OpenAI is in advanced talks to lease a US$500 billion AI data center campus in Ohio, with Nvidia negotiating a US$250 billion financial backstop that would help secure project financing. Backed by SoftBank and supported through a US-Japan partnership, the 10-gigawatt facility would rank among the world’s largest AI infrastructure projects.<\/p>\n
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OpenAI is nearing an agreement to anchor one of the largest AI infrastructure projects announced to date, as the company negotiates to lease a US$500 billion data center campus in southern Ohio with financial backing from Nvidia. If completed, the project would provide OpenAI with access to a 10GW computing campus capable of supporting the next generation of AI models.<\/p>\n
The development also underscores how AI leaders are increasingly relying on unconventional financing structures that combine technology companies, investors and governments to fund the enormous capital requirements of hyperscale infrastructure.<\/p>\n
Nvidia’s Financial Baking Strengthens OpenAI’s Bid<\/p>\n
According to reports from The New York Times<\/a>, Nvidia is in discussions to provide a financial guarantee of up to US$250 billion that would allow OpenAI to raise debt using the chipmaker’s credit profile. The proposed backstop would cover lease obligations and construction-related debt if OpenAI were unable to meet its financial commitments.<\/p>\n The negotiations remain ongoing and are subject to change. Nvidia declined to comment publicly on the discussions.<\/p>\n The data center campus is being developed by SoftBank and SB Energy in partnership with the US. Department of Energy on the site of a former uranium enrichment facility in Pike County, Ohio. The project is expected to receive 10GW of electrical capacity, enough to support AI infrastructure on an unprecedented scale.<\/p>\n The US government is also playing a strategic role through its partnership with Japan, which is helping finance the project as part of a broader trade agreement tied to infrastructure investment. US Commerce Secretary Howard Lutnick must approve the final arrangement<\/a> before the lease can be completed.<\/p>\n Although Microsoft, Google, and other technology companies have reportedly submitted proposals to use the campus, OpenAI has emerged as the leading candidate. Nvidia’s willingness to provide financial support has strengthened the company’s position, according to people familiar with the negotiations.<\/p>\n Construction remains in its early stages, with the first phase currently expected to be completed in 2028.<\/p>\n AI Infrastructure New Financing Era<\/p>\n The proposed Ohio campus<\/a> illustrates how the economics of AI infrastructure continue to evolve as developers pursue increasingly sophisticated financing models to secure computing capacity. Rather than relying solely on equity investment, AI companies are combining strategic investments, cloud agreements, hardware purchases, and debt guarantees to fund projects that would otherwise exceed their financial capacity.<\/p>\n OpenAI has previously followed this approach through its relationship with Microsoft<\/a>, which invested more than US$13 billion between 2019 and 2023. Much of that capital ultimately flowed back to Microsoft through purchases of cloud computing services needed to train and operate OpenAI’s models.<\/p>\n