supplier bills start to come due | IFR
People & Markets
Founder Sam Altman tours Middle East to raise cash to fill US$20bn black hole in accounts
www.ifre.com
January 23, 2026 at 3:49 PM
When OpenAI goes under - and it will, because it's grossly overvalued - it's going to make the 2000 dotcom crash look like a walk in the park
It's going to take out so many tech companies who have pinned their fortunes on Altman being able to pay his bills on time and in full
It's going to take out so many tech companies who have pinned their fortunes on Altman being able to pay his bills on time and in full
Reposted by Gareth Gore
Reposted by Gareth Gore
Great piece @garethgore.bsky.social
This quote: “OpenAI was only able to raise capital primarily from one investor – SoftBank – during its last fundraise, which is one signal that there are not a lot of investors that are willing to participate at this size.”
This quote: “OpenAI was only able to raise capital primarily from one investor – SoftBank – during its last fundraise, which is one signal that there are not a lot of investors that are willing to participate at this size.”
OpenAI faces a $20bn black hole in its accounts this year, as a series of buy now, pay later deals with suppliers start to come due
It makes 2026 a make-or-break moment for the company, raising questions about whether it could buckle under the weight of its commitments
www.ifre.com/people-and-m...
It makes 2026 a make-or-break moment for the company, raising questions about whether it could buckle under the weight of its commitments
www.ifre.com/people-and-m...
OpenAI faces financial crunch point as huge supplier bills start to come due | IFR
People & Markets
Founder Sam Altman tours Middle East to raise cash to fill US$20bn black hole in accounts
www.ifre.com
January 23, 2026 at 3:53 PM
Great piece @garethgore.bsky.social
This quote: “OpenAI was only able to raise capital primarily from one investor – SoftBank – during its last fundraise, which is one signal that there are not a lot of investors that are willing to participate at this size.”
This quote: “OpenAI was only able to raise capital primarily from one investor – SoftBank – during its last fundraise, which is one signal that there are not a lot of investors that are willing to participate at this size.”
Reposted by Gareth Gore
Do you hear that, Mr Altman...
January 23, 2026 at 3:18 PM
Do you hear that, Mr Altman...
Reposted by Gareth Gore
OpenAI faces a $20bn black hole in its accounts this year, as a series of buy now, pay later deals with suppliers start to come due
It makes 2026 a make-or-break moment for the company, raising questions about whether it could buckle under the weight of its commitments
www.ifre.com/people-and-m...
It makes 2026 a make-or-break moment for the company, raising questions about whether it could buckle under the weight of its commitments
www.ifre.com/people-and-m...
OpenAI faces financial crunch point as huge supplier bills start to come due | IFR
People & Markets
Founder Sam Altman tours Middle East to raise cash to fill US$20bn black hole in accounts
www.ifre.com
January 23, 2026 at 1:32 PM
OpenAI faces a $20bn black hole in its accounts this year, as a series of buy now, pay later deals with suppliers start to come due
It makes 2026 a make-or-break moment for the company, raising questions about whether it could buckle under the weight of its commitments
www.ifre.com/people-and-m...
It makes 2026 a make-or-break moment for the company, raising questions about whether it could buckle under the weight of its commitments
www.ifre.com/people-and-m...
Reposted by Gareth Gore
Oracle is being sued by bond investors, who say it misled them about the amount of debt it would need to take on to fulfil its $300bn deal with OpenAI
Larry Ellison, two executives and sixteen banks are named as co-defendants in the lawsuit
www.ifre.com/bonds/236980...
Larry Ellison, two executives and sixteen banks are named as co-defendants in the lawsuit
www.ifre.com/bonds/236980...
Oracle sued by investors over "false and misleading" US$18bn bond deal | IFR
Bonds
Investors say they “suffered significant losses and damages” as a result of omissions
www.ifre.com
January 15, 2026 at 2:31 PM
Oracle is being sued by bond investors, who say it misled them about the amount of debt it would need to take on to fulfil its $300bn deal with OpenAI
Larry Ellison, two executives and sixteen banks are named as co-defendants in the lawsuit
www.ifre.com/bonds/236980...
Larry Ellison, two executives and sixteen banks are named as co-defendants in the lawsuit
www.ifre.com/bonds/236980...
Driving the selloff are concerns that Oracle is assuming too much financial risk to build data centres and buy chips to fulfil contracts with hyperscaler clients that won’t generate any revenue for years – assuming they are able to pay at all
www.ifre.com/people-and-m...
www.ifre.com/people-and-m...
