Nvidia is in discussions to offer a USD 250 billion financing guarantee to support a massive data center project being developed by SoftBank in southern Ohio on behalf of OpenAI, in what would represent one of the largest financial commitments yet seen in the artificial intelligence infrastructure sector.

A Project of Unprecedented Scale

The proposed Ohio data center complex is designed to operate at 10 gigawatts of capacity, a figure that would make it the largest data center project announced to date.

The total cost of the development, including the chips that would be installed within it, could exceed USD 500 billion. The facility would require approximately 10 gigawatts of electricity, enough to power several million homes, and is expected to take many years to reach full completion.

The site chosen for the development is a decommissioned uranium-enrichment facility in southern Ohio, a location selected in part to potentially streamline permitting processes and reduce the local opposition that large data center projects often encounter. The first phase of the project, projected to provide around 800 megawatts of power, is anticipated to be complete by 2028.

The power supply for the facility is under the control of the U.S. government and is being separately funded by Japan as part of a recent trade agreement. Commerce Secretary Howard Lutnick is reportedly involved in the decisions around power allocation.

SoftBank Energy, which has received investment from OpenAI and is largely controlled by SoftBank founder Masayoshi Son, is slated to operate a natural-gas power project on federal land in Ohio. That project is funded by Japan's USD 33 billion investment, part of Japan's broader commitment to invest in the United States in exchange for lower tariffs.

How the Financing Would Work

Nvidia's proposed USD 250 billion guarantee would cover the data center lease and the debt required for its construction, but would not extend to the Nvidia chips to be installed inside the facility. The guarantee is intended to help SoftBank raise debt at more favourable terms on OpenAI's behalf.

The financing structure addresses a fundamental challenge: OpenAI, as an unprofitable private company, does not carry an investment-grade credit rating, making it difficult for the company to secure large-scale debt financing directly. By providing what the industry refers to as a "credit wrapper," Nvidia would allow SoftBank to access capital markets on more competitive terms.

This arrangement mirrors practices seen elsewhere in the sector. Google has reportedly provided similar backing for data centers used by Anthropic, in that case to support sales of its tensor processing units. The practice reflects a broader trend in which investment-grade technology companies deploy their balance sheets to help smaller firms secure the financing needed to build large-scale infrastructure.

Separately from the data center guarantee, Nvidia is also reportedly discussing a deal to finance chip purchases for OpenAI that could total USD 350 billion. Nvidia has already invested USD 30 billion in OpenAI prior to these latest discussions.

OpenAI's Infrastructure Ambitions

The Ohio project would mark OpenAI's first venture as a data center tenant, a significant shift for a company that currently relies primarily on cloud infrastructure rented from providers including Microsoft, Amazon, and Oracle. Gaining a stake in its own dedicated infrastructure would give OpenAI greater control over its compute resources as demand continues to grow.

OpenAI has substantially revised its projected spending on computing power, raising its forecast to approximately USD 750 billion through 2030, up from an earlier projection of USD 600 billion.

These large-scale infrastructure commitments are seen as critical for AI companies that are racing toward potential initial public offerings and facing sustained pressure to maintain rapid growth.

Government and Private Sector Alignment

The U.S. government and its partners view the direct partnership with private sector companies as a mechanism to accelerate activity in critical industries. The structure of the Ohio project, which weaves together government-controlled power, Japanese trade investment, and corporate financing from some of the technology sector's largest players, reflects how intertwined public and private interests have become in the buildout of AI infrastructure.

SoftBank, led by Masayoshi Son, is the central developer of the project and the entity through which the financing structure flows. SoftBank Energy, the subsidiary responsible for operating the power component, is largely under Son's control and has received investment from OpenAI.

The arrangement positions SoftBank as both the builder and the financing conduit for what would be the most ambitious AI infrastructure project undertaken to date.

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