Nvidia’s stock dipped nearly 1% after reports surfaced that the chipmaker is negotiating to back a huge financing package for OpenAI’s planned data center in Ohio. The Wall Street Journal revealed Nvidia could guarantee about $250 billion to support the lease and debt financing of this sprawling 10-gigawatt project.
SoftBank’s energy subsidiary leads the development of the data center, whose total investment is expected to exceed $500 billion once chip costs and infrastructure are factored in. In addition to the lease guarantees, Nvidia is in separate talks to finance up to $350 billion toward chip purchases for the facility, potentially bringing its overall exposure to around $600 billion.
OpenAI’s Strategic Leap
Currently, OpenAI depends on cloud services from Microsoft, Amazon, and Oracle for computing power. This deal would mark a key shift, giving OpenAI direct control over a vast, dedicated data center. Because OpenAI doesn’t have an investment-grade credit rating, Nvidia’s commitment would provide key assurance to lenders and unlock the needed capital.
Other tech giants like Microsoft, Google, and Anthropic have also shown interest in the Ohio site. U.S. Commerce Secretary Howard Lutnick is involved in deciding who gains access to power for the facility, a resource under federal control. Japan has separately funded the power supply as part of a $33 billion investment linked to a natural gas plant, stemming from a recent trade agreement with the U.S.
The project is set to begin with around 800 megawatts by 2028 and scale up to the full 10-gigawatt capacity. This comes amid a booming AI infrastructure market that is expected to surpass $700 billion in spending this year. Locking in chip purchases for years ahead offers Nvidia valuable visibility into future demand.
SoftBank’s recent funding moves align with this project’s ambitious scale, highlighting intertwined financing efforts in the space.
