This filing signals a massive, long-term demand commitment for NVIDIA's AI infrastructure, which is a strong positive for the stock. However, the $105 billion contingent liability tied to OpenAI's creditworthiness introduces a tail risk. Monitor for any credit deterioration at OpenAI or delays in the 2028 service commencement.
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Executive Summary
NVIDIA entered into residual value guaranties with SB Energy for up to $105 billion to secure land, power, and shell capacity for a massive AI data center campus in Ohio, with OpenAI as the tenant. NVIDIA is also making a $1.5 billion equity investment in SB Energy. This secures long-term AI compute infrastructure demand for NVIDIA's DSX platform, but creates a large contingent liability if OpenAI defaults on its lease payments.
Key Financial Metrics
Key Facts
- NVIDIA's aggregate payment obligation under the residual value guaranties is capped at $105 billion.
- The guaranties cover approximately 4.25 gigawatts of IT load, with an option to secure an additional 3.8 gigawatts.
- NVIDIA will invest $1.5 billion in SB Energy.
- OpenAI will be the tenant and deploy NVIDIA's full-stack DSX AI factory platform at the site.
- The campus is expected to come online in phases beginning in 2028.
- SB Energy and SoftBank will build at least 10 GW of new energy generation and invest at least $4.2 billion in new regional grid infrastructure.
Financial Impact
NVIDIA's contingent liability is capped at $105 billion, with a $1.5 billion immediate equity investment. The deal secures demand for NVIDIA's compute infrastructure, but the $105 billion guarantee represents a material off-balance-sheet obligation.
Risk Factors
- OpenAI's insolvency or failure to make lease payments would trigger NVIDIA's $105 billion guarantee obligation.
- Execution risk on the massive construction and power infrastructure project, with first service not expected until 2028.
- Potential for regulatory or community pushback delaying the project.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001045810-26-000069 |
| Document: sbeoainvidia-portsrelease.htm | 0001045810-26-000069 |
| Document: 0001045810-26-000069-index-headers.html | 0001045810-26-000069 |
| Document: 0001045810-26-000069-index.html | 0001045810-26-000069 |
| Document: 0001045810-26-000069.txt | 0001045810-26-000069 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 10, 2026 21d ago | ANALYST-UPGRADE | — | awaiting T+5 | — | — |
Sep 3, 2026 29d ago | 8-K | $228.45 $218.29 | ▼ −4.45% | ▼ −3.30% | $230.86 (+1.05%) |
Sep 3, 2026 29d ago | 3 | $228.45 $218.29 | ▼ −4.45% | ▼ −3.30% | $230.86 (+1.05%) |
Sep 2, 2026 4w ago | Insider Cluster | $224.41 $218.36 | ▼ −2.70% | ▼ −1.74% | $230.86 (+2.87%) |
Sep 2, 2026 4w ago | Insider Cluster | $224.41 $218.36 | ▼ −2.70% | ▼ −1.74% | $230.86 (+2.87%) |
Aug 31, 2026 4w ago | 144 | $220.78 $225.73 | ▲ +2.24% | ▲ +2.38% | $230.86 (+4.57%) |
Aug 26, 2026 5w ago | Press Release | $227.98 $228.45 | ▲ +0.21% | ▼ −0.06% | $230.86 (+1.26%) |
Aug 26, 2026 5w ago | Press Release | $227.98 $228.45 | ▲ +0.21% | ▼ −0.06% | $230.86 (+1.26%) |
Aug 26, 2026 5w ago | 8-K | $209.66 $224.41 | ▲ +7.04% | ▲ +7.16% | $230.86 (+10.11%) |
Aug 24, 2026 5w ago | Press Release | $208.48 $220.78 | ▲ +5.90% | ▲ +5.43% | $230.86 (+10.73%) |
US Market Status
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