Nvidia has agreed to provide a more than $100bn backstop for a new OpenAI data centre in Ohio, developed with SoftBank-led energy company SB Energy. The AI chipmaker will also invest $1.5bn into SB Energy, which has partnered with OpenAI on data centre development. OpenAI plans to lease up to 8 gigawatts of computing power at the PORTS-Pike Technology Campus in Pike County, Ohio, with the first 800 megawatts expected online by 2028.

The project, set for completion in 2032, represents one of the largest AI infrastructure deals to date. SB Energy will build, own, and operate the facility under a 20-year lease agreement with OpenAI as the primary tenant. Nvidia's credit support covers land, power, and shell construction, capped at $105bn, enabling SB Energy to secure financing.

OpenAI may purchase chips directly from Nvidia or arrange separate financing, potentially using Nvidia's newly launched platforms targeting over $500bn in capital from Wall Street firms. Jensen Huang, Nvidia's CEO, defended the arrangement against claims of circular financing, emphasizing the company's role in facilitating AI infrastructure growth. The deal underscores how major tech companies are leveraging balance sheets to support AI expansion amid surging demand for computing power.