# Nvidia Talks $3B Equity in SB Energy — Capitalizing the Utility That Powers OpenAI

Times of AI Desk · 2026-08-15 · Work

[https://timesof.ai/2026/08/nvidia-sb-energy-3-billion-talks](https://timesof.ai/2026/08/nvidia-sb-energy-3-billion-talks)

> 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)](https://www.investing.com/news/stock-market-news/nvidia-in-talks-to-invest-3-billion-in-sb-energy-as-part-of-openai-data-center-deal-the-information-reports-4861844)
- [The Information: Nvidia in Talks to Invest $3 Billion in SB Energy as Part of OpenAI Data Center Deal (August 15–16, 2026)](https://www.theinformation.com/articles/nvidia-talks-invest-3-billion-sb-energy-part-openai-data-center-deal)
- Times of AI: `nvidia-openai-ohio-credit-guarantee` (August 14, 2026)