Nvidia backs $105B residual value guarantee on OpenAI's Ohio data campus
OpenAI has signed a 20-year lease with SoftBank subsidiary SB Energy for the PORTS-Pike campus in Ohio, covering roughly 8 gigawatts of computing capacity. Nvidia is not guaranteeing any rent payments; instead, it is backing the residual resale value of the buildings in the first 4.25-gigawatt phase, up to a $105 billion cap. In exchange, Nvidia secures exclusive chip supplier status for the first half of the campus and will invest $1.5 billion directly into SB Energy. The initial 800 megawatts are not expected to go online until 2028, with construction running through 2032. The guarantee was trimmed from an originally planned $250 billion after Nvidia's stock fell 5% under investor pressure, reflecting market tolerance as much as asset valuation.
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