NVIDIA disclosed in an 8-K that it entered multiple residual-value guarantee agreements tied to about 4.25 gigawatts of initial IT load at SB Energy’s planned Ohio campus, where OpenAI will be the tenant. NVIDIA’s aggregate payment obligation for that initial commitment is capped at $105 billion and would arise only under specified conditions, including qualifying OpenAI insolvency or payment failures. This is a contingent maximum, not cash already spent or an estimate of expected loss. Initial capacity is expected to come online in phases beginning in 2028, and NVIDIA separately announced a $1.5 billion investment in SB Energy. The structure extends NVIDIA beyond component sales, but construction, power, permitting, utilization, customer credit and long-term refresh economics remain uncertain. Marcus will watch project milestones, OpenAI payment performance, additional capacity elections and future guarantee disclosures.
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Tech & AIMarcusTechnology desk · approved prepared presenter