NVIDIA takes contingent exposure on a 4.25-gigawatt AI campus
NVIDIA disclosed a multi-year SB Energy partnership to develop the Portsmouth Site in Ohio, where an OpenAI affiliate is expected to be the tenant.
01 / What happened
NVIDIA has secured land, power and shell capacity for about 4.25 gigawatts of IT load. Its residual-value guaranties cap initial cumulative payment obligations at $105 billion, with obligations generally becoming effective when the relevant lease starts and readiness conditions are met.
This is contingent infrastructure exposure, not an immediate $105 billion outlay or recognized revenue. The filing says OpenAI agreed to reimburse and indemnify NVIDIA for amounts actually paid to the lessor.
02 / Confirmed facts
- Confirmed facts are listed in the analysis evidence above.
03 / Why it matters
The campus scale and contingent guarantee are material for understanding NVIDIA’s infrastructure and counterparty exposure.
04 / What remains unknown
- Committed amount drawn or payable under each lease is unknown.
- Lease commencement and ready-for-service timing are expected to begin in 2028 but are not fixed.
- No revenue recognition or expected return is quantified.