Nvidia Phase 1 Exposure
$125.0B
50.0% of planned $250.0B CapEx
Debt Service Coverage (DSCR)
2.84x
Underwritten at 85% cluster load
Silicon & Server Allocation
$170.0B
68.0% of total campus budget
Power & Facility CapEx
$28.8B
$11.5M/MW on 2.50 GW grid
Capital Waterfall & Guarantee Staging ($B)
5-Year Debt Service & Cash Flow Projection ($B)
5-Year Campus Project Finance Underwriting Schedule
Ohio SPV Tranche Architecture
| Year | OpenAI Run-Rate | Capacity Online | Debt Principal Out. | Annual Debt Service | Operating Cash Flow | Project DSCR | Nvidia Exposure Status |
|---|
Credit & Risk Memo: Restructuring the Ohio campus into a 50% staged guarantee ($125B initial tranche) reduces Nvidia's immediate contingent liability by $125.0B. At an estimated OpenAI run-rate of $45.0B/year and 2.50 GW total power envelope, the project maintains an initial DSCR of 2.84x. Milestone gating on Tranche 2 protects Nvidia balance sheet against inference pricing compression or rapid silicon depreciation prior to commercial cluster saturation.