Healthy steady-state
OpenAI default
NVIDIA value-guarantee waterfall on SB Energy data-center assets
SB Energy
builds · owns · operates
~$500B site
OpenAI
anchor tenant
20-yr lease
NVIDIA backstop · $105B cap
completed-asset value only
no construction · no lease
lowers risk premium
lenders
project debt
risk premium
campus financeable
bankable project
mitigation cascade
re-lease at same price
sell the site
NVIDIA covers shortfall
value shortfall only
NVIDIA balance sheet
modest cash out
direct outlay stays small
contingent guarantee
real exposure here
non-cash returns
AI-compute exclusivity
equity · expansion option
guarantee caps lender loss, keeps the campus bankable