英伟达大幅收缩OpenAI数据中心担保，金额从2500亿降到不足1200亿美元 Nvidia Slashes OpenAI Data Center Guarantee from $250B to Under $120B
据《华尔街日报》报道，英伟达与OpenAI调整俄亥俄州数据中心融资结构，首期只担保约一半，以缓解投资者对风险敞口的担忧，交易最快本周末签署。 Sources say Nvidia and OpenAI restructured financing for the Ohio data-center campus, with Nvidia initially guaranteeing roughly half the $250B commitment to ease investor concerns; a deal could be signed this weekend.
交易结构与市场反应
据《华尔街日报》援引知情人士消息，英伟达与OpenAI即将就俄亥俄州一座超大规模数据中心园区的融资事宜达成协议，但双方已调整交易结构：英伟达最初仅会为其中一半提供担保，而非此前规划的全额担保。修订后，英伟达的财务担保规模从2500亿美元下调至不足1200亿美元（现汇率约合8106.78亿元人民币），以回应投资者对这家芯片企业风险敞口的担忧。交易最快有望于本周末正式签署。《华尔街日报》首次披露2500亿美元担保方案后，英伟达股价当日下跌5%。
关键数字
- 担保规模：从2500亿美元降至不足1200亿美元
- 项目一期：总功率约5吉瓦，英伟达提供融资担保
- 约束性租约：OpenAI计划签署10吉瓦容量
- 芯片采购总额：预计可达3500亿美元
- 算力融资平台：外部资本投入超5000亿美元
项目细节与顾问安排
根据当前磋商方案框架，英伟达将为项目一期（总功率约5吉瓦）提供融资担保，后续再决定是否以及如何为剩余部分融资。OpenAI仍在推进谈判，计划未来数日内签署该项目10吉瓦容量的约束性租约。项目由日本软银旗下SB Energy开发，建成后将成为全球公布的最大规模数据中心项目。首期担保覆盖数据中心租金及建设所需债务，旨在增强放贷机构对项目资金安全性的信心，降低借贷成本。英伟达还洽谈另一项独立协议，为OpenAI的芯片采购提供融资；整个项目芯片采购总额预计可达3500亿美元（约合2.36万亿元人民币）。该项目的电力供应由美国政府管控，资金则根据近期一项贸易协定由日本方面单独承担。
知情人士称，高盛担任SB Energy的交易顾问，摩根士丹利则为英伟达提供咨询服务。
背景与后续关注点
本周，英伟达宣布与阿波罗全球管理、黑石、贝莱德、布鲁克菲尔德资产管理、高盛及KKR合作设立算力融资平台，计划未来数年投入超5000亿美元外部资本，以“优惠利率”为芯片采购提供融资支持。此前，去年9月英伟达与OpenAI签署谅解备忘录，约定英伟达建设至少10吉瓦算力设施并最高出资1000亿美元协助OpenAI支付费用，但该交易此前一度停滞。
Deal Structure and Market Reaction
The Wall Street Journal, citing people familiar with the matter, reports that Nvidia and OpenAI are close to a deal on financing the Ohio hyperscale data-center campus, but the structure has changed: Nvidia will initially guarantee only half the project rather than the full amount. The guarantee has been reduced from $250B to under $120B (about RMB 810.68B at current rates), responding to investor concerns about Nvidia’s risk exposure as it uses its balance sheet to drive AI-chip demand. The deal could be signed as soon as this weekend. Nvidia shares fell 5% on the day the original $250B guarantee plan was first reported.
Key Numbers
- Guarantee: cut from $250B to under $120B
- Phase 1: about 5 GW total power, Nvidia guarantees financing
- Binding lease: OpenAI plans to sign for 10 GW capacity
- Chip purchases: expected to reach $350B total
- Computing-power financing platform: over $500B in external capital
Project Details and Advisers
Under the terms being discussed, Nvidia will provide a financing guarantee for phase one of the project (about 5 GW of total power), with decisions on financing the remaining capacity deferred. OpenAI is still in talks and plans to sign a binding lease for 10 GW capacity in the coming days. The project is being developed by SB Energy, a SoftBank subsidiary, and would become the largest publicly announced data-center project in the world. The initial guarantee covers data-center rent and construction debt, lowering borrowing costs by boosting lenders’ confidence in project funding. Nvidia is also negotiating a separate independent agreement to finance OpenAI’s chip purchases; total chip procurement for the project could reach $350B (about RMB 2.36T). The project's electricity supply is under U.S. government control, with funding separately borne by Japan under a recent trade agreement.
Goldman Sachs is advising SB Energy on the transaction, while Morgan Stanley is advising Nvidia, according to people familiar with the matter.
Context and Next Steps
This week, Nvidia announced a computing-power financing platform with Apollo Global Management, Blackstone, BlackRock, Brookfield Asset Management, Goldman Sachs, and KKR. The group plans to deploy over $500B in external capital over the coming years to finance chip purchases at 'favorable rates.' Last September, Nvidia and OpenAI signed an MOU for Nvidia to build at least 10 GW of computing capacity and contribute up to $100B to help cover OpenAI’s costs, but that deal had stalled after internal pushback.
来源
- IT之家 · 08-16 07:32