Nvidia is backing one of the largest single financing packages in tech history — up to $105 billion to help OpenAI build a sprawling new data center on the site of a Cold War-era uranium enrichment plant in rural Ohio.

The chip giant announced Monday it will provide financing to secure land, power infrastructure and a building shell for the "PORTS-Pike Technology Campus," which SB Energy, a subsidiary of SoftBank Group, will construct and lease to OpenAI for 20 years, according to UPI. The campus sits on the footprint of the Portsmouth Gaseous Diffusion Plant, a decommissioned uranium enrichment site on land partly leased from the U.S. Department of Energy.

Nvidia's credit will fund the project's first 4.25 gigawatts of computing capacity, with an option to add another 3.75 gigawatts — roughly 8 gigawatts if fully built out, enough to power a mid-sized American city. The facility, slated to begin operating in 2028, will run exclusively on Nvidia's graphics processors, potentially around 1.5 million chips, which the company estimates could generate $150 billion to $200 billion in revenue per hardware generation deployed there through 2030.

THE DEAL IS ONE OF THE LARGEST INFRASTRUCTURE FINANCING PACKAGES EVER STRUCK FOR A SINGLE AI PROJECT.

Circular Money Questions

Nvidia is also putting $1.5 billion directly into SB Energy as part of the arrangement, and SoftBank has committed to building out 10 gigawatts of supporting power generation along with at least $4.2 billion in regional grid upgrades, per Unite.AI's breakdown of the arrangement.

The announcement lands days after Anthropic disclosed more than $11.5 billion in second-quarter revenue — a more than 14-fold jump from a year earlier — which sent AI infrastructure stocks broadly higher on bets that computing demand isn't close to peaking. Nvidia chief executive Jensen Huang has repeatedly rejected criticism that deals like this amount to "circular financing," where chipmakers fund the very customers who then buy their chips, telling investors the arrangement reflects a genuine $600 billion compute opportunity rather than manufactured demand.

Skeptics note Nvidia remains exposed to OpenAI's ability to actually fill and pay for the capacity it's committing to build, at a moment when OpenAI has no public financial filings and relies heavily on continued venture and sovereign-wealth investment. Ohio officials, meanwhile, are counting on the project to bring thousands of construction jobs and a new tax base to a stretch of Appalachian Ohio that lost its primary employer when the original Portsmouth plant wound down decades ago.