Nvidia considers $250bn guarantee to power OpenAI's largest AI infrastructure push

OpenAI is in advanced discussions to lease one of the world's largest planned artificial intelligence data centre campuses, with Nvidia considering a financing guarantee of roughly $250 billion to support the transaction, according to a Wall Street Journal report. The proposed campus, being developed by SoftBank-owned SB Energy in southern Ohio, is expected to require 10 gigawatts of power and carry a total price tag exceeding $500 billion, including AI chips. 

The proposed guarantee would cover the long-term lease of the facility and related debt financing, helping reassure lenders as OpenAI expands its AI infrastructure. The arrangement would not include Nvidia hardware, although the chipmaker is also reportedly discussing separate financing that could support up to $350 billion in OpenAI purchases of its AI processors. 

For OpenAI, the project would mark a significant strategic shift away from relying primarily on cloud infrastructure rented from Microsoft, Amazon and Oracle, allowing the ChatGPT developer to build dedicated computing capacity for future AI models. Nvidia, meanwhile, would secure long-term demand for its chips as AI infrastructure spending accelerates globally. 

The first phase of the Ohio development is expected to come online in 2028 with approximately 800 megawatts of capacity. The facility will be built on a combination of federal and privately owned land and is expected to become one of the largest AI data centres ever constructed. 

Power for the project will be supplied under a separate arrangement backed by Japan through a recent US-Japan trade agreement tied to a $33 billion natural gas power plant investment. According to the report, access to the government-controlled power supply will be determined with the involvement of US Commerce Secretary Howard Lutnick. 

The financing discussions come despite OpenAI's $852 billion valuation, as the company remains unprofitable and faces scrutiny over its ability to fund the enormous capital commitments required for next-generation AI infrastructure. Nvidia's proposed backing is intended to strengthen financing structures and improve lender confidence in the project. 

The Wall Street Journal reported that OpenAI has been negotiating the lease for several weeks and is among the leading contenders for the site. Anthropic, Microsoft and Google have also reportedly held discussions with Lutnick regarding access to the project. Reuters said it could not independently verify the report, while Nvidia, OpenAI and the US Commerce Department did not immediately respond to requests for comment.

The negotiations reflect the AI industry's growing reliance on large-scale debt and equity financing to build computing infrastructure, with sector-wide investment expected to exceed $700 billion this year.