英伟达讨论为OpenAI数据中心提供2500亿美元担保

WSJ: Nvidia is discussing a $250B guarantee that could secure OpenAI’s 10GW Ohio data-centre lease.

The reported backstop would cover lease obligations and construction debt, rather than hand OpenAI a $250B cash cheque.

Lenders would treat Nvidia’s credit as protection against an OpenAI default, allowing SB Energy to borrow on better terms.

This structure connects three parties: SB Energy builds the campus, OpenAI rents it, and Nvidia carries part of the default risk.

DOE has confirmed the federal site will pair 10GW of data-centre capacity with 10GW of new generation.

Japan is funding $33.3B of the 9.2GW natural-gas portion, while SB Energy and AEP Ohio plan $4.2B in transmission.

Nvidia has already invested $30B in OpenAI, and an earlier partnership targeted at least 10GW of Nvidia systems.

Separate talks could finance another $350B of chips, supporting both OpenAI’s infrastructure and the purchases that become Nvidia revenue.

The arrangement would move Nvidia beyond supplier and investor roles into credit support for the largest proposed AI campus.

The pressure point is whether OpenAI can monetise the capacity before Nvidia’s demand support becomes a balance-sheet liability.