OpenAI eyes 10-GW Ohio AI data center backed by Nvidia in historic infrastructure push

OpenAI has reportedly entered discussions to lease a 10-GW data centre in Ohio, with financial backing from graphics processing unit (GPU) giant Nvidia. Should this agreement materialise, it would stand as one of the largest single-site commitments to AI computing ever recorded. The facility is earmarked for federal land at the former Portsmouth Gaseous Diffusion Plant in Pike County, Ohio. This location is part of a broader redevelopment initiative, following the US Department of Energy's (DOE) partnership with SoftBank Group and its subsidiary, SB Energy, announced in March 2026. SB Energy has committed to developing 10 GW of new power generation capacity for the site, with a substantial 9.2 GW slated from natural gas.

This proposed Ohio campus would represent an unprecedented scale for a single data centre. To put this in perspective, the entire combined capacity of OpenAI’s current seven Stargate project sites — located across Texas, New Mexico, Wisconsin, Michigan, and Lordstown, Ohio — totals approximately 7 GW. The renowned Northern Virginia data centre market, presently the world's largest hub, held around 5 GW of capacity in 2025. The Piketon site alone would be twice this size, exceeding the power generation capacity of several national grids. This initiative also surpasses recent significant AI infrastructure acquisitions, such as the late 2025 deal involving BlackRock, Microsoft, Nvidia, and xAI for Aligned Data Centres, which secured roughly 5 GW of capacity across more than 50 global facilities. The Ohio project, if realised, would deliver double that capacity from a single campus.

Nvidia's involvement extends beyond its traditional role as a chip supplier. In September 2025, Nvidia and OpenAI reportedly signed a letter of intent for at least 10 GW of Nvidia systems, with Nvidia committing up to $100 billion in OpenAI as capacity becomes operational. The initial gigawatt was projected for the latter half of 2026, utilising Nvidia’s Vera Rubin platform. Both OpenAI CEO Sam Altman and Nvidia CEO Jensen Huang have underscored the foundational importance of compute infrastructure for the future economy, framing this partnership as a crucial step in deploying immense compute power for the next era of intelligence.

Why it matters for Australian investors

For Australian investors, this monumental shift in AI infrastructure reflects a pivotal trend that will reshape various sectors. The sheer scale of this project highlights the accelerating demand for high-performance computing, driven by the race to develop and deploy advanced AI models. This surging demand has direct implications for technology companies, energy providers, and even real estate markets globally.

Investors considering portfolios with exposure to global tech giants like Nvidia or those building AI capabilities should recognise the scale of investment required at the foundational level. The financial commitments — hundreds of billions of dollars across these projects — underscore the long-term capital intensity of the AI revolution. Furthermore, the focus on hyperscale data centres suggests opportunities in companies specialising in advanced cooling technologies, power management, and high-density computing infrastructure.

Whilst the immediate impact is overseas, Australian superannuation funds and institutional investors with global mandates are likely to have indirect exposure to these developments through their holdings in major tech and infrastructure firms. Understanding these underlying trends is crucial for informed decision-making, particularly as the AI sector matures and its infrastructure demands become more defined. Australian start-ups and tech firms, often reliant on cloud computing services, will benefit from the eventual broader availability and lower costs that these massive infrastructure investments promise.

Impact on the AUD market

While the Ohio project is geographically distant, its implications can ripple through global markets, potentially impacting the Australian dollar (AUD). A robust, growing global AI sector, fuelled by these massive infrastructure investments, generally signals strong economic growth and technological innovation. If this translates to sustained positive sentiment in global equity markets, particularly in the US tech sector, it could support risk-on sentiment, which often benefits the AUD.

Conversely, the immense energy demands of these data centres, particularly the reliance on natural gas for a significant portion of power generation, could influence global energy prices. Australia, as a major exporter of natural gas, could see increased demand or sustained high prices for its energy commodities if these trends accelerate globally. This could provide a boost to Australian energy companies and, by extension, contribute to a stronger AUD, depending on commodity market dynamics.

However, it's essential to note that the AUD's movements are influenced by a complex interplay of factors, including interest rate differentials, commodity prices, and global economic sentiment. While the AI infrastructure build-out could be a contributing factor, it would likely be one among many. Australian regulators like ASIC and AUSTRAC are also closely monitoring the broader digital asset space, and while not directly tied to this infrastructure, the growth of the digital economy globally underpins their focus on consumer protection and financial stability.

What to watch next

The most immediate aspect to monitor is the finalisation and progress of the Ohio data centre project. The specific timelines for construction, power generation development, and the rollout of Nvidia's systems will provide concrete indicators of this new phase of AI infrastructure deployment. Observers should also pay close attention to any further announcements about the 'Stargate' program, particularly regarding its expansion beyond the current seven sites and the total committed investment over the coming years.

Another critical area will be the evolution of energy policies and utility planning globally. The DOE's involvement and SB Energy's commitment to natural gas generation highlight the intersection of AI demand and energy infrastructure. How other nations and major data centre hubs respond to these escalating energy requirements, whether through renewed focus on renewables, grid upgrades, or a blend of power sources, will be a significant trend. This could create investment opportunities in utility companies and renewable energy innovation.

For Australian investors, keeping an eye on the performance of key global AI players like Nvidia and OpenAI (or its associated entities) will be crucial. Their growth trajectories, capital expenditure plans, and partnerships will continue to shape the industry. Domestically, whilst Australian exchanges like CoinSpot, Independent