--- title: "NVIDIA guarantees $105 billion for OpenAI’s lease in Pike County, and the tenant stays unnamed" description: "NVIDIA’s Form 8-K of 17 August 2026: a guarantee of up to $105 billion for SB Energy’s Ohio campus. The tenant, an OpenAI affiliate, is never named in the filed text." url: https://csidia.com/en/notes/nvidia-sb-energy-openai-garanzia-105-miliardi/ lang: en date: 2026-08-24 label: "Observatory" publisher: CSIDIA S.r.l. (https://csidia.com/) italiano: https://csidia.com/note-operative/nvidia-sb-energy-openai-garanzia-105-miliardi/ --- # NVIDIA guarantees $105 billion for OpenAI’s lease in Pike County, and the tenant stays unnamed On 17 August 2026 NVIDIA filed a Form 8-K with the SEC under **Item 1.01** — entry into a material definitive agreement — to guarantee the lease on a 4.25-gigawatt campus in Ohio. NVIDIA is not paying the rent: it is guaranteeing that, if the tenant does not pay, the landlord still recovers the agreed value, up to a cap of **$105 billion**. In that same filing the tenant has no name: it is defined only as “an affiliate of OpenAI Group PBC”, unidentified. The press release issued the same day never mentions the $105 billion figure at all. That is the distinction that matters for anyone who has to enter this kind of relationship into their own register of critical dependencies: not the supplier that makes the headline, but the legal person who actually answers for it, and which document that person can actually be traced in. ## What is filed The text of Item 1.01 (accession number 0001045810-26-000069, CIK 0001045810) defines **SB Energy Corp.** — the campus’s owner and developer — “collectively with its affiliates”: the broadest definition available. For the counterparty, the same page uses the opposite, narrower move — not “all affiliates”, but a single one, unnamed. One side of the page is widened; the other is anonymised. The numbers fixed in the filing: “Residual Value Guaranties” covering leases for approximately 4.25 GW of IT load, with an option — “exercisable in its sole discretion” — over a further approximately 3.8 GW. NVIDIA’s cumulative payment obligation is capped at $105 billion for its initial commitment, and it is only due once the landlord has satisfied applicable ready-for-service conditions, expected to begin in 2028, and only if a “Trigger Event” occurs: OpenAI’s insolvency resulting in a lease default, or a failure to pay. At that point NVIDIA can assume the lease, force a re-letting, initiate a sale, let the lease terminate, or defer the choice for up to a year while covering the project’s costs in the meantime. NVIDIA’s obligations end at the 20th anniversary of the lease, or earlier if OpenAI terminates under its own terms, or if OpenAI achieves “a satisfactory credit rating” — no numerical threshold is given. OpenAI, that same unnamed affiliate, has agreed to reimburse and indemnify NVIDIA for anything it pays out. The full text of the agreements is not yet public: it will be filed as an exhibit to NVIDIA’s 10-Q for the quarter ended 26 July 2026. What we can read today is the company’s own summary of it, not the contract itself. ## The first Item 1.01 in four years We checked NVIDIA’s 8-K history on data.sec.gov: over the past four years, more than sixty filings, always the same recurring headings — quarterly results (2.02), executive moves (5.02), annual-meeting outcomes (5.07), charter amendments (5.03), “other events” (8.01). Item 1.01 never appears — not even for multi-billion-dollar infrastructure deals with other customers, such as [the Core Scientific–AMD agreement](https://csidia.com/en/notes/core-scientific-amd-potenziale-e-fatturato), themselves filed under lighter headings. For this deal, and only this one, NVIDIA’s counsel chose the category carrying the heaviest disclosure duty — a judgement the company makes about itself, checkable line by line. ## What the press release says, and the filing does not The press release — attached as Exhibit 99.1 under **Item 7.01**, and therefore explicitly “furnished” rather than “filed”, outside Section 18 liability