**NVIDIA’s $105 Billion Lease Exposure**

If OpenAI defaults, NVIDIA may take over a lease to satisfy the covered loss obligation under its **$105 billion guarantee**. It could also seek a replacement tenant, sell the assets, allow termination, or defer its choice for up to a year while paying specified costs. Takeover terms are redacted.

The arrangement covers **9 phases** in Pike County, Ohio, designed for **4.25 gigawatts** of capacity. Each has a **20-year lease**, with the first expected to begin in NVIDIA’s fiscal 2029. NVIDIA may support another 3.8 gigawatts.

OpenAI’s affiliate has promised to **reimburse NVIDIA**, but the filings do not show whether that covers every obligation or whether payment would be timely. A qualifying credit rating for OpenAI or its parent could release NVIDIA before the first building opens.

**** **[@venture](https://t.me/venture)