Nvidia is in reported talks to provide a guarantee covering around $250bn in financing for OpenAI. This support would allow the creator of ChatGPT to secure capital for a major new data centre without holding the investment-grade credit rating that such large loans typically require. The Wall Street Journal described the arrangement on July 26, though neither company has verified the details.

The guarantee would not require Nvidia to provide immediate cash. Instead it represents a commitment to cover payments if OpenAI or the project cannot meet them. This type of vendor backing has already attracted attention as circular financing grows across the AI sector. For a chipmaker that has pursued AI equity investments at a rapid pace unmatched by most competitors, the move offers another method to support demand for its hardware.

The funds relate to a 10-gigawatt campus in southern Ohio. An energy unit of SoftBank is developing the site and OpenAI would lease it, according to the Journal.

The $250bn would address the data-centre lease and associated construction debt. Separate talks involve up to $350bn more to cover chip purchases, which could bring total project costs above $500bn.

The two funding portions are advancing on separate paths. No terms have been disclosed, including any fee Nvidia might receive for the guarantee.

OpenAI lacks an investment-grade rating, which raises the cost of borrowing at this scale and can block access in some markets. Nvidia's commitment to support the debt would reassure lenders. The approach aligns with OpenAI's broader effort to control more of its infrastructure rather than rely on Microsoft, Amazon, or Oracle.

Nvidia in turn would lock in years of assured demand for its chips at the heart of the project, which explains the rationale for backing another company's obligations.

The discussions build on a partnership the companies established last autumn. In September 2025 Nvidia announced plans to invest up to $100bn in OpenAI as part of a collaboration to deploy 10 gigawatts of its systems, a move both parties described then as the largest AI infrastructure effort attempted so far.

If the guarantee under review proceeds, it would exceed that earlier pledge and convert a headline equity investment into a deeper and more complex wager on OpenAI's repayment capacity.

Reaction this weekend was cautious. Investor Michael Burry, known from The Big Short, posted that the arrangement keeps funds moving in a circle, noting Nvidia would guarantee spending that ultimately returns to Nvidia.

His comment cited a $200bn figure, slightly below the Journal's $250bn reference. Technology commentator Ed Zitron described the structure as an extraordinary step on multiple fronts.

Concern stems partly from structure. A guarantee of this magnitude functions like a debt obligation on Nvidia's balance sheet even if OpenAI meets every payment, potentially limiting financial flexibility and prompting questions from credit markets.

Nvidia has offered AI companies compute access now with later payment throughout the cycle, and a backstop of this scale applies the same principle at larger size.

Capital may not be the main limit. Power supply for the Ohio location is managed by government authorities, with allocation directed by US Commerce Secretary Howard Lutnick and part of the supply supported by Japan through a trade agreement. As a result the initial phase is projected to deliver only about 800 megawatts by 2028.

OpenAI's spending plans now extend well past current revenue levels, including the Ohio campus and a separate $30bn data centre in Georgia. Nvidia shares ended Friday 0.92 percent lower at $206.84 and declined further in after-hours trading.

The report could not be independently confirmed, no agreement has been executed, and neither company offered comment. This leaves the largest figure in the current AI expansion resting on a single weekend account.