Shares of CoreWeave (NASDAQ:CRWV) and Nebius Group (NASDAQ:NBIS) moved higher on Monday after a report suggested Nvidia (NASDAQ:NVDA) is considering a substantial financing package to support OpenAI’s next-generation data center expansion.
CoreWeave shares advanced 4%, while Nebius climbed 6% following a Wall Street Journal report that Nvidia is in discussions to provide approximately $250 billion in financing guarantees for a large-scale OpenAI infrastructure project.
Nvidia said to support massive Ohio data center development
According to the Wall Street Journal, citing people familiar with the discussions, the proposed financing would help OpenAI lease a planned 10-gigawatt data center campus being developed by SoftBank’s energy subsidiary in southern Ohio.
The overall project is expected to exceed $500 billion in total investment, including the advanced AI chips that will power the facility.
The report said Nvidia’s proposed $250 billion guarantee would back the project’s lease obligations and debt financing but would not include financing for the semiconductor hardware itself.
Separately, Nvidia is also reportedly discussing financing for OpenAI chip purchases worth as much as $350 billion.
Deal could reshape AI infrastructure
If completed, the arrangement would represent a significant strategic shift for OpenAI, allowing the company to build greater control over its computing infrastructure instead of relying primarily on cloud capacity supplied by Microsoft, Amazon and Oracle.
For Nvidia, the agreement would help secure long-term demand for its AI chips as global investment in artificial intelligence infrastructure continues to accelerate.
The Wall Street Journal reported that the project’s first phase is expected to come online in 2028, delivering roughly 800 megawatts of power. The electricity supply is reportedly controlled by the U.S. government and separately funded by Japan under a recent trade agreement linked to Tokyo’s commitment to invest $33 billion in a natural gas facility.
Analysts see positive implications for AI infrastructure providers
Bloomberg Intelligence analyst Anurag Rana commented, “Nvidia’s talks to provide a roughly $250 billion financing backstop for an OpenAI data-center lease, as reported by the Wall Street Journal, look constructive for CoreWeave, Crusoe Energy and other neoclouds. The structure suggests Nvidia is prepared to support larger AI infrastructure build-outs, easing concern that capacity demand is fading or that funding markets won’t absorb the next wave of projects. Alphabet’s capex increase last week pointed to sustained hyperscaler spending, and similar signals from Microsoft, Amazon and Meta this earnings season would reinforce our view that high-end AI computing remains supply-constrained. We’ll watch whether Google makes similar credit-wrapper commitments to neocloud partners in its orbit, as it previously did with Fluidstack, and whether such backing lowers financing costs.”
The report also reinforces expectations that investment in AI infrastructure will remain strong, particularly if other major technology companies continue increasing capital expenditure on advanced computing capacity.
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