Nvidia is reportedly discussing providing financial guarantees worth approximately $250 billion (approximately 366.7 trillion won) to support OpenAI's construction of a mega-scale AI data center.

According to the Wall Street Journal (WSJ) on the 26th (local time), the entire project is expected to exceed $500 billion (approximately 733.45 trillion won), making it the largest AI data center project announced to date globally.

The market has assessed that AI competition is evolving beyond semiconductor supply to a stage where companies must secure power and financial procurement capabilities.

▲ $500 Billion Mega Project...Building 10GW AI Cluster in Ohio

This project is being driven by a 10-gigawatt (GW) AI data center complex under development in southern Ohio by SB Energy, the energy subsidiary of Japan's SoftBank.

The total project investment is estimated at over $500 billion, including data center construction and Nvidia GPU purchase costs. Upon completion, it will become the world's largest publicly announced AI data center.

▲ Nvidia Supporting Fundraising Through Financial Guarantees

Nvidia is reportedly considering providing guarantees worth approximately $250 billion to support the financing that OpenAI needs during the process of leasing the facility for the long term.

Since OpenAI is a private company without an investment-grade credit rating, it could face high borrowing costs on its own. With Nvidia's guarantee, financial institutions' confidence would increase, allowing OpenAI to raise large-scale funds at lower interest rates.

However, the contract terms between the two parties have not yet been finalized, and there remains a possibility that negotiations could fall through.

▲ Considering GPU Purchase Financing Support...Total Support Nearing $600 Billion

This financial guarantee covers only data center leasing and construction costs, excluding the cost of Nvidia GPUs to be installed within the facility.

Industry sources report that Nvidia is separately discussing GPU purchase financing support of up to $350 billion with OpenAI.

If all of this is combined, the total amount of funding that Nvidia would support directly and indirectly would reach approximately $600 billion.

▲ AI Infrastructure Competition Expanding from Semiconductors to Finance

This deal is evaluated as an example showing that a new financial structure called 'credit wrapper' is beginning to spread in earnest in the AI industry.

This is a method where large technology companies with high creditworthiness leverage their financial soundness to support fundraising for AI startups and growth companies. As the costs of building AI infrastructure skyrocket, analysis suggests that financial competitiveness has emerged as a key factor beyond simple technological competition.

In fact, Google has reportedly provided financial support to some of Anthropic's data center projects to expand sales of its own AI chips (TPU).

▲ U.S. Government Also Participating...Directly Supporting Power Supply

The U.S. government is deeply involved in this project.

The power to be supplied to the data center is managed by the U.S. federal government, and under a recent trade agreement with Japan, Japan has agreed to bear the investment costs for power generation facilities separately.

U.S. Commerce Secretary Howard Lutnick is known to be directly participating in power distribution and project implementation.

Furthermore, Japan has agreed to build a $33 billion natural gas power plant on Ohio federal land as part of its investment commitment to the United States linked to tariff reductions, with the facility to be operated by SB Energy.

▲ Utilizing Federal Land...Minimizing Permitting Risks

The data center is expected to be built on the site of a former uranium enrichment facility located approximately 80 km south of Columbus.

The government expects that by utilizing federally owned land, it can minimize permitting delays and local resident opposition that have been recurring across the United States.

The project will proceed in phases over a long period, with the first phase targeting completion by 2028 at approximately 800 megawatt (MW) scale.

▲ OpenAI Ramping Up Securing Its Own AI Infrastructure

This data center is expected to become the first dedicated AI infrastructure that OpenAI will operate as a lessee.

Until now, OpenAI has relied on data centers from cloud service providers like Microsoft, Amazon, and Oracle, but this project will strengthen its control over AI infrastructure.

OpenAI recently raised its AI computing infrastructure investment plan through 2030 from approximately $600 billion to approximately $750 billion.

▲ AI Hegemony Competition: Power and Funding Crucial to Success

As the AI industry enters a mega-model competition phase, companies face a new competitive environment where they must secure not only semiconductors but also power and funding simultaneously.

OpenAI and Anthropic are preparing for initial public offerings (IPO) based on their extremely high valuations, and the burden of demonstrating sustained growth is increasing.

Nvidia, with a market capitalization of approximately $5 trillion, is also strengthening its strategy of directly supporting infrastructure investments by its customers to secure long-term AI chip demand. However, the company has indicated in its recent annual report that such large-scale financial support could become a factor in near-term cash flow deterioration and increased customer credit risk.

Nvidia [Reuters/Yonhapnews]