AI financing boom begins to show cracks as investors balk at debt binge | IFR
Bonds
Oracle bonds sold just a few weeks ago sell off and CDS spike as worries mount
www.ifre.com
January 15, 2026 at 2:31 PM
Driving the selloff are concerns that Oracle is assuming too much financial risk to build data centres and buy chips to fulfil contracts with hyperscaler clients that won’t generate any revenue for years – assuming they are able to pay at all
www.ifre.com/people-and-m...
www.ifre.com/people-and-m...
Oracle initially rallied on the news of the OpenAI deal in early September, with its market capitalisation almost reaching US$1trn
But Oracle shares have since fallen by more than 40%, wiping more than US$430bn off its valuation
But Oracle shares have since fallen by more than 40%, wiping more than US$430bn off its valuation
January 15, 2026 at 2:31 PM
Oracle initially rallied on the news of the OpenAI deal in early September, with its market capitalisation almost reaching US$1trn
But Oracle shares have since fallen by more than 40%, wiping more than US$430bn off its valuation
But Oracle shares have since fallen by more than 40%, wiping more than US$430bn off its valuation
At the centre of the dispute is a $38bn loan for data centres in Texas and Wisconsin that are part of the Stargate supercluster being developed by OpenAI, Oracle and SoftBank
The deal, which is being arranged by JP Morgan and MUFG, is yet to close
www.pfie.com/americas/233...
The deal, which is being arranged by JP Morgan and MUFG, is yet to close
www.pfie.com/americas/233...
Oracle monster DC PF debt nears | PFI
Debt packages backing data centre projects are growing rapidly. Recent debt raises in the tens of billions of dollars may seem small next year. By Nic...
www.pfie.com
January 15, 2026 at 2:31 PM
At the centre of the dispute is a $38bn loan for data centres in Texas and Wisconsin that are part of the Stargate supercluster being developed by OpenAI, Oracle and SoftBank
The deal, which is being arranged by JP Morgan and MUFG, is yet to close
www.pfie.com/americas/233...
The deal, which is being arranged by JP Morgan and MUFG, is yet to close
www.pfie.com/americas/233...
The complaint alleges that Oracle was “already planning” to increase its borrowings and “seek billions of dollars of additional debt” at the time of the deal
It says Oracle chose not to disclose that information to investors, a violation of securities laws
iapps.courts.state.ny.us/nyscef/ViewD...
It says Oracle chose not to disclose that information to investors, a violation of securities laws
iapps.courts.state.ny.us/nyscef/ViewD...
iapps.courts.state.ny.us
January 15, 2026 at 2:31 PM
The complaint alleges that Oracle was “already planning” to increase its borrowings and “seek billions of dollars of additional debt” at the time of the deal
It says Oracle chose not to disclose that information to investors, a violation of securities laws
iapps.courts.state.ny.us/nyscef/ViewD...
It says Oracle chose not to disclose that information to investors, a violation of securities laws
iapps.courts.state.ny.us/nyscef/ViewD...
Bonds issued as part of the $18bn deal in September sold off on the news
By mid-December, investors in the deal were sitting on more than $1.3bn of paper losses
www.ifre.com/bonds/235747...
By mid-December, investors in the deal were sitting on more than $1.3bn of paper losses
www.ifre.com/bonds/235747...
Oracle makes new pledge on soaring debt in a bid to halt brutal selloff | IFR
"We expect and are committed to maintaining our investment-grade debt rating,” finance chief says
www.ifre.com
January 15, 2026 at 2:31 PM
Bonds issued as part of the $18bn deal in September sold off on the news
By mid-December, investors in the deal were sitting on more than $1.3bn of paper losses
www.ifre.com/bonds/235747...
By mid-December, investors in the deal were sitting on more than $1.3bn of paper losses
www.ifre.com/bonds/235747...
The claims are linked to a $18bn bond sale from Oracle last September
Investors say they “suffered significant losses and damages” when reports emerged of a separate $38bn loan being taken out by the company a few weeks later
www.ifre.com/people-and-m...
Investors say they “suffered significant losses and damages” when reports emerged of a separate $38bn loan being taken out by the company a few weeks later
www.ifre.com/people-and-m...
AI financing boom begins to show cracks as investors balk at debt binge | IFR
Bonds
Oracle bonds sold just a few weeks ago sell off and CDS spike as worries mount
www.ifre.com
January 15, 2026 at 2:31 PM
The claims are linked to a $18bn bond sale from Oracle last September
Investors say they “suffered significant losses and damages” when reports emerged of a separate $38bn loan being taken out by the company a few weeks later
www.ifre.com/people-and-m...
Investors say they “suffered significant losses and damages” when reports emerged of a separate $38bn loan being taken out by the company a few weeks later
www.ifre.com/people-and-m...
Oracle is being sued by bond investors, who say it misled them about the amount of debt it would need to take on to fulfil its $300bn deal with OpenAI
Larry Ellison, two executives and sixteen banks are named as co-defendants in the lawsuit
www.ifre.com/bonds/236980...
Larry Ellison, two executives and sixteen banks are named as co-defendants in the lawsuit
www.ifre.com/bonds/236980...
Oracle sued by investors over "false and misleading" US$18bn bond deal | IFR
Bonds
Investors say they “suffered significant losses and damages” as a result of omissions
www.ifre.com
January 15, 2026 at 2:31 PM
Oracle is being sued by bond investors, who say it misled them about the amount of debt it would need to take on to fulfil its $300bn deal with OpenAI
Larry Ellison, two executives and sixteen banks are named as co-defendants in the lawsuit
www.ifre.com/bonds/236980...
Larry Ellison, two executives and sixteen banks are named as co-defendants in the lawsuit
www.ifre.com/bonds/236980...
OpenAI faces jury trial after judge sides with Musk over "ill-gotten gains"
The case could threaten its $10bn deal with Microsoft and complicate efforts to finance its huge AI ambitions
www.ifre.com/equities/236...
The case could threaten its $10bn deal with Microsoft and complicate efforts to finance its huge AI ambitions
www.ifre.com/equities/236...
OpenAI faces jury trial after judge sides with Musk over 'ill-gotten gains' | IFR
People & Markets
AI developer accused of reneging on its commitment to remain a non-profit
www.ifre.com
January 9, 2026 at 3:07 PM
OpenAI faces jury trial after judge sides with Musk over "ill-gotten gains"
The case could threaten its $10bn deal with Microsoft and complicate efforts to finance its huge AI ambitions
www.ifre.com/equities/236...
The case could threaten its $10bn deal with Microsoft and complicate efforts to finance its huge AI ambitions
www.ifre.com/equities/236...
Reposted by Gareth Gore
Elon Musk's xAI shakes off the recent Grok controversy to raise $20bn for its AI buildout
The deal, backed by Valor and the Qataris, is one of the largest private company funding rounds of all time
www.ifre.com/equities/236...
The deal, backed by Valor and the Qataris, is one of the largest private company funding rounds of all time
www.ifre.com/equities/236...
XAI shakes off Grok controversy to raise US$20bn for AI buildout | IFR
www.ifre.com
January 7, 2026 at 3:24 PM
Elon Musk's xAI shakes off the recent Grok controversy to raise $20bn for its AI buildout
The deal, backed by Valor and the Qataris, is one of the largest private company funding rounds of all time
www.ifre.com/equities/236...
The deal, backed by Valor and the Qataris, is one of the largest private company funding rounds of all time
www.ifre.com/equities/236...
Elon Musk's xAI shakes off the recent Grok controversy to raise $20bn for its AI buildout
The deal, backed by Valor and the Qataris, is one of the largest private company funding rounds of all time
www.ifre.com/equities/236...
The deal, backed by Valor and the Qataris, is one of the largest private company funding rounds of all time
www.ifre.com/equities/236...
XAI shakes off Grok controversy to raise US$20bn for AI buildout | IFR
www.ifre.com
January 7, 2026 at 3:24 PM
Elon Musk's xAI shakes off the recent Grok controversy to raise $20bn for its AI buildout
The deal, backed by Valor and the Qataris, is one of the largest private company funding rounds of all time
www.ifre.com/equities/236...
The deal, backed by Valor and the Qataris, is one of the largest private company funding rounds of all time
www.ifre.com/equities/236...
Reposted by Gareth Gore
Interesting. Why the delay, Leo?
Two hundred attend summit on Opus Dei abuse
Summit was "encouraged" by Pope Leo — but he is yet to take action against group
garethgore.substack.com/p/two-hundre...
Summit was "encouraged" by Pope Leo — but he is yet to take action against group
garethgore.substack.com/p/two-hundre...
Two hundred attend summit on Opus Dei abuse
Summit was "encouraged" by Pope Leo — but he is yet to take action against group
garethgore.substack.com
December 20, 2025 at 4:24 AM
Interesting. Why the delay, Leo?