Nvidia Will Back First Phase of OpenAI Project With as Much as $105 Billion
Nvidia said it will back the first phase of OpenAI’s Ohio data center campus with up to $105 billion, securing up to about 8 GW of computing capacity from the Pike County complex. Nvidia expects 800 MW online by 2028, with phased backing from 2028-2030 over 20 years. Nvidia also agreed to invest $1.5 billion in SB Energy. Shares rose <1% to $225.47.
How this was made
The 30-second read
Why it matters
For traders, the key is the disclosed magnitude ($105B), phased timing (first 800MW by 2028), and Nvidia’s explicit statement that OpenAI pays the lease, which may reduce but not eliminate concerns about circular deals.
Market read
A mega-scale, long-duration Nvidia commitment tied to OpenAI compute capacity is likely to be treated as incremental evidence of sustained AI infrastructure spending, while investors scrutinize deal structure for circular-financing optics.
What to watch
The article notes Nvidia is not guaranteeing all lease obligations and that the second phase is optional, so actual revenue realization may be less than the headline $105B commitment implies.
Background
The piece frames the agreement as the latest tie-up between Nvidia and OpenAI, adding to Nvidia’s existing large equipment purchases and broader AI infrastructure financing role.
Ticker impact
Nvidia agreed to back up to $105B for an Ohio data center campus supplying OpenAI, with phased commitments from 2028-2030.
Near-term supportive for NVDA sentiment; medium-term focus shifts to deal structure and whether it mitigates or amplifies circular-financing concerns.
The article discloses a specific, very large commitment size ($105B) and timing (phases 2028-2030, 20-year duration), plus Nvidia’s stated non-circular structure and revenue framing through 2030.
Market effects
Reinforces demand visibility for AI data center buildouts and Nvidia’s role as a critical compute supplier, potentially tightening the narrative around AI capex durability.
Ohio Pike County campus becomes a flagship AI infrastructure project, supporting regional data center investment sentiment.
Signals continued mega-scale AI infrastructure financing patterns involving major chip suppliers and hyperscale customers, relevant to global AI capex expectations.
Counterpoint
Circular-financing fears may still pressure the stock if investors interpret the backstop as effectively subsidizing demand rather than reflecting end-customer pull-through.
Key entities
- companyNvidia
Agreed to back up to $105B for the initial phase of an Ohio data center campus supplying OpenAI capacity, with phased commitments from 2028-2030.
- companyOpenAI
Entered an agreement to secure up to about 8 gigawatts of computing capacity from the Pike County complex, paying the lease as capacity becomes available.
- companySB Energy
SoftBank-backed developer that will build, own, and operate the facility, with Nvidia investing $1.5B in the developer.
- companySoftBank Group
Backs SB Energy, which is central to building and operating the Ohio facility.
