Nvidia Guarantees Up to $105 Billion for OpenAI’s Data Center

Nvidia is backing OpenAI with financial guarantees for one of the world’s largest planned AI data centers. The chipmaker is guaranteeing up to $105 billion and is investing an additional $1.5 billion in developer SB Energy.

The project is the PORTS-Pike Technology Campus in Ohio. OpenAI ultimately aims to lease roughly eight gigawatts of IT capacity there. SB Energy, backed by SoftBank, will build and operate the complex.

OpenAI is leasing the capacity under a 20-year contract. Nvidia will be the exclusive supplier of AI compute infrastructure on the campus.

The $105 billion figure is easy to misread. Nvidia is not wiring that money directly to OpenAI or SB Energy.

It’s credit support and guarantees for defined financial obligations. The structure covers parts of lease and power commitments and a minimum residual value if OpenAI can no longer meet its obligations.

Those guarantees reduce risk for lenders, making it easier for SB Energy to raise funds for land, power interconnects, and buildings. Separately, Nvidia is investing $1.5 billion directly into the company.

A Nvidia filing with the U.S. SEC shows the initial agreements cover about 4.25 gigawatts of IT load. Nvidia may later extend support for roughly another 3.8 gigawatts.

The first 800 megawatts are planned to come online in 2028, with phased expansions afterward. Full buildout could run through 2032.

That timeline depends on permits, financing, environmental reviews, and new energy infrastructure. SB Energy and SoftBank say they intend to build at least ten gigawatts of new power generation. At least $4.2 billion will also go into regional grid infrastructure.

Eight IT gigawatts refers to the power the compute systems can draw. Total campus electricity use will be higher due to cooling, power conversion, and other overhead.

The scale is extraordinary. For context, existing AI data centers are often measured in the hundreds of megawatts. AI Wereld previously showed what an OpenAI data center looks like.

The setup is attractive for Nvidia because the campus will run exclusively on Nvidia systems. By enabling construction, the company is also fueling future demand for its chips and networking gear.

That raises questions about interdependence across the AI industry. Nvidia invests in companies that then buy Nvidia hardware. OpenAI raises large sums and uses them to lease data centers packed with Nvidia chips.

Nvidia CEO Jensen Huang rejects the idea that this is circular financing. The company says it’s addressing concrete bottlenecks around land, power, and buildings. Still, Nvidia remains financially exposed to whether OpenAI can use and pay for the leased capacity over 20 years.

OpenAI expects the project to generate roughly 35,000 temporary construction jobs through 2032. After completion, around 2,500 people could work on and around the campus. These are estimates from the companies involved, not guaranteed employment figures.

SB Energy and OpenAI are initially setting aside $80 million for the region. OpenAI also pledges up to $84 million in Codex credits for students at Ohio educational institutions.

The new campus underscores how fast the AI race is shifting from models to physical infrastructure. The key question is no longer just who builds the best AI model, but who can marshal enough chips, electricity, land, and capital.