Full ~$250B guarantee
Reworked: <$120B phase-1 backstop
Nvidia guarantee rework: full campus vs phase-1 backstop
Nvidia guarantees customer data-center leases and debt, financing demand for its own accelerators. The toggle compares the planned ~$250B campus-wide guarantee with the reworked <$120B phase-1 backstop, leaving later phases at Nvidia's discretion.
Nvidia
guarantees leases & debt
FCF $119B · cash $72B
OpenAI
tenant on the campus
$852B · unprofitable
SB Energy / SoftBank · Ohio 10 GW
Phase 1 · 5 GW
Phase 2 · 5 GW
NVDA guarantee
$250B
later phases at NVDA's discretion
planned campus-wide guarantee
Lenders & landlords
hold OpenAI's guaranteed lease & debt
Why the cut
investor pushback
OpenAI unprofitable
OpenAI borrowing
cost eased across
both phases
Read
capital discipline
not a demand fade
Capping the guarantee is balance-sheet discipline, not a weaker demand signal
same playbook: $500B+ compute-financing platforms · ~$350B OpenAI chip financing