Full Breakdown
Nvidia Mulls $250 B Financing Guarantee for OpenAI’s Ohio AI Data Center
7/28/2026, 10:54:04 AM
Core Deal Overview
Nvidia is in advanced talks to provide a financing guarantee of roughly $250 billion for OpenAI’s lease and related debt on a 10-gigawatt AI data-center campus in southern Ohio. The project, led by SoftBank’s SB Energy, is estimated to cost at least $500 billion. The guarantee would not cover Nvidia’s GPUs but would boost lenders’ confidence in the lease-payment stream. The Wall Street Journal first reported the talks on July 27 2026; the arrangement awaits approval by U.S. Commerce Secretary Howard Lutnick.
Background & Context
The Ohio site sits on former uranium-enrichment land about 50 miles south of Columbus, on federally owned land with power supplied by a U.S.–Japan partnership. Japan has pledged $33 billion for a natural-gas plant that will feed the campus; the two governments will share power-sale proceeds until Japan recoups its investment, after which the United States will retain a 90 percent share.
OpenAI, valued at $852 billion after a $122 billion capital raise on March 31 2026, seeks to reduce reliance on external cloud providers. Nvidia, the world’s most valuable chipmaker, already holds a $30 billion stake in OpenAI and has pledged up to $100 billion in equity to the company.
Phase 1 of the Ohio campus is slated for 2028, delivering roughly 800 megawatts; the full 10-gigawatt capacity is expected later.
Data & Statistics
| Item | Figure | Source |
|---|---|---|
| Financing guarantee under discussion | ~$250 billion | Wall Street Journal (July 27 2026) |
| Total projected cost of Ohio campus | >= $500 billion | Multiple reports |
| Planned power capacity | 10 GW (? 800 MW Phase 1) | Independent |
| Japan’s contribution to power plant | $33 billion | Independent |
| OpenAI’s recent capital raise | $122 billion at $852 billion valuation | Startupfortune |
| Nvidia’s existing stake in OpenAI | $30 billion | CNBC |
Official Statements & Responses
- U.S. Commerce Secretary Howard Lutnick is reviewing which companies will receive access to the federally allocated power; OpenAI, Anthropic, Microsoft and Google have submitted interest.
- SoftBank’s SB Energy says the Japanese-U.S. partnership will underpin the power supply.
Criticism & Opposition
- Jim Cramer, host of “Mad Money,” warned that the circular financing—where Nvidia backs a customer that then buys Nvidia chips—mirrors structures that preceded the dot-com bust.
Verbatim Quotes
- “What we learned in 2000 is that you don't lend to companies who buy your goods,” — Jim Cramer
- “To be sure, open weights carry real and distinct risks. Once released, the weights are beyond the original developer’s control, and modified versions are difficult to trace or reverse,” — Jensen Huang, Nvidia CEO
Conflicting Reports & Gaps
- Scope of the guarantee: CNBC says it would cover only lease and construction debt, while Forbes suggests it may also back financing for OpenAI’s chip purchases up to $350 billion. The exact boundaries remain unconfirmed.
- Final tenant selection: SoftBank and U.S. officials appear to favor OpenAI, but Microsoft, Google and Anthropic have also bid. No definitive tenant has been announced.
What’s Next
- Regulatory review: Lutnick’s decision on power-allocation access will determine which firms can secure capacity at the Ohio site.
- Project milestones: The 800-MW phase is expected to be operational in 2028, after which the full 10-GW capacity will be built out.
