NVIDIA's guarantee exposure is $108.5bn — $105bn of it signed in August for an OpenAI affiliate
Fiscal Q2 2027 10-Q: maximum exposure on guarantees of customers' data center leases went from $3.5bn to $108.5bn. The new $105bn was signed in August, after the quarter closed, so it is not in this balance sheet
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NVIDIA Form 10-Q (fiscal Q2 2027, filed 2026-08-26): Note 8 on derivatives, the commitments and guarantees tables in Note 10 'Commitments and Contingencies', and the condensed consolidated balance sheet
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NVIDIA (NVDA) filed its 10-Q for the second quarter of fiscal 2027 on August 26. It records guarantees NVIDIA has given on data center leases taken by its customers. The maximum gross exposure is $108.5bn in total. Of that, $105bn was signed in August 2026, after the quarter ended, on behalf of a customer that is an affiliate of OpenAI.
In plain terms
NVIDIA has promised to cover part of a customer's data center rent if that customer cannot pay. If the customer pays, NVIDIA pays nothing. The most it could owe under these promises is $108.5bn. Of that, $105bn was signed in August, after the quarter ended.
What happened
NVIDIA (NVDA) makes the chips that run AI data centers. Its 10-Q for the second quarter of fiscal 2027 was filed on August 26. The quarter ran from April 27 to July 26, 2026. Apart from product sales, the filing records guarantees NVIDIA has given on data center leases taken by its customers.
The arrangement works like this. A customer leases the land, power and building for a data center. If that customer fails to pay, NVIDIA covers a defined part of what is owed. The 10-Q sets out the maximum gross exposure in a table. Existing guarantees for AI cloud partners are $3.5bn. Guarantees signed with SB Energy in August 2026 are $105bn. The total is $108.5bn.
The August guarantees were signed after the quarter closed on July 26. They are therefore not in this quarter's balance sheet and appear in the note on commitments and guarantees. The company says they were given on behalf of a customer that is an affiliate of OpenAI Group PBC. They relate to leases for about 4.25 gigawatts of IT load. The site is SB Energy's PORTS Technology Campus in Pike County, Ohio.
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Companies connected in the filing
Counterparties this filing names directly. Nothing inferred.
Guarantee or backstopOpenAI Group PBC
In August 2026 NVIDIA entered into guarantees related to data center leases on behalf of a customer that is an affiliate of OpenAI. They are capped at $105bn in total, and payment is triggered by certain tenant defaults.
10-Q Note 10, Guarantees
Guarantee or backstopSB Energy Corp.
The guarantees were entered into with affiliates of SB Energy. They relate to leases at SB Energy's PORTS Technology Campus in Pike County, Ohio.
No. $105bn is the cap on the guarantees. According to the 10-Q, payment is triggered only by certain tenant defaults, and the guarantees are limited to defined portions of lease and power payments.
Are the guarantees recorded as a liability on the balance sheet?
The guarantees signed in August came after the quarter closed on July 26, so they are not in this balance sheet. The existing $3.5bn of guarantees are classified as credit derivatives, and the company says their fair value was not significant.
When do the guarantees take effect?
The 10-Q says each guarantee generally becomes effective when the lease it covers commences. The data centers are built in nine phases, and the company expects the first to be completed in fiscal year 2029.
Where can I check these figures myself?
On SEC EDGAR, in NVIDIA's 10-Q for fiscal Q2 2027 (accession 0001045810-26-000075): Note 8 and the commitments and guarantees section of Note 10.
How aiSwingX™ wrote this
We read the filing on SEC EDGAR in full — statements, notes, MD&A. Press releases and news are not used as sources.
Every figure is reconciled to its location in the filing and to XBRL data. One mismatch means no publication.
An editor reviews before publication; any later change is recorded in the revision history.
NVIDIA Form 10-Q (fiscal Q2 2027, filed 2026-08-26): Note 8 on derivatives, the commitments and guarantees tables in Note 10 'Commitments and Contingencies', and the condensed consolidated balance sheet · SEC EDGAR · This article is not investment advice. Disclaimer
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