Nvidia to finance $105B OpenAI data center in Ohio

OpenAI's newest data center just landed a very big financial guarantee. Nvidia agreed Monday to back the project with up to $105 billion, a securities filing shows. The Ohio campus needs 8 gigawatts of power. That's enough electricity for millions of homes. It's set to start running in 2028. OpenAI will lease the site, and Nvidia will supply the chips filling it too.

That overlap is the real story. Nvidia is now both banker and supplier for its biggest customer. Nvidia's money fills OpenAI's data centers. OpenAI's spending buys Nvidia's chips. Each company's fortunes now lean on the other's continued spending. Critics call these loops circular financing — money moving in a circle instead of coming from somewhere new. This same project's price tag has already shifted twice in a month, from $120 billion to $105 billion. That shows how fluid these mega-deals still are.

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Will investors start treating these financing loops as a real risk instead of a rounding error? Wall Street has mostly shrugged off warnings about circular AI deals so far. Every new mega-project adds more weight to the same small set of companies funding each other. This one alone could run past $500 billion before it's done.