Nvidia has agreed to guarantee upto $105B in lease payments to help OpenAI secure a sprawling data centre in Ohio being developed by SoftBank-backed SB Energy.

SB Energy will own and operate PORTS-Pike, while OpenAI will lease the capacity and Nvidia will supply the AI compute. Nvidia also says OpenAI's existing and planned commitments amount to about 12GW of its compute.

OpenAI’s spending on Nvidia's chips is expected to amount to about US$600 B in compute capacity by 2030.

NVIDIA is backing part of OpenAI's rent and power bill, plus the value of the buildings at the end of the term.

That backing is what lets SB Energy borrow cheaply, because the banks are lending against NVIDIA's credit rather than OpenAI's. NVIDIA's guarantees are capped at $105 billion and trigger if OpenAI defaults or becomes insolvent.

Nvidia says each 4.25GW hardware generation could represent about 1.5M GPUs and $150B to $200B in revenue, with multiple upgrade cycles possible over 20 years.