COLUMBUS, Ohio, August 16, 2026, 17:57 EDT
- Nvidia is reportedly discussing an investment of up to $3 billion in SB Energy.
- The preliminary package is linked to a proposed 10-gigawatt OpenAI campus in Ohio.
- No company has confirmed the investment, credit support or final project terms.
Nvidia (NASDAQ:NVDA) is in talks to invest up to $3 billion in SB Energy, a unit of SoftBank Group (TYO:9984), as part of a proposed Ohio data-center project for OpenAI, Reuters reported on August 15. The discussions remain preliminary, and the companies have not announced an agreement.
The talks matter because Nvidia would supply more than computing hardware. It would also provide equity and potentially credit support that helps a customer finance purchases. That model can sustain chip demand, but it also ties Nvidia more closely to project execution.
| Financing element | Amount | Status on August 16 | Purpose |
|---|---|---|---|
| Possible Nvidia investment in SB Energy | Up to $3 billion | Reported talks; unconfirmed | Equity linked to the Ohio project |
| Possible broader Nvidia credit support | About $100 billion | Reported talks; unconfirmed | Project financing support |
| OpenAI and SoftBank investment in SB Energy | $1 billion combined | Confirmed January 9 | SB Energy growth and data-center delivery |
| Ares Management (NYSE:ARES) preferred equity | $800 million | Confirmed January 9 | Additional growth capital |
OpenAI and SoftBank each invested $500 million in SB Energy in January. Ares supplied another $800 million through redeemable preferred equity. OpenAI also signed a 1.2-gigawatt lease for a separate Milam County, Texas, buildout.
The newly reported Nvidia investment would be split in two, according to the report. Half would be paid when an agreement is signed. The balance would be tied to a planned SB Energy initial public offering that reportedly targets at least $5 billion. Those terms have not been confirmed.
| Comparison | Calculated relationship | Basis |
|---|---|---|
| $3 billion versus reported $500 billion campus cost | 0.6% | Preliminary maximum divided by reported full-build cost |
| $3 billion versus reported $100 billion credit support | 3% | Preliminary amounts |
| $3 billion versus reported $5 billion IPO target | 60% | Preliminary maximum and fundraising target |
| $3 billion versus confirmed $1 billion OpenAI-SoftBank investment | 3.0 times | Maximum proposal versus January equity |
The Ohio campus itself remains a proposal. OpenAI has discussed a 20-year lease for a site that could reach 10 gigawatts and cost at least $500 billion, including chips, labor and power. A first phase was expected in 2028 in earlier reporting.
The lease structure would let OpenAI control equipment without owning the campus. SB Energy would develop the site. Nvidia is expected to supply hardware, but no purchase commitment has been disclosed.
| Development | Capacity or value | Commercial status | Timing |
|---|---|---|---|
| Ohio OpenAI campus | Up to 10 GW; at least $500 billion reported cost | Lease and financing talks | First phase reported for 2028 |
| Texas SB Energy buildout | 1.2 GW | OpenAI lease announced | Initial SB Energy facilities expected from 2026 |
| Nvidia-OpenAI systems partnership | At least 10 GW; up to $100 billion intended investment | Letter of intent | First gigawatt targeted for second half of 2026 |
Nvidia and OpenAI announced a separate systems partnership in September 2025. Nvidia said it intended to invest up to $100 billion as OpenAI deployed at least 10 gigawatts of Nvidia systems. Chief Executive Jensen Huang called it “the next leap forward.” Nvidia announcement
SB Energy already has a direct role in OpenAI’s infrastructure pipeline. OpenAI President Greg Brockman said the partnership offered “a fast, reliable way to scale compute.” The Ohio proposal would be much larger than the confirmed Texas lease.
The latest talks also narrow earlier reports of Nvidia guarantees near $250 billion. More recent reporting placed initial credit support below $120 billion, with the new proposal near $100 billion. None of those figures is final.
Risks: The investment, lease, IPO and credit package could change or collapse. Power access, construction costs and OpenAI’s long-term payment capacity remain material uncertainties. Nvidia could also face criticism if financing customers inflates demand for its own chips.
For investors, the crucial figure is not the headline $3 billion. It is Nvidia’s eventual maximum exposure across equity, guarantees and chip financing. Until contracts are signed, the Ohio campus remains a very large plan with provisional capital.
