Nvidia guarantees $105bn for Ohio OpenAI data center

Nvidia has agreed to provide a financial guarantee of up to $105 billion linked to OpenAI’s lease for a large data center planned in Ohio, according to details of the arrangement. The project is being developed by SB Energy and is designed to scale to a total capacity of 8 gigawatts. Initial operations are scheduled for 2028.

Under the structure outlined, Nvidia is also positioned as the site’s exclusive hardware provider. That would make Nvidia the sole supplier of computing equipment for the facility as it is built out and equipped over time.

Financing structure ties lease support to hardware exclusivity

SB Energy

The $105 billion commitment is described as a guarantee supporting OpenAI’s lease obligations for the Ohio data center. The arrangement links financing support to the tenant’s long-term occupancy, while also tying the facility’s compute rollout to Nvidia’s products through the exclusive supplier role.

Separately, Nvidia is investing $1.5 billion directly into SB Energy. The funding is described as equity-style capital for the developer, adding another layer of financial backing alongside the lease-related guarantee.

Officials and leadership involved in similar infrastructure financing have described comparable setups as a way to secure durable compute capacity over time. In the Ohio project, the structure combines developer-led construction by SB Energy, tenant demand from OpenAI, and supplier certainty through Nvidia’s exclusivity and financial support.

Scale and timeline reflect long lead times for

Scale and timeline reflect long lead times for compute sites SB Energy The facility is slated to expand to 8 gigawatts when fully built out. The first phase is expected to begin operating in 2028, putting the project on a multi-year schedule that reflects the long planning and construction cycles typical of compute sites that require extensive power and real-estate development. Nvidia’s role as exclusive supplier connects the site’s hardware deployment to its own product deliveries across phases. The approach described for the project links the planned build-out to Nvidia’s ability to deliver and maintain the computing infrastructure required by the tenant. Regulatory scrutiny centers on circular funding concerns Financing structures that involve both chip suppliers and major compute users have drawn regulatory attention, according to the information provided. The focus has been on concerns about circular funding patterns, where suppliers and users of expensive compute participate in the same capital stack in ways regulators may view as blurring commercial boundaries.

The Ohio deal follows earlier capital injections from OpenAI and SoftBank aimed at expanding AI-related infrastructure. The sequence highlights how multiple parties tied to AI compute demand are participating in the funding required to build and lease large-scale facilities.

More broadly, the commitments described underscore a shift toward deeper involvement by hardware providers in capital formation for utility- and real-estate-heavy compute sites. Even so, key uncertainties remain, including how quickly the project reaches its targeted 8-gigawatt scale and how regulatory scrutiny of these financing models evolves.