PORTS-Pike Deal Adds Planned $1.5B Investment and Conditional $105B Nvidia Backstop
Nvidia announced a $1.5 billion SB Energy investment and residual-value guarantees capped at $105 billion for an initial 4.25 IT-GW at Ohio’s PORTS-Pike campus. OpenAI signed for about 8 IT-GW under 20-year leases; construction, financing and infrastructure conditions remain.
The signed PORTS-Pike agreements combine a planned Nvidia investment with a conditional credit backstop for infrastructure that will host its computing systems. The guarantee is potential exposure, not money already paid.
Nvidia and OpenAI published matching primaries on PORTS-Pike in Pike County, Ohio. SB Energy (SoftBank) will build, own, and operate the campus under a 20-year lease to OpenAI. Nvidia is the exclusive AI-compute provider, invests $1.5 billion in SB Energy, and provides credit support on land/power/shell for an initial 4.25 IT-GW, with an option on the remaining 3.75 IT-GW (~8 IT-GW OpenAI customer capacity). Nvidia’s Form 8-K caps its initial aggregate payment obligation at $105 billion, subject to specified conditions. First 800 MW targeted 2028.
Deal sheet#
| Piece | Signed Aug 17 (Nvidia announcement, OpenAI announcement and Form 8-K) |
|---|---|
| Site | PORTS-Pike (former Portsmouth Gaseous Diffusion Plant + private land); DOE and Commerce involved |
| Tenant | OpenAI, 20-year lease; pays as capacity comes online |
| Landlord / developer | SB Energy; ≥10 GW new generation; $4.2B AEP Ohio grid spend (ratepayer-protection framing) |
| Chips | Nvidia DSX full stack; exclusive Nvidia compute |
| IT capacity | 4.25 IT-GW first; option +3.75; OpenAI contracting ~8 IT-GW |
| Nvidia equity | $1.5B into SB Energy (joining SoftBank + OpenAI) |
| Credit wrap | Nvidia 8-K: $105B initial aggregate cap on conditional residual-value guarantees |
| Jobs / community | 35,000 construction through 2032; 2,500 operating; $80M community fund ($40M SB Energy + $40M OpenAI) |
| Ohio Codex credits | OpenAI: $84M Codex credits for ~844,000 eligible Ohio college students ($100 each, 2026–27) |
Nvidia’s Form 8-K says the guarantees generally become effective when the relevant lease begins. They require ready-for-service conditions, expected from 2028, and are triggered by specified OpenAI payment defaults or insolvency. Nvidia would generally cover the shortfall between a guaranteed minimum lease value and recoveries from replacement leasing or a sale. OpenAI agreed to reimburse and indemnify Nvidia for amounts actually paid.
Limits#
- The initial $105 billion cap is not the project’s full cost or an unconditional payment.
- Nvidia’s release states a 3.75 IT-GW expansion option; the filing rounds that to approximately 3.8 GW.
- Capacity, jobs and community benefits remain planned. OpenAI says development depends on infrastructure, permits, environmental reviews and financing.
Correction (October 14, 2026): Added the direct SEC filing and its guarantee conditions; removed unverified negotiation and revenue estimates. Announcement of the investment is not evidence that its cash payment had already closed.