and not incorporated by reference into any other filing — adds what Item 1.01 leaves out. Here, and only here, the release calls NVIDIA the “exclusive” compute provider at the campus. Here appears NVIDIA’s equity stake: $1.5 billion in SB Energy, “joining existing investors SoftBank Group and OpenAI” — meaning OpenAI is already, on the companies’ own telling, an investor in its own landlord, before it has even signed the lease. Here appear the $4.2 billion that SB Energy and SoftBank will put into regional grid infrastructure with utility AEP Ohio — a commitment that, in the [energy sector](https://csidia.com/en/sectors/energy), measures how much AI capacity now depends on the grid as much as on the chips — and the $80 million community benefits fund: $40 million from SB Energy’s original plan, plus $40 million added by OpenAI. Advisers: Goldman Sachs and JPMorgan for SB Energy, Morgan Stanley for NVIDIA. The site is the former Portsmouth uranium enrichment plant, being redeveloped with the US Department of Energy and the US Department of Commerce. What the release never does, on any of its pages, is name the $105 billion: the number that actually creates a balance-sheet obligation stays confined to the document that carries legal weight, kept out of the one written to be read. ## The tenant with no name OpenAI files nothing with the SEC: it is not listed, and carries no disclosure duties of its own. This 8-K — filed by a counterparty, under that counterparty’s own disclosure duty — is today the only public document that describes one of its obligations in any detail, at $105 billion, and it is a text OpenAI neither wrote nor signs in its own name. NVIDIA’s right to be reimbursed, should the tenant become insolvent, runs against “an affiliate” whose legal name, balance sheet and capitalisation we do not know: if that affiliate is a thinly capitalised vehicle, the indemnity stays true on paper and empty in substance, and nobody outside the deal can say today which of the two it is. It is the same gap already described for [the customer neither Volta nor Bitdeer will name](https://csidia.com/en/notes/volta-bitdeer-tydal-numero-depositato) at Tydal, for [AI contracts whose full text stays sealed](https://csidia.com/en/notes/contratti-ai-termini-riservati-limiti-verificabili) even when a Senate committee asks for it, and for the way a [concentrated customer base is actually counted](https://csidia.com/en/notes/palantir-10q-clienti-concentrazione-governo-usa) in a quarterly filing: the missing line is never the brand name. It is the legal person who signs, and what that person genuinely owns. ## What we do not know **Filed**: the guarantee, the $105 billion cap, the 3.8 GW option, the 20-year term, the events that end the obligation. **Stated, not filed**: NVIDIA’s exclusivity on the site, the $1.5 billion investment in SB Energy, the $80 million community fund, the $4.2 billion grid investment, the advisers. **Said in neither document**: the actual rent — a guarantee’s cap is not the value of the lease it backs; the equity percentage NVIDIA will hold in SB Energy; the size of the stakes SoftBank and OpenAI already hold; any shareholder agreements among the three; the detail of the ready-for-service conditions that suspend payment until 2028, on a site the release itself describes as split between private and federal land. Jobs described as “tens of thousands”, investment described as “hundreds of millions”: figures with no number attached, which remain statements, not filings. ## Sources - [NVIDIA Corporation, Form 8-K, 17 August 2026 — Items 1.01, 2.03, 7.01, 9.01](https://www.sec.gov/Archives/edgar/data/1045810/000104581026000069/nvda-20260817.htm) - [NVIDIA Corporation, Form 8-K — Exhibit 99.1, NVIDIA/SB Energy/OpenAI press release](https://www.sec.gov/Archives/edgar/data/1045810/000104581026000069/sbeoainvidia-portsrelease.htm) Note by CSIDIA S.r.l. (Vignola, MO, Italy): https://csidia.com/en/notes/nvidia-sb-energy-openai-garanzia-105-miliardi/ · Who we are and what we do: https://csidia.com/en/at-a-glance/ · engagement@csidia.com