Nvidia considers investing USD $3 billion in SB Energy for OpenAI's mega data center project

Nvidia is in talks to invest up to USD $3 billion in SB Energy, the SoftBank subsidiary developing the mega data center project in Ohio for OpenAI, according to The Information. The operation is part of a credit support plan of up to USD $100 billion and could boost SB Energy's IPO, which aims to raise at least USD $5 billion.

• Nvidia negotiates with SB Energy: the proposed investment is USD $3 billion, divided into two parts, as part of an agreement to provide around USD $100 billion in credit support for the Ohio campus.**
• SB Energy prepares for IPO: the SoftBank subsidiary, also backed by OpenAI, plans an IPO next month that could raise at least USD $5 billion.**
• The Ohio project is adjusted: Nvidia reportedly reduced its initial guarantee from USD $250 billion to less than USD $120 billion, according to previous reports from the Wall Street Journal.**

Nvidia, the graphics processing giant, is in advanced talks to invest up to USD $3 billion in SB Energy, the SoftBank Group subsidiary developing a massive data center project in Ohio for OpenAI, The Information revealed on Saturday, citing people familiar with the negotiations. The proposed investment is part of a broader plan that includes around USD $100 billion in credit support for the planned campus, an amount that reflects the magnitude of the logistical and financial challenge involved in building the necessary infrastructure for artificial intelligence workloads.

The report details that Nvidia has discussed investing half of the USD $3 billion when the initial agreement for the Ohio project is signed, while the other half would be disbursed as part of the initial public offering (IPO) that SB Energy has planned. According to The Information, SB Energy aims to debut on the stock market as soon as next month, with expectations of raising at least USD $5 billion, an operation that could become one of the most significant in the tech sector in 2026.

Reuters could not immediately verify the report, and both Nvidia and SB Energy did not respond to requests for comments outside of regular business hours. The news comes after the Wall Street Journal reported on Friday that Nvidia has revised its support plans for the OpenAI project in Ohio, reducing the initially planned guarantee from USD $250 billion to less than USD $120 billion, according to sources close to the matter.

An investment ecosystem in AI infrastructure

Nvidia's potential entry into SB Energy's capital is not an isolated move but part of a broader strategy by major tech companies to secure the computational capacity needed in the era of generative artificial intelligence. SB Energy, founded in 2019, is dedicated to developing large-scale energy infrastructure and data center projects and is backed by OpenAI, the creator of ChatGPT, positioning it as a key player in the race to build the enormous server campuses demanded by advanced models.

The company is building several data center campuses to meet the growing demand related to AI workloads, a market that has skyrocketed the need for electricity and efficient cooling. The Ohio project, one of the most ambitious to date, aims to host massive computing capacity, and its financing requires a combination of venture capital, credit, and strategic partnerships like the one Nvidia is negotiating.

For Nvidia, this investment would represent a double benefit: on one hand, it secures the demand for its high-performance chips, which are essential for training and inference of AI models; on the other, it diversifies its business portfolio by participating in the infrastructure that supports the use of its own products. The relationship between Nvidia and OpenAI has already been close, with previous agreements for the supply of processors, and this new investment would solidify a long-term strategic bond.

SoftBank's backing, which controls SB Energy through its investment arm, adds a layer of complexity to the negotiation. SoftBank has been one of the largest investors in technology globally, and its participation in AI infrastructure projects reflects the vision of its founder, Masayoshi Son, that artificial intelligence will surpass human capability in the coming decades. The possibility of SB Energy going public with Nvidia's backing could attract retail and institutional investors interested in the AI boom.

The Precedent of Adjustments in Guarantees

The revision of figures regarding credit support has caught the market's attention, as it indicates that projects of this scale face considerable financing challenges. According to the Wall Street Journal, Nvidia had initially considered guaranteeing up to USD $250 billion for the Ohio project, but later reduced that figure to less than USD $120 billion, a drop of more than 50% that suggests a reassessment of risks or market conditions.

This reduction contrasts with the proposed capital investment of USD $3 billion in SB Energy, which seems relatively modest compared to the credit guarantees, but could be a sign of confidence in the company's future. SB Energy's IPO, if realized, would allow the company to raise additional funds to finance its projects, reducing reliance on third-party secured loans.

The broader context shows that major tech companies are willing to mobilize tens of billions of dollars to secure energy and computing supply, a trend also observed in other regions of the world. Investment in data centers has become an attractive business for venture capital firms, sovereign funds, and giants like Microsoft, Amazon, and Google, who compete for supremacy in cloud and AI.

For OpenAI, the agreement with SB Energy and Nvidia is crucial, as the company needs to expand its computing capacity to sustain the growth of its services and remain at the forefront of AI research. The alliance with SoftBank and Nvidia allows it to access top-tier infrastructure without directly bearing the construction costs, which can exceed billions of dollars at each campus.

Market and Investor Implications

The news of Nvidia's potential investment in SB Energy has generated expectations in the stock market, with the ticker NVDA showing volatility during Friday's session. Investors see this move as a signal that Nvidia seeks to secure its dominant position in the AI ecosystem, beyond chip manufacturing, which could diversify its revenue sources and shield it from potential fluctuations in semiconductor demand.

On the other hand, SB Energy's IPO could represent an opportunity for investors looking to gain exposure to the growth of AI infrastructure, a segment that has shown explosive growth in recent years. The company, founded in 2019, already has several projects in development, and its listing on the stock market would attract funds looking to participate in the energy and digital transition.

However, Nvidia's reduction of guarantees raises questions about the financial viability of the Ohio project in its original scale. The total cost of building a data campus of that magnitude could exceed USD $100 billion, and credit support is essential to cover construction and operational expenses. If financing conditions are adjusted, there could be delays or modifications in the project's scope, although no details have been provided in this regard.

Transparency in negotiations will be key for investors to make informed decisions. Both Nvidia and SB Energy will need to officially communicate the terms of any agreement, and the evolution of SB Energy's IPO will be closely monitored by the market. Meanwhile, rumors and reports from close sources will continue to fuel expectations surrounding one of the most ambitious alliances in the tech sector in 2026.

The relationship between cryptocurrencies and AI is also influenced by these movements, as high-performance data centers are equally necessary for cryptocurrency mining and decentralized applications. The convergence of these sectors could create new synergies and investment opportunities in the coming years, especially in the fields of energy and infrastructure.

For now, the news has been reported by unofficial sources, and neither Nvidia nor SB Energy has issued comments. The expectation is that more details will emerge in the coming weeks as negotiations progress and the anticipated IPO date approaches. Analysts recommend caution but acknowledge that Nvidia's move aligns with its strategy of expanding into the infrastructure business, an area that could become a significant source of recurring revenue.