Nvidia is negotiating a roughly $250 billion financial guarantee for OpenAI as part of a massive data center project in Ohio. The total project cost, including chips, could exceed $500 billion — making it the largest data center in history.
The guarantee is intended to reduce risks for lenders financing the lease and construction of the infrastructure. The project is being managed by SoftBank through its SB Energy unit.
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The talks are at an early stage and could fall through. But if the deal goes ahead, it would be one of the largest examples of financial engineering in the AI industry.
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Financial Details: $250B Guarantee and $350B in Chips
According to WSJ, Nvidia’s guarantee would cover the data center lease and debt needed for construction–but not Nvidia’s own chips. Separately, the parties are discussing financing for accelerator purchases for OpenAI of up to $350 billion.
Nvidia’s backing would allow SoftBank’s developer to secure debt financing on better terms, since OpenAI is a loss-making private company without an investment-grade credit rating.
As of late April 2026, Nvidia’s total assets stood at $259.5 billion, equity at $195.5 billion, and cash equivalents at $13.2 billion. A potential $250 billion guarantee would be roughly equivalent to the company’s total assets–a significant contingent liability.
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US Government Role and International Financing
Access to the facility is effectively controlled by the US government. Commerce Secretary Howard Lutnick is involved in power allocation. Japan has agreed to invest $33 billion in a gas-fired power plant on federal land in Ohio, to be operated by SB Energy. The US and Japan will share electricity sales revenue until Japan recoups its $33 billion investment, after which the US government will receive 90% of revenue.
The project is located on the site of a former uranium enrichment facility about 50 miles south of Columbus. The first phase will be completed in 2028, providing about 800 MW of capacity. The facility’s full 10 GW capacity would be enough to power several million homes.
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Circular Funding and Risks for Nvidia
The potential deal adds to the debate over circular funding in AI. In this model, chipmakers, cloud providers, and developers support each other’s demand through investments and long-term contracts. For OpenAI, an Nvidia guarantee could simplify infrastructure access and reduce reliance on Microsoft, Amazon, and Oracle capacity. For Nvidia, it would lock in long-term demand for its accelerators–but also expand its role from hardware supplier to financial participant in infrastructure projects.
Bloomberg highlighted risks: Nvidia has already invested in cloud provider CoreWeave, which uses its GPUs, and then struck a deal to buy back CoreWeave’s unused capacity. In September 2025, Nvidia and OpenAI signed a $100 billion strategic partnership memorandum, but in February 2026, OpenAI cut its long-term spending plan by $800 billion after Stargate issues emerged. In March, investors grew disillusioned with SoftBank over its aggressive OpenAI bet.
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