Big AI Campus: Nvidia and OpenAI's Ohio Project

Nvidia is negotiating a roughly $250 billion financial guarantee to underpin OpenAI’s plan to lease a proposed 10‑gigawatt data center campus in southern Ohio, a project tied to the Stargate infrastructure initiative that SoftBank has helped organize. The arrangement, which would pair a major chipmaker’s balance sheet with a large real‑estate and power buildout, would make it easier for the developer to secure debt and lease financing while exposing both parties to shared credit risk.

Such a compact between hardware supplier and AI operator has prompted debate about close commercial ties in the industry; nevertheless, the sheer scale of a multi‑phase campus that could exceed $500 billion when chips and equipment are counted explains why firms seek strong financial backstops. Work on initial phases may begin in 2028, and the full buildout would be staged over many years as power, land and supply chains are secured.

If a guarantee is finalized, lenders would likely view the project more favorably and pricing could improve, although final terms and regulatory reviews may affect the outcome. OpenAI has expanded its Stargate plans across multiple U.S. sites, and the Ohio project would form part of that broader infrastructure push. Until agreements are signed, however, the talks and reported figures should be treated as proposals rather than completed contracts.

The involvement of a leading GPU supplier may also shape where chips are sourced and how capacity is allocated, since chip supply and pricing are major components of the total cost. Industry observers will watch contractual details for clauses about GPU purchases, lease guarantees, and timelines, because those provisions can determine how quickly the campus becomes operational and how financial risk is shared.