Deal execution
Slippage & renegotiation
Loop closed:
OpenAI pays the lease directly, demand visibility holds, rerating premium stays intact.
Nvidia credit wrapper: how an OpenAI lease guarantee becomes 2028 revenue visibility, and where slipback restores Nvidia balance-sheet risk
OpenAI
no IG credit rating
stalled plan (early 2026)
credit deficit
Nvidia credit wrapper
$105B lease & power guarantee
backstop cut from $250B
SB Energy · SoftBank
$1.5B Nvidia stake
backstopped financing
central Ohio data center
4.25 GW → opt. 8 GW
$105B backing
20-yr lease
pays from 2028
Vera Rubin → 2028 demand
contingency: renegotiate / fail to pay
revenue visibility holds
2028 · Vera Rubin and later
rerating premium
risk returns to Nvidia
credit exposure returns
valuation discount