Nvidia backs OpenAI's Ohio data centre with $105bn lease guarantee
Synopsis
Nvidia is guaranteeing up to US$105 billion in lease payments for OpenAI's Ohio data centre — its largest-ever infrastructure financing commitment — while investing US$1.5 billion in SB Energy and locking in 8GW of exclusive AI compute capacity, deepening OpenAI's hardware dependency on Nvidia for two decades.
Key Takeaways
Nvidia will guarantee up to US$105 billion in lease payments to secure OpenAI 's data centre campus in Pike County, Ohio .
Nvidia is investing US$1.5 billion directly in SB Energy , the SoftBank -backed data centre developer building and operating the site.
The campus will provide up to 8 gigawatts of AI computing capacity, with an initial 4.25GW phase expected to come online from 2028 .
Nvidia will be the exclusive AI compute infrastructure provider at the site under a 20-year lease arrangement.
The deal is part of the Stargate programme and highlights Nvidia 's growing role in financing the data centre ecosystem built around its own chips.
Nvidia has committed a guarantee of up to US$105 billion in lease payments to help OpenAI secure a massive AI data centre campus in Pike County, Ohio, developed by SoftBank-backed SB Energy — marking one of the chipmaker's largest-ever infrastructure financing commitments, the companies announced on Monday, 18 August 2026.
The deal structure
Under the agreement, SB Energy will build, own, and operate the campus for OpenAI under a 20-year lease. Alongside the guarantee, Nvidia will invest US$1.5 billion directly into SB Energy and secure up to 8 gigawatts (GW) of AI computing capacity at the site. The chipmaker will be the exclusive provider of AI compute infrastructure at the facility.
The initial phase covers 4.25GW of capacity, with construction expected to begin coming online in phases from 2028. Nvidia is also providing credit support for land, power, and shell construction tied to this initial capacity, and holds an option to secure the remaining 3.75GW. For context, one gigawatt is sufficient to power roughly 750,000 US homes.
Why it matters
The transaction is the latest and most consequential illustration of Nvidia's strategy of financing the very infrastructure ecosystem built around its chips — a move that amplifies demand but has drawn scrutiny over circular funding flows between the chipmaker and its customers. Critics have questioned whether such arrangements inflate apparent demand for Nvidia's hardware.
The deal also underscores how leading technology firms are increasingly bundling chips, power, and data centre development into single vertically integrated arrangements to outpace soaring AI demand. Constraints including ageing power grids, protracted permitting processes, and scarcity of land and electricity continue to bottleneck new projects globally.
The competitive backdrop
The Pike County campus is part of the broader Stargate initiative, the US$500 billion AI infrastructure programme backed by SoftBank, OpenAI, and Nvidia, announced earlier in 2026. The project reflects intensifying competition among hyperscalers and AI labs to lock in power and compute capacity years in advance, as rivals including Google, Microsoft, and Amazon accelerate their own data centre build-outs.
By anchoring OpenAI's infrastructure needs at a single Nvidia-controlled site, the deal effectively deepens OpenAI's hardware dependency on Nvidia for at least the next two decades.
What's next
The Pike County facility is expected to come online in phases beginning 2028, with full 8GW capacity contingent on Nvidia exercising its option on the remaining 3.75GW. Regulatory and grid-interconnection approvals will be closely watched as the project advances. How rival chip suppliers and competing data centre operators respond to this financing model is likely to reshape the economics of AI infrastructure investment across the industry.
Point of View
US-based compute campus for 20 years, this arrangement simultaneously advances Washington's domestic AI infrastructure agenda and entrenches Nvidia's dominance at a moment when custom silicon from Google, Amazon, and emerging rivals threatens to erode it. The US$105 billion guarantee number is also a signal to capital markets: Nvidia's balance sheet is now large enough to backstop sovereign-scale infrastructure, a competitive moat that no chip rival can currently match.
NationPress
18 Aug 2026
Frequently Asked Questions
What is Nvidia's role in the OpenAI Ohio data centre deal?
Nvidia is guaranteeing up to US$105 billion in lease payments to help OpenAI secure a data centre campus in Pike County, Ohio , developed by SB Energy . The chipmaker will also invest US$1.5 billion in SB Energy and serve as the exclusive AI compute infrastructure provider at the site.
How large is the Ohio AI data centre and when will it open?
The campus will ultimately support up to 8 gigawatts of AI computing capacity. The initial 4.25GW phase is expected to come online in stages beginning 2028 , with Nvidia holding an option on the remaining 3.75GW .
What is SB Energy and how is SoftBank involved?
SB Energy is a data centre developer backed by SoftBank . Under the deal, SB Energy will build, own, and operate the Ohio campus for OpenAI under a 20-year lease , with Nvidia providing a US$1.5 billion equity investment in the company.
Why is Nvidia financing data centre infrastructure for its customers?
Nvidia has adopted a strategy of backing the infrastructure ecosystem built around its chips to drive sustained hardware demand. However, this approach has raised questions about circular funding flows, where the chipmaker effectively finances the purchases of its own products.
Is this deal connected to the Stargate AI programme?
Yes, the Pike County campus is part of the Stargate initiative, a US$500 billion AI infrastructure programme backed by SoftBank , OpenAI , and Nvidia . The project reflects the broader race among major technology firms to secure power and compute capacity years ahead of anticipated AI demand.
