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Nvidia scales back OpenAI data center guarantee to $120 billion

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Nvidia has revised its plans to support a proposed OpenAI data center project in Ohio, according to a Wall Street Journal report relayed by Reuters on August 14, 2026, citing people familiar with the matter. The chipmaker is now expected to initially guarantee less than $120 billion, down from the $250 billion previously discussed. Nvidia and OpenAI are said to be nearing an agreement under which the chipmaker would provide a financial backstop only for the project's first phase, rather than the full build. A deal could be signed as early as this weekend, according to the report. The Journal said the change followed concerns raised by investors about Nvidia's risk exposure tied to large financing commitments. The reduction comes after Nvidia partnered on Monday with six unnamed major financial institutions to launch compute financing platforms aimed at raising over $500 billion in third-party capital for AI infrastructure. Separately from the revised guarantee, OpenAI is still discussing a binding lease for the full project, which is planned at 10 gigawatts and would be the largest data center project announced to date if completed. The site is being developed by SB Energy, a subsidiary of SoftBank. Nvidia did not respond to a request for comment made outside regular business hours, and OpenAI declined to comment. The article notes the project would help OpenAI move toward owning AI infrastructure, but that the company's ability to fund large-scale commitments remains under scrutiny because it is unprofitable despite a valuation of $852 billion.

Key facts

  • Nvidia's planned guarantee for OpenAI's Ohio data center project has been cut to less than $120 billion, down from the $250 billion previously discussed, per WSJ.
  • The reduced guarantee would cover only the project's first phase; a deal could reportedly be signed as early as this weekend.
  • The change followed investor concerns about Nvidia's risk exposure from large financing commitments.
  • Nvidia partnered with six major financial institutions on Monday to launch compute financing platforms targeting over $500 billion in third-party capital for AI infrastructure.
  • OpenAI is still negotiating a binding lease for the full 10-gigawatt Ohio site, developed by SB Energy, a SoftBank subsidiary; the article notes OpenAI is unprofitable despite an $852 billion valuation.

Why it matters

The cut from $250 billion to under $120 billion shows Nvidia pulling back from open-ended financial exposure to the AI buildout it is also selling chips into. Guaranteeing only the first phase of a 10-gigawatt project, rather than the whole thing, signals that even Nvidia wants to cap its downside on the financing side of AI infrastructure deals, even as it keeps expanding on the supply side through the new six-institution compute financing platforms.

Who it affects

Nvidia and OpenAI are the direct parties to the revised guarantee. SB Energy and its parent SoftBank, as developer of the Ohio site, are affected by how much of the project actually gets financed. The six financial institutions Nvidia partnered with for the $500 billion compute financing platforms are exposed to the broader AI infrastructure financing push, though the article does not name them.

How to use it

For anyone tracking Nvidia's or OpenAI's financial commitments, the reported figures ($120 billion versus the earlier $250 billion, and the $500 billion compute financing target) are the concrete numbers to watch for confirmation once a deal is signed, expected as early as this weekend according to the report. The full 10-gigawatt lease remains unsigned and separate from this guarantee.

How solid is it

The story rests entirely on the Wall Street Journal's reporting, citing unnamed people familiar with the matter, as relayed by Reuters. Neither Nvidia nor OpenAI has confirmed it: Nvidia did not respond to a request for comment made outside business hours, and OpenAI declined to comment.

Risks and caveats

The report describes a deal that is 'nearing' completion, not signed; terms could still change before this weekend's expected signing. No cost or timeline is given for what counts as the project's 'first phase.' The six financial institutions are not named. The article separately flags that OpenAI's capacity to fund large-scale commitments is under scrutiny because it remains unprofitable despite an $852 billion valuation.