# Nvidia’s AI Guarantees Carry Up to $108.5 Billion in Gross Exposure By John Kim Canonical URL: https://www.tokenpost.com/news/business/40190 Published: 2026-10-24T17:53:24.000Z Updated: 2026-10-24T17:53:24.000Z Section: Business > A separate $105 billion conditional guarantee covers SB Energy leases for PORTS-Pike, a project supporting OpenAI’s initial 4.25 gigawatts of IT capacity. CoreWeave’s Oct. 15 borrowing-cost jump has focused attention on Nvidia’s AI infrastructure exposure, which includes up to $108.5 billion in gross guarantees, apart from service commitments and a separate capacity contract. Nvidia had $36 billion in commitments to buy AI-cloud services as of July 26. The agreements generally run for six years, and the total declines as customers use capacity or Nvidia directs it to research and development. Guarantees are a separate category. Nvidia’s maximum gross exposure on guarantees tied to selected AI-cloud partners’ land, power and shell obligations was $3.5 billion. Another guarantee, capped at $105 billion, covers SB Energy leases for PORTS-Pike, an Ohio project supporting OpenAI’s initial 4.25 gigawatts of IT capacity. Together, the guarantees have maximum gross exposure of $108.5 billion. The $105 billion cap is conditional and does not represent money already paid. The guarantee generally takes effect as leases begin, can be triggered by specified tenant defaults and covers defined portions of lease and power payments. Its exposure declines as OpenAI makes lease payments. Nvidia also has a distinct contract with CoreWeave. An order form signed Sept. 9, 2025, had an initial value of $6.3 billion. The agreement requires Nvidia to purchase qualifying CoreWeave capacity left unsold through April 13, 2032, subject to the agreement’s conditions. On Oct. 15, CoreWeave’s five-year credit-default swap spread exceeded 1,100 basis points, while the yield on its 2031 bond reached 16% before easing to around 14%. As of June 30, CoreWeave had $35.6 billion in total indebtedness and $10 billion in undrawn borrowing availability. It separately listed $16.319 billion in operating lease liabilities. The borrowing-cost move followed [CoreWeave’s October credit-market decline](). Neocloud providers rent computing capacity to customers and require substantial upfront investment in chips and facilities. David Trainer, founder and CEO of New Constructs, warned, “If the demand for compute doesn’t meet these really super lofty expectations, we’re going to have a problem.” Nvidia’s separate plan with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR aims to mobilize more than $500 billion in third-party capital over time. The memorandums of understanding may not become definitive agreements, and the capital providers would independently underwrite and provide financing. ## Links in this article - [CoreWeave’s October credit-market decline](https://www.tokenpost.com/news/investing/37772)