Stargate Argentina was still at the letter-of-intent stage in the latest dated account: Clarín reported on October 23, 2026, that Sur Energy co-founder Emiliano Kargieman said the project had not reached a firm contract. Clarín also reported that a government response dated April 29, 2026, said there was no application, open file or evaluation for the project under Argentina’s Large Investment Incentive Regime (RIGI) at that time.
The proposal and the companies’ intended roles
OpenAI and Sur Energy announced a letter of intent on October 10, 2025, to explore a large-scale data center in Argentina. The proposal described capacity of up to 500 MW and potential investment of up to $25 billion. Those were proposed maximums.
OpenAI said Sur Energy would lead energy and infrastructure development and assemble a consortium. OpenAI could become a buyer of computing capacity, with any potential purchase dependent on Sur Energy’s development work. Clarín reported that Kargieman said investment funds would provide project capital rather than OpenAI directly.
What the reported milestones say
The October 2026 contract update came from Kargieman, as reported by Clarín: the project had not moved from its letter of intent to a firm contract. In the same reporting, Kargieman described arrangements involving energy suppliers Central Puerto and Genneia, an agreement with Fluidstack, and a selected location in Confluencia.
The RIGI status has a separate date. Clarín reported that an Argentine government response to Congress said no application had been submitted and no file or evaluation was open as of April 29, 2026.
The earlier 100 MW phase target
Data Center Dynamics reported in October 2025 that an initial 100 MW phase was targeted for 2027. That was an earlier reported plan, separate from the proposed maximum of 500 MW. Kargieman had also projected construction in 2026 and operation in 2027; in October 2026, the project’s promoters had not clarified whether that schedule remained in force.
