Nvidia Cuts the Ohio Guarantee Toward $100B — Still Circular, Just Smaller
WSJ reported Nvidia is now expected to initially guarantee less than $120 billion — down from the $250 billion discussed in July — for OpenAI’s proposed 10-gigawatt Ohio data-center lease, with the two sides nearing a first-phase backstop. The Information later put the figure at about $100 billion. Talks, not a signed deal.
A quarter-trillion Nvidia wrap around one OpenAI campus was the circular-financing chart that rattled public-market investors. Cutting it to a ~$100–120 billion first phase is still enormous — and still Nvidia helping its largest customer finance the building that will buy more Nvidia.
Nvidia has revised the financial backstop it is negotiating for OpenAI’s proposed ~10 GW data-center project in southern Ohio (Pike County in follow-on notes). The Wall Street Journal, via Reuters, said Nvidia is now expected to initially guarantee less than $120 billion, down from the ~$250 billion discussed in a July 26 WSJ exclusive, and that the companies are nearing an agreement covering only the first phase. The Information on August 16 described Nvidia as close to guaranteeing about $100 billion in credit for the same campus. No lab primary and no signed deal. Project cost including chips has been sketched above $500 billion.
What changed vs July
| Date | Source | Claim |
|---|---|---|
| Jul 26 | WSJ exclusive | Nvidia in talks to guarantee ~$250 billion so OpenAI can lease a 10 GW Ohio campus; total project >$500 billion including chips |
| Aug 14 | WSJ via Reuters | Guarantee cut to <$120 billion initially; first phase only; sides nearing a deal |
| Aug 16 | The Information | Close to ~$100 billion credit guarantee for the same Ohio site |
This file is the August 14 scale-back / near-deal update — not a dual-date of the July talks, and not a second story for the Aug 16 TI number. Distinct from Nvidia’s Aug 10 $500 billion compute-financing MOUs. (Aug 17 later closed at up to $105B with $1.5B equity.)
Limits
- Talks, not a close; dollar figures from people familiar, not 8-Ks.
- Chips vs lease backstop were already separated in July coverage.
- No lab primary confirmation on Aug 14.
Sources
- Reuters: Nvidia scales back funding guarantee for Ohio OpenAI data center, WSJ reports (August 14, 2026)
- WSJ: Nvidia in Talks With OpenAI to Guarantee $250 Billion Financing (July 26, 2026; updated in Aug 14 follow)
- The Information: Nvidia Close to Deal to Guarantee About $100 Billion in Credit for OpenAI (August 16, 2026)