Reports emerged that Nvidia is in talks to invest roughly $3 billion in SB Energy, a SoftBank-backed developer, to help build a massive data center campus in Ohio earmarked for OpenAI's operations — a deal that could reshape how investors think about SoftBank's evolving role as an AI infrastructure landlord. Nvidia Pours $3 Billion Into SoftBank's Data Center Builder — But Can Son's $500 Billion AI Campus Dream Survive the Financing Gauntlet?
Reports emerged over the weekend that Nvidia is negotiating a $3 billion equity investment in SB Energy, SoftBank's energy and data center subsidiary, as part of a sprawling financing package for a colossal AI campus in Ohio built for OpenAI. For SoftBank shareholders, the deal amounts to a blue-chip stamp of approval on the riskiest bet Masayoshi Son has ever made — but it also exposes the tangled web of cross-financing now underpinning the AI infrastructure boom.
Nvidia Is Becoming a Banker, Not Just a Chipmaker
Nvidia is in talks to invest as much as $3 billion in SB Energy while simultaneously negotiating roughly $100 billion in credit support for the planned Ohio data center campus.
Nvidia has discussed investing half of the $3 billion at signing and the other half as part of SB Energy's planned IPO.
This extends Nvidia's aggressive push into AI infrastructure financing, which has included stakes in CoreWeave, Nebius, Lancium, and a $30 billion commitment to OpenAI — despite growing investor concerns about circular financing arrangements. In plain terms: Nvidia is funding the customers who buy its chips, raising questions about whether AI demand is as organic as it appears.
SoftBank's IPO Pipeline Gets a Heavyweight Anchor Investor
SB Energy is aiming to go public as soon as next month and could raise at least $5 billion in the IPO.
The IPO could target a valuation exceeding $50 billion. A $1.5 billion anchor commitment from the world's most important AI chipmaker would dramatically de-risk that listing. For 9984.T holders, unlocking SB Energy's value is critical: SoftBank's stock dropped nearly 50% from its year-to-date high , and the shares trade at just ~6.5x trailing earnings — a discount that reflects skepticism about Son's capital-intensive AI vision.
The Ohio Megaproject Faces Execution Questions Worth Hundreds of Billions
SoftBank expects the first phase to include about 800 megawatts of power, cost $30–$40 billion, and be completed in early 2028.
Nvidia has already revised its guarantee downward from $250 billion to less than $120 billion — a signal that even the most bullish players are trimming exposure. The largest U.S. grid operator hadn't been notified of the project , and Ohio regulators were similarly out of the loop, raising practical doubts about the campus's full 10-gigawatt ambition.
Bottom Line for 9984.T: Nvidia's investment validates SoftBank's pivot from venture capital to physical AI infrastructure — but it also reveals a financing structure where chipmaker, builder, and tenant are all financially intertwined. The SB Energy IPO is the near-term catalyst; its reception will tell investors whether Son's $500 billion campus is visionary or overleveraged.