Nvidia Halves OpenAI Data Center Guarantee as Strategic Equity Disclosures Surface

Nvidia has revised the proposed terms for its financial backing of OpenAI's planned 10-gigawatt data center facility in Ohio, offering to backstop only half of the project initially, according to reporting by The Next Web based on disclosures detailed by The Wall Street Journal and Reuters. The adjustment reduces Nvidia's immediate direct liability on the massive compute initiative while leaving a decision on guaranteeing the remaining capacity for a later date.

The Ohio facility, which is being developed by SoftBank subsidiary SB Energy, represents the largest single data center project announced globally. The initial phase of approximately 800 megawatts is scheduled for completion in 2028, with total project expenses projected to exceed $500 billion once processor purchases are included. Because OpenAI lacks an investment-grade credit rating, project lenders have sought to price debt against Nvidia's corporate balance sheet instead. Morgan Stanley is acting as financial adviser to Nvidia, while Goldman Sachs is advising SB Energy.

The restructuring of the guarantee follows market reaction to earlier proposals. Reports in late July detailed a potential $250 billion financial backstop between the two companies, after which Nvidia shares dropped 5%. Beyond the direct backstop, Nvidia is helping arrange a separate $350 billion financing framework across the full lifecycle of the site to fund OpenAI's chip purchases. The revised commitment marks the second time the partners have adjusted their infrastructure plans, following a September agreement for a 10-gigawatt commitment and up to $100 billion in direct investment that subsequently stalled.

Concurrently, regulatory filings for the quarter ended June 30 revealed the extent of Nvidia's corporate equity portfolio. Nvidia reported owning 214.8 million shares of Intel worth approximately $30 billion at the end of June, stemming from an initial $5 billion position taken less than a year prior. That position was valued at roughly $9.5 billion in the previous quarter, benefiting from a surge in Intel's share price driven by progress in its semiconductor foundry division.

The filings also disclosed a major stake in SpaceX, with Nvidia holding 122.8 million Class A shares valued at approximately $21 billion as of June 30, making it the company's second-largest disclosed public equity asset. The holding reflects SpaceX's February acquisition of xAI at a $1.25 trillion valuation. Media reports differ on the entry path, with CNBC citing a $10 billion investment in xAI's $20 billion January round, while Bloomberg reported up to $2 billion committed during 2025 via a specialized vehicle designed for chip procurement. Nvidia ranks as the sixth-largest investor in SpaceX, behind figures including Elon Musk and Alphabet.

Nvidia's portfolio includes smaller holdings in Coherent, Generate Biomedicines, Nebius, Nokia, and Synopsys. However, market fluctuations since the end of June have erased roughly $12 billion in total paper value across Nvidia's top two positions, as SpaceX shares dropped from $170.86 to $140—reducing the stake's value to $17.2 billion—and Intel's valuation retreated to roughly $22 billion.

The investment portfolio aligns with a broader strategy of funding major customers and partners across the artificial intelligence ecosystem. Nvidia deployed more than $40 billion toward equity purchases during the first four months of 2026, targeting enterprises that utilize its hardware. In tandem, six major financial institutions signed agreements this month to establish compute financing platforms targeting over $500 billion in third-party capital to fund infrastructure powered by Nvidia silicon.