OpenAI could advance Ohio data centre project with Nvidia backing

Nvidia is reportedly in talks with OpenAI to guarantee US$250 billion in financing for a data centre project.

As reported by The Wall Street Journal, the project is expected to be one of the largest AI computing hubs and involve power controlled by the US government. According to those familiar with the matter, Commerce Secretary Howard Lutnick is involved in deciding who will get the power.

Nvidia will provide the financing as a “backstop” for OpenAI in a deal that is expected to be one of the most ambitious transactions yet in the US AI boom. The guarantee would also help OpenAI lease a 10GW project that SoftBank’s energy subsidiary is developing in southern Ohio, according to people familiar with the matter.

In total, the project could cost more than $500 billion, making it the largest data centre project announced to date.

Support at this scale from Nvidia could enable the data centre developer, which SoftBank owns, to raise debt at more favourable terms than it could if OpenAI had no financial backer, according to people familiar with the matter. OpenAI has shown the most interest in the site, but Anthropic, Microsoft and Google have also reportedly spoken with Lutnick about it in recent weeks.

The $250 billion would cover the data centre lease and debt needed to fund build-out, but not the Nvidia chips to go inside it. As a result, Nvidia is apparently discussing a deal to finance the chip purchase for OpenAI, which could total $350 billion, sources said. Reported discussions come as AI companies are eager to secure the chips and power needed to fuel data centre innovation.

The first phase of the project is expected to be finished in 2028 with around 800MW of power.

Arrangements like this are a clear example of how the Trump administration is working with the private sector to power up critical industries like data centres. This could be to bypass local opposition in areas where data centres are being constructed across the country – a growing trend in recent weeks.

Also in Ohio, The Wall Street Journal reported that Japan is investing $33 billion in a natural gas power project on federal land to be operated by SB Energy. SB Energy has also received investment from OpenAI and SoftBank.

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