# PORTS-Pike Deal Adds Planned $1.5B Investment and Conditional $105B Nvidia Backstop

Times of AI Desk · 2026-08-17 · Work

[https://timesof.ai/2026/08/nvidia-openai-ports-pike-ohio-deal](https://timesof.ai/2026/08/nvidia-openai-ports-pike-ohio-deal)

> 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.

## Sources

- [Nvidia: PORTS-Pike announcement](https://nvidianews.nvidia.com/news/nvidia-guarantees-sb-energy-s-ports-pike-technology-campus-in-ohio-to-exclusively-host-nvidia-ai-compute)
- [OpenAI: PORTS-Pike project](https://openai.com/index/openai-joins-ports-pike-project/)
- [Nvidia Form 8-K, August 17, 2026](https://www.sec.gov/Archives/edgar/data/1045810/000104581026000069/nvda-20260817.htm)