NVIDIA in talks to guarantee $322 billion financing package for OpenAI data centre infrastructure buildout

Nvidia is in talks to provide roughly US$250 billion in financing guarantees for OpenAI as part of a massive data centre project in southern Ohio, according to the Wall Street Journal, citing people familiar with the matter. The guarantee would help the ChatGPT maker lease a 10 gigawatt project developed by SoftBank's energy subsidiary.

The overall project is expected to cost more than US$500 billion, including the chips inside the data centre. The US$250 billion guarantee specifically covers the data centre lease and debt financing, though Nvidia is also discussing separate financing for OpenAI's chip purchases worth up to US$350 billion. Nvidia's backing would support financing vehicles aimed at reassuring lenders about the project's viability.

For OpenAI, the deal would represent a major step toward controlling its own infrastructure instead of continuing to rent from Microsoft, Amazon and Oracle. For Nvidia, it would guarantee demand for its chips for years to come.

The first phase of the project is expected to be completed in 2028, with approximately 800 megawatts of power. Power allocation is controlled by the US government and separately funded by Japan under a recent trade deal, tied to Tokyo's pledge to invest US$33 billion in a natural gas plant. US Commerce Secretary Howard Lutnick is involved in deciding who gets access to the power.

OpenAI has been in advanced talks for several weeks to lease the site and is among the companies showing the strongest interest. Anthropic, Microsoft and Google have also discussed the project with Lutnick in recent weeks.

The deal underscores a broader shift as tech giants increasingly tap debt and equity markets to fund AI infrastructure, with spending set to top US$700 billion in 2026.

Reuters could not immediately verify the report. Nvidia, OpenAI and the US Commerce Department did not respond to requests for comment.