🇺🇸NVIDIA signed residual-value guaranties covering 4.25 IT gigawatts, capped at $105 billion, with ready-for-service conditions expected from 2028.

NVIDIA entered into multiple residual-value guaranties with SB Energy relating to leases covering approximately 4.25 gigawatts of aggregate information-technology load at the PORTS-Pike Technology Campus in Pike County, Ohio. Each guaranty generally becomes effective when the applicable lease commences, and NVIDIA’s cumulative payment obligation for the initial commitment is capped at $105 billion.

The payment obligations are conditional, including a requirement that SB Energy satisfy the applicable ready-for-service conditions for the leased premises. Those conditions are expected to begin being met in 2028, so the $105 billion figure is a maximum contingent exposure rather than an upfront investment or currently payable amount.

OpenAI is the tenant under the leases. If OpenAI becomes insolvent and defaults, or fails to make lease payments, NVIDIA generally would cover the shortfall between a lease’s guaranteed minimum value and proceeds recovered through a replacement lease or sale; NVIDIA may also elect to assume the applicable lease.

NVIDIA can, at its sole discretion, provide credit support for approximately another 3.8 IT gigawatts at the campus. Separately, NVIDIA announced a current $1.5 billion investment in SB Energy, while the campus press release described an option covering the remaining 3.75 IT gigawatts.