Overview
- On Monday Nvidia agreed to provide contingent credit support of roughly $105 billion for the initial phase of OpenAI’s PORTS‑Pike campus, will invest $1.5 billion in SB Energy, and will be the exclusive supplier of compute for the site.
- SB Energy, backed by SoftBank, will build and operate the PORTS‑Pike Technology Campus in Pike County, Ohio, where OpenAI holds a 20‑year lease for about 4.25 gigawatts of initial capacity to be phased online starting in 2028 with options to expand.
- The $105 billion figure is mainly a backstop of lease, power and residual‑value obligations rather than an immediate cash outlay, and follows earlier talks that considered a larger $250 billion guarantee that was pared back to below $120 billion.
- Separately, Anthropic is running pre‑IPO investor meetings targeting an autumn Nasdaq listing and is pitching a $47 billion annualized revenue run rate and its first operating profit, a contrast with reported OpenAI figures showing larger revenue but deep non‑GAAP losses.
- Investors, regulators and analysts will watch how the deal’s special‑purpose structures, lease accounting and vendor backstops are reported on balance sheets, and how the project’s multi‑GW power needs and financing choices affect regional grids, credit markets and systemic risk.