TLDR
- Nvidia confirmed it will guarantee less than $120 billion for OpenAI’s Ohio data-center project, down from $250 billion
- Nvidia will invest $1.5 billion in SB Energy, the infrastructure company built by OpenAI and SoftBank to run the site
- Each generation of AI systems at the site could represent $150B to $200B in Nvidia revenue
- OpenAI’s current and planned commitments represent around 12 gigawatts of Nvidia compute, expandable to 16 gigawatts
- Jensen Huang says the total opportunity could reach roughly $600 billion of Nvidia compute through 2030
Nvidia stock was up 0.5% in early Monday trading, building on an 11% gain over the past month, as investors digested news of the company’s financial commitment to OpenAI’s massive Ohio data-center project.
The site, called the PORTS-Pike Technology Campus, is one of the largest AI infrastructure projects announced to date. Nvidia confirmed it will provide a financial guarantee for the project, though the amount has been trimmed.
Originally reported at $250 billion, Nvidia’s guarantee has been reduced to less than $120 billion, according to The Wall Street Journal, which cited people familiar with the matter. The change came after investors raised concerns about Nvidia’s balance-sheet exposure.
CEO Jensen Huang was clear about the limits. “Our support is limited to defined portions of lease and power payments, along with a specified residual-value commitment, not the full cost of the site or all of the tenant’s obligations,” he said.
Alongside the guarantee, Nvidia said it would invest $1.5 billion in SB Energy, the infrastructure company set up by OpenAI and SoftBank Group to build, own, and operate the data center. OpenAI will lease the site for 20 years.
What the Numbers Look Like
Each generation of AI systems deployed at PORTS-Pike could require around 1.5 million Nvidia GPUs. That translates to between $150 billion and $200 billion in revenue per upgrade cycle.
With multiple upgrade cycles possible over the 20-year lease, Huang put the total opportunity in sharper focus. “At these levels, the opportunity represents roughly $600 billion of Nvidia compute through 2030,” he said.
OpenAI’s existing and planned commitments currently sit at around 12 gigawatts of Nvidia compute. That figure could rise to around 16 gigawatts if Nvidia extends the PORTS-Pike arrangement beyond the initial 4.25 gigawatts.
Nvidia’s Broader Investment Strategy
This deal fits into a wider pattern for Nvidia. The company has made 66 private-company investments in 2025 and 2026, according to FactSet. Some investors have questioned whether that capital should instead be returned to shareholders.
More recently, Nvidia said it would partner with Wall Street firms to make $500 billion in capital available for customers. The company has also said it might provide a residual-value support mechanism in such deals, capped at 25% of any individual deal.
Nvidia’s stock has risen 24% over the past 12 months. Its trailing twelve-month P/E ratio stands at 34.56x, well below its five-year median of 57.4x.
Insider activity over the past three months shows net selling, with $410.6 million in Nvidia stock sold and no insider buying recorded during that period.
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