Nvidia is in discussions to potentially provide a financial guarantee of around $250 billion for OpenAI as part of its artificial intelligence data center project located in Ohio, USA. This information was reported by The Wall Street Journal, citing sources familiar with the negotiations.
Sources indicate that the talks involve leasing a hub with a capacity of 10 gigawatts in the southern part of the state. The project is being managed by SoftBank through its energy division, SB Energy, with founder Masayoshi Son estimating its total value at around $500 billion.
The guarantee is designed to mitigate risks for lenders financing the lease and construction of the infrastructure. Should OpenAI or the associated project fail to meet its obligations, the guaranteeing party would absorb part of the risk.
However, the proposed $250 billion guarantee, according to WSJ, will not cover Nvidia chips used within the facility. Separately, the parties are also discussing the purchase of OpenAI accelerators worth up to $350 billion.
The report also highlighted that access to the facility's capabilities is effectively controlled by the U.S. government, with Commerce Secretary Howard Lutnick involved in their allocation. Journalists noted that negotiations are still in the early stages and could collapse. As per Bloomberg, the funding terms may also change. Reuters mentioned that they did not receive comments from Nvidia, OpenAI, or SoftBank regarding the matter.
A financial guarantee of this magnitude could represent a significant contingent liability for Nvidia. According to a quarterly report for the period ending April 26, 2026, the company's total assets amounted to $259.5 billion, with shareholder equity at $195.5 billion, cash and cash equivalents at $13.2 billion, and marketable debt securities at $37.1 billion.
This potential deal is intensifying discussions about circular financing in the AI sector. In this model, chip manufacturers, cloud providers, and AI developers mutually support demand through investments, guarantees, leasing of capacities, and long-term contracts.
For OpenAI, Nvidia's possible guarantee could simplify access to infrastructure and reduce reliance on the capacities of Microsoft, Amazon, and Oracle. For Nvidia, it would secure long-term demand for its accelerators while also expanding its role to become not just a hardware supplier but also a financial participant in infrastructure projects.
Bloomberg specifically pointed out this risk in the context of Nvidia's existing deals. The company has invested in the cloud provider CoreWeave, which utilizes its GPUs, and subsequently entered into an agreement to buy back unutilized capacities from CoreWeave.
It is worth noting that in September 2025, Nvidia and OpenAI signed a memorandum of strategic partnership with a total investment volume of up to $100 billion. This partnership was intended to complement the infrastructure projects of the AI developer with Microsoft, Oracle, SoftBank, and Stargate participants.
In February 2026, OpenAI reduced its long-term spending plan by $800 billion following reports of issues with Stargate. In March, investors expressed disappointment with SoftBank due to its aggressive bet on Sam Altman's company.