Overview
- Nvidia has reduced a previously discussed roughly $250 billion guarantee for the OpenAI‑linked 10GW Ohio data center to less than $120 billion, with the backstop limited to about the first 5GW of the project, and sources say a scaled agreement could be signed soon.
- This week Nvidia announced nonbinding partnerships with six major financial firms — Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR — to create independent compute‑financing platforms intended to mobilize more than $500 billion of third‑party capital.
- The financing plan is structured to keep debt off Nvidia’s balance sheet by using special purpose vehicles and limited Nvidia residual support, which reports say could be capped at roughly 25% on individual projects and about $125 billion of direct risk in aggregate.
- Investors and analysts applaud the ability to expand buyers beyond hyperscalers but warn of real risks including circular financing, large contingent liabilities, near‑$30 billion off‑balance‑sheet purchase obligations, GPU depreciation and concentrated counterparty exposure.
- Beyond the Ohio lease guarantee, chip‑procurement financing remains a separate large conversation — reports put that need as high as $350 billion — and regulators, lenders and market watchers will be watching Nvidia’s public filings for changes to contingent liabilities and guarantees.