Nvidia is in talks to provide roughly US$250 billion (S$322 billion) in financing guarantees for OpenAI as part of a massive data centre project, the Wall Street Journal reported on July 26.
The backstop from Nvidia would help the ChatGPT maker lease a 10 gigawatt project that SoftBank’s energy subsidiary is developing in southern Ohio, the newspaper said, citing people familiar with the matter.
For OpenAI, a deal would be the first step towards 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 project is expected to cost more than US$500 billion in total, including the chips inside the data centre, according to the WSJ.
The US$250 billion guarantee covers the data centre lease and debt financing, but would not cover the Nvidia chips inside the centre, the WSJ said, adding that the chipmaker was also discussing financing OpenAI’s chip purchases worth up to US$350 billion.
Nvidia’s backing would support financing vehicles aimed at reassuring lenders about the project’s funding, the report added.
The first phase of the project is expected to be finished in 2028, with around 800MW of power, the Journal said.
The power is controlled by the US government and funded separately by Japan under a recent trade deal, tied to Tokyo’s pledge to invest US$33 billion in a natural gas plant. US 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 US 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 US$700 billion in 2026. REUTERS
