What Nvidia’s 2026 $105B guarantee is: OpenAI Ohio PORTS-Pike campus

Nvidia wrote credit support for an OpenAI Ohio campus as residual-value guaranties capped at $105 billion — not cash wired on signing day. The file below stays with the 8-K and the press note.

On 17 August 2026 Nvidia put a figure that looks like “$105 billion” on credit support for an Ohio data-center campus. The tenant is an OpenAI affiliate; the owner is SoftBank-owned SB Energy. The filing does not describe cash wired that day.

The 8-K calls the instruments residual value guaranties. The initial commitment’s aggregate payment obligation is capped at $105 billion, and only after the matching lease starts and premises meet ready-for-service conditions — expected beginning in 2028. What follows is the checkable file.

What the $105 billion guarantee is

The investor release said Nvidia, with SB Energy, secured land, power and shell at PORTS-Pike in Pike County to host Nvidia compute; OpenAI is the customer; SB Energy builds, owns and operates on a 20-year lease. Nvidia is the exclusive AI compute infrastructure provider. Initial deployment is designed for 4.25 IT-GW, with an option on the rest. The release calls OpenAI the customer for 8 IT-GW. The 8-K describes an optional further about 3.8 GW; the release says remaining 3.75 IT-GW. Do not collapse those into one official decimal.

How the filing says the guarantee attaches

1. 1

   A lease starts before a guaranty bites

   The 8-K: several agreements cover about 4.25 GW of IT load in aggregate; an agreement generally becomes effective when the matching lease commences. Nvidia may, in its sole discretion, add credit support for about another 3.8 GW.

2. 2

   In-service conditions and timing

   Payment duties require specified conditions, including ready-for-service. Expected beginning in 2028. The blog says guarantees attach as sites enter service between 2028 and 2030. Reuters and later reports put the first 800 MW in 2028.

3. 3

   Re-let or sell before Nvidia pays a shortfall

   The Next Web, reading the filing: payment is triggered if OpenAI defaults on rent or becomes insolvent; the owner must try to re-let at the same price, then try to sell; Nvidia covers the gap between the guaranteed minimum lease value and recoveries, still under the $105 billion cap.

Reuters raised circular-funding questions between the chipmaker and its customer. Huang said the new deal was not circular financing and that Nvidia was using “its scale and long-term visibility” to help. That is a principal’s wording, not an independent audit.

# Public file (press, 8-K, Reuters)
2026-08-17  NVIDIA + SB Energy: PORTS-Pike, Pike County, Ohio
            Tenant: OpenAI affiliate; 20-year lease
            RVG cap: $105B on initial ~4.25 IT-GW
            Equity: NVIDIA invests $1.5B in SB Energy
2028        First capacity expected (Reuters: 800 MW)
2028-2030   Guarantees attach as sites enter service (NVIDIA blog)

Boundaries

A guaranty is not Nvidia paying all of OpenAI’s rent

The blog limits support to defined lease and power slices plus residual value. OpenAI pays rent; Nvidia covers a shortfall after default and failed recovery, with a cap.

Nothing at the campus is running yet

First capacity is expected in 2028. The Next Web noted that beyond the first slice, new plants, transmission, permits and financing are still required. OpenAI starts paying as completed capacity is leasable; the guaranty attaches when leases commence.

8 IT-GW is a press target, not energized megawatts

The release calls OpenAI the customer for 8 IT-GW and pairs an option with remaining 3.75 IT-GW. The 8-K puts the optional increment at about 3.8 GW, at Nvidia’s discretion. Do not write the target as delivered.

Questions worth checking