Nvidia is reportedly in discussions to provide a $250 billion (approximately 365 trillion won) financial guarantee to support OpenAI's acquisition of a massive data center.
According to the Wall Street Journal on July 26, Nvidia is negotiating a financial guarantee that would allow OpenAI to lease a 10-gigawatt (GW) data center complex being constructed in southern Ohio.
The data center is being developed by SB Energy, a subsidiary of SoftBank. Including the cost of semiconductors to be installed inside, the total project cost is expected to exceed $500 billion, making it the largest data center project announced to date.
OpenAI has been negotiating the lease for the data center for several weeks to secure a stable supply of semiconductors and power necessary for operating its AI models.
However, as a private company that has yet to turn a profit, OpenAI lacks an investment-grade credit rating, which limits its ability to raise large amounts of capital. If Nvidia steps in with a guarantee, the data center developer could secure financing under more favorable conditions.
The proposed $250 billion guarantee would cover the lease payments for the data center and the debt needed for facility construction. The cost of Nvidia semiconductors to be used in the data center is not included. Specific terms have not yet been finalized, and there is a possibility that negotiations could fall through.
Securing the Ohio data center would mark OpenAI's first direct lease of a data center. Currently, it primarily relies on infrastructure from cloud providers such as Microsoft, Amazon, and Oracle, but this contract would enhance its control over critical computing facilities.
As OpenAI prepares for an initial public offering (IPO), securing large-scale computing resources has become increasingly important for maintaining its rapid growth. The company recently raised its projected spending on computing infrastructure by 25%, from approximately $600 billion to $750 billion by 2030.
In addition to the guarantee, Nvidia is also reportedly discussing support for OpenAI's semiconductor purchases, potentially amounting to $350 billion. Nvidia has already invested $30 billion in OpenAI.
Nvidia CEO Jensen Huang has argued that investments in AI companies like OpenAI and Anthropic not only expand semiconductor demand but can also yield investment returns.
However, concerns have been raised about a circular financial structure where semiconductor companies invest in AI firms, which in turn fund the construction of data centers and the purchase of their semiconductors. The Wall Street Journal noted that if the growth of AI companies slows or investor sentiment wanes, the financial burdens and credit risks for related companies could increase simultaneously.
* This article has been translated by AI.
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