SB Energy will build, own and operate a data center at a decommissioned enrichment plant in Pike County, Ohio, under a twenty-year lease to OpenAI. NVIDIA is neither owner nor tenant. It is providing credit support on the land, power and shell to secure an initial 4.25 IT-GW and up to $105 billion in financing.
The constraint on this site was power, not chips. A developer can borrow against a twenty-year lease from a creditworthy tenant, not against a substation that does not exist. The vendor's credit is what turns a shuttered enrichment plant into a financeable asset, and the price of it is exclusivity: no other silicon goes in. SB Energy and SoftBank are building at least 10 gigawatts of new generation and $4.2 billion of regional grid infrastructure to get 8 IT-GW out of the site, and NVIDIA is investing $1.5 billion in SB Energy.
Nebius took the other route to the same money. It priced $5.0 billion of convertible notes, upsized from $4.5 billion, with $3.0 billion of it at a 0.50% coupon due 2030, earmarked for data centers and GPUs. The cash cost is half a point a year. The real cost is a 40% conversion premium and an accretion to 110% of the principal at maturity. The Ohio capacity arrives in phases beginning in 2028.
The marketplace H200 low end went to $3.40 a GPU-hour from $2.87 and the B200 low end to $5.31 from $4.13, while all four neocloud list ranges held for a second week. Both low ends are tenth-percentile asks, across 45 and 19 offers this run.
