Nvidia Invests $1.5 Billion in SB Energy and Aims for Exclusivity with OpenAI
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To support OpenAI's future Ports-Pike campus in Ohio, Nvidia is injecting $1.5 billion into SB Energy and plans to provide up to $105 billion in credit to build the site. The agreement will make Nvidia the exclusive provider of computing infrastructure, while a 9.2 GW gas plant, valued at $33 billion, would be constructed on land owned by the U.S. Department of Energy. With gas plant costs having risen by 66% in two years, and export demand potentially tripling gas prices in certain regions, the project is set against a backdrop of tight energy conditions.
$33 Billion and 9.2 GW Gas Plant on U.S. Federal Site
SB Energy plans to build a natural gas plant with a capacity of 9.2 gigawatts on land owned by the U.S. Department of Energy. This site has previously been used for uranium enrichment intended for the U.S. nuclear arsenal as well as for the U.S. Navy's submarines. The projected cost for constructing the plant is $33 billion. According to BloombergNEF, the construction costs for gas plants have increased by 66% over the past two years. Once this plant and others are completed, the demand for natural gas could compete with export markets, potentially leading to a tripling of natural gas prices in certain parts of the country.
Nvidia Commits $1.5 Billion and Credit Up to $105 Billion
Nvidia has announced that it will invest $1.5 billion in SB Energy. Documents filed with the SEC also indicate that Nvidia would provide up to $105 billion in credit to construct the facility. The agreement stipulates that Nvidia will be the exclusive provider of computing infrastructure for OpenAI's Ports-Pike data center near Cincinnati, Ohio. The same filings mention a potential scaling up of the site from 4.25 gigawatts initially to 8 gigawatts.
SoftBank and OpenAI as Investors; Nvidia Stock Sale in November
SB Energy has ties to SoftBank and OpenAI, both of which are among its current investors. SoftBank previously held $5.8 billion in Nvidia shares, which it sold in November to fund other investments in artificial intelligence.
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