Overview
- Nvidia announced memorandums of understanding with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR to create independent compute‑financing platforms aimed at mobilizing more than $500 billion in third‑party capital.
- Multiple reports from mid‑August say Nvidia trimmed a proposed roughly $250 billion guarantee for OpenAI’s planned 10‑gigawatt Ohio campus to below $120 billion and limited the backstop to the initial roughly 5GW phase.
- The revision followed investor pushback focused on contingent liabilities and off‑balance‑sheet obligations that analysts say have grown into the tens of billions of dollars and could show up in future filings.
- Separate negotiations over financing for Nvidia chips at the site remain active and have been reported as large as about $350 billion, a component that would be structured differently from the construction and lease backstop.
- Next steps to watch include final contract terms and accounting treatment, whether OpenAI signs a binding lease for the full site, and near‑term project milestones such as about 800 MW targeted for 2028 that will test local power and financing arrangements.