17 August 2026updated 18 August
Nvidia finances $105 billion Ohio data center for OpenAI
- Nvidia is providing up to $105 billion in credit to back OpenAI's data center in Pike County, Ohio, which will supply 4.25 gigawatts of computing capacity initially, scaling to 8 gigawatts by 2028.
- Nvidia's guarantee covers only the asset value if OpenAI leaves and SB Energy cannot find a replacement tenant, not the full lease payments, and Nvidia becomes the exclusive chip supplier for half the site.
- The $3 trillion in AI infrastructure commitments across major tech companies mostly do not appear on balance sheets because leases are only recorded when payments begin, making actual debt levels hard for investors to assess.
- Land, power supply, and physical buildings have become the real bottleneck in AI expansion, not chips themselves, as AI labs grow faster than their balance sheets can support long-term contracts.
Where they differ
The Neuron framed this as evidence OpenAI cannot afford its ambitions and Nvidia now holds enormous power over it, while The Rundown AI noted the deal's scale but raised concerns about circular financing between the same companies, with both newsletters fundamentally agreeing on the facts.
Nvidia backed $105 billion in financing for OpenAI's 10-gigawatt data center in Ohio, the largest data center project ever announced. The newsletter argues this reveals OpenAI cannot afford what it wants to build and that Nvidia is now in an enormously powerful position, effectively co-signing OpenAI's loan the way a parent might co-sign an apartment lease for a child without credit history.
OpenAI and Nvidia announced a new AI campus in Pike County, Ohio targeting nearly 8 GW of compute by 2028, with Nvidia backing the buildout with up to 105 billion dollars of credit. The newsletter questions whether this deal between OpenAI, Nvidia, and an early Sam Altman investment company helps circular dealmaking allegations, but acknowledges it represents one of the biggest AI buildouts to date.
Reported by The Decoder, TechCrunch, CNBC, The New York Times