OpenAI's ambitious Stargate data center project is facing delays due to economic uncertainties related to tariffs.

Increased market volatility and the availability of cheaper AI services have made banks, private equity investors, and asset management firms cautious about investing in Stargate. This project, led by OpenAI, aims to raise up to $500 million for AI infrastructure in the United States and overseas. According to Bloomberg, although SoftBank indicated in January that it would provide substantial funding for Stargate, no financing plan has been formulated, nor have detailed discussions with potential backers begun.

Tariffs could significantly increase the cost of building data centers. Based on an analysis by TD Cowen cited by Bloomberg, rising prices for server racks, cooling systems, chips, and other components might lead to an average increase in overall construction costs ranging from 5% to 15%.

Investors are also concerned about the risk of overcapacity. Tech giants such as Microsoft and Amazon have already adjusted their data center strategies, sometimes even scaling back construction projects.