Nvidia Backs OpenAI’s Ohio AI Data Center Leases With $105 Billion Guarantee

Nvidia agreed to guarantee up to $105 billion in conditional lease obligations for a new OpenAI data center campus in Pike County, Ohio, according to a securities filing.

The guarantee covers an initial 4.25 information technology gigawatts of compute capacity, a measure of power delivered to servers, with an option on a further 3.75.

Why Nvidia Guaranteed the Leases Instead of Lending

SB Energy will build, own, and operate the PORTS-Pike Technology Campus in Pike County under a 20-year lease to OpenAI. Nvidia signed multiple residual value guarantees covering roughly 4.25 gigawatts of information technology load.

If OpenAI goes insolvent or stops paying rent, Nvidia covers the shortfall between a guaranteed minimum lease value and whatever SB Energy recovers by reletting or selling the space, the filing shows.

OpenAI has agreed to reimburse Nvidia for any amount Nvidia actually pays the lessor. The guarantee also terminates once OpenAI achieves a satisfactory credit rating.

That termination clause points to the purpose. The guarantee lapses once OpenAI's own credit is strong enough to support the leases without Nvidia.

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