Nvidia is reportedly negotiating to offer around $250 billion in financing guarantees to OpenAI for a major data centre project, according to a Wall Street Journal report published on Sunday.
The guarantees would support OpenAI in leasing a 10-gigawatt data centre campus being developed in southern Ohio by an energy subsidiary of SoftBank (9984.T), the report said, citing people familiar with the discussions.
For OpenAI, a deal would be the first step toward controlling its own infrastructure instead of renting it from Microsoft, Amazon and Oracle, while for Nvidia, it would guarantee demand for its chips for years to come.
The Financial Blueprint
The project is expected to cost more than $500 billion in total, including the chips inside the data center, according to the WSJ.
The $250 billion guarantee covers the data center lease and debt financing, but would not cover the Nvidia chips inside the center, the WSJ said, adding that the chipmaker was also discussing financing OpenAI’s chip purchases worth up to $350 billion.
Nvidia’s backing would support financing vehicles aimed at reassuring lenders about the project’s funding, the report added.
AI Infrastructure Spending Accelerates
The first phase of the project is expected to be finished in 2028, with around 800 megawatts of power, the Journal said.
The power is controlled by the U.S. government and funded separately by Japan under a recent trade deal, tied to Tokyo’s pledge to invest $33 billion in a natural gas plant. U.S. Commerce Secretary Howard Lutnick is involved in deciding who gets access, according to the report.
Reuters could not immediately verify the report. Nvidia, OpenAI and the U.S. Commerce Department did not respond to requests for comment outside regular business hours.
OpenAI, in advanced talks for several weeks to lease the site, is among the companies showing the strongest interest in the project, while Anthropic, Microsoft and Google have also spoken to Lutnick in recent weeks, the report said.
The deal underscores a broader shift as tech giants increasingly tap debt and equity markets to fund AI infrastructure, with spending set to top $700 billion this year.
(With inputs from Reuters)
