Nvidia Talks $3B Equity in SB Energy — Capitalizing the Utility That Powers OpenAI
The Information reported Nvidia is negotiating up to $3 billion of equity in SoftBank’s SB Energy — the developer of OpenAI’s planned 10-gigawatt Ohio campus — with half at deal signing and half at a planned SB Energy IPO, alongside the ~$100 billion credit wrap already in talks. Talks, not a signed deal.
The Ohio campus is becoming a three-layer stack — OpenAI as tenant, SB Energy as power developer, Nvidia as both chip vendor and would-be equity/credit partner. A $3 billion check into SoftBank’s energy arm plus a nine-figure credit wrap is circular-financing with a new twist: Nvidia helping capitalize the utility that will sell power to the customer that will buy more GPUs.
Nvidia is in talks to invest as much as $3 billion in SB Energy, the SoftBank Group subsidiary developing OpenAI’s planned ~10 GW southern Ohio data-center campus, The Information reported (Reuters same-day wire). The equity is alongside — not instead of — the ~$100 billion first-phase credit guarantee already in talks (filed under Aug 14). Structure discussed: half the $3 billion at signing, half in a planned SB Energy IPO. Talks, not a signed deal. No Nvidia or OpenAI newsroom confirmation.
What is new vs Friday
| Piece | Aug 14 (credit guarantee scale-back) | Aug 15 exclusive |
|---|---|---|
| Instrument | Credit backstop / guarantee on the campus lease | Equity in the power developer |
| Counterparty | OpenAI lease | SB Energy (SoftBank) |
| Scale | Cut from ~$250B (Jul 26) toward <$120B / ~$100B first phase | Up to $3 billion |
| Timing of cash | Guarantee as project phases | 50% at sign / 50% at SB Energy IPO |
This is a distinct financing line: owning a slice of the energy company that will power the 10 GW site, not just wrapping the tenant’s lease. Do not fold it into Friday’s guarantee cut. (Aug 17 later closed equity at $1.5B, not $3B.)
Limits
- People familiar; no 8-K; could still fall through.
- Dollar split is “discussed,” not term-sheet public.
- No lab primary confirmation.
Sources
- Reuters: Nvidia eyes investing $3 billion in SB Energy under OpenAI data center deal, Information says (August 15, 2026)
- The Information: Nvidia in Talks to Invest $3 Billion in SB Energy as Part of OpenAI Data Center Deal (August 15–16, 2026)
- Times of AI:
nvidia-openai-ohio-credit-guarantee(August 14, 2026)