OpenAI is negotiating with Nvidia for a credit backstop of up to $250 billion to support debt financing for a 10-gigawatt data center campus in Pike County, Ohio, according to people familiar with the matter. The guarantee would cover lease and construction costs—excluding Nvidia hardware—bolstering OpenAI’s access to capital for what could be a project exceeding $500 billion. The site, a former uranium-enrichment facility, underscores the scale of power needs as AI leaders race to secure computing capacity. Talks remain fluid, and neither company commented publicly. The discussions follow Nvidia’s partial participation in OpenAI’s record March funding round and come as OpenAI, which confidentially filed for an IPO in June, faces intensifying competition from Anthropic, Google, Amazon and Meta. SoftBank and SB Energy are developing the Ohio campus in partnership with the U.S. Department of Energy.
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