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Nvidia guarantee for OpenAI's Ohio leases
Nvidia guarantees part of the lease and power payments an OpenAI affiliate owes SB Energy for about 4.25 GW in Pike County, Ohio. The first of nine phases is expected in Nvidia's fiscal 2029. The guarantees can end early, including if OpenAI earns a satisfactory credit rating.
- Size
- $105B · A cap, not money owed today. It builds up phase by phase.
- Date
- · Signed August 2026, in Nvidia's 10-Q filed Aug 26.
- Type
- Backstop
- Status
- In a filing
Who does what
- Nvidiaguarantees defined lease and power payments
- SB Energylandlord, builds the campus
- OpenAIits affiliate is the tenant
What we don’t know
- The size of each phase
- What rating counts as satisfactory
Sources
- Nvidia 10-Q, quarter ended Jul 26, 2026 SEC · Aug 26, 2026
- Nvidia Backs $164.5 Billion Of AI Data Centers To Keep GPUs Selling Forbes via Yahoo Finance · Oct 20, 2026
We opened each of these on Oct 30, 2026.
See it on the debt map. Not financial advice.