Tesla Inc. CEO Elon Musk cast doubt Wednesday on the ambitious $500 billion Project Stargate, hours after its announcement, claiming lead investor SoftBank Group SFTBY -0.36% + Free Alerts SFTBF + Free Alerts has “well under $10B secured.”

Elon Musk is already casting doubt on OpenAI’s new, up to $500 billion investment deal with SoftBank (SFTBY) and Oracle (ORCL), despite backing from his allies — including President Donald Trump.

Musk slammed a Trump-backed $500 billion AI joint venture building out OpenAI’s artificial general intelligence.

Open AI CEO Sam Altman, Oracle co-founder Larry Ellison and Softbank CEO Masayoshi Son appeared alongside President Donald Trump to announce the Stargate plan.

President Donald Trump on Tuesday announced that three leading companies would make a large investment in artificial intelligence infrastructure.

OpenAI CEO Sam Altman speaks next to Oracle co-founder Larry Ellison and SoftBank CEO Masayoshi Son after U.S. President Donald Trump delivered remarks on AI infrastructure at the Roosevelt room at White House in Washington, U.S., January 21, 2025. REUTERS/Carlos Barria A look at the day ahead in European and global markets from Stella Qiu

Elon Musk criticized the newly announced $500 billion Stargate Project, claiming the AI infrastructure initiative lacks sufficient funding.

Elon Musk on the new Project Stargate system with $500 billion of funding, says 'they don't actually have the money' to build the AI system.

According to the creators of ChatGPT, this project aims to support the re-industrialization of the United States while also establishing a strategic capability to safeguard the national security of America and its allies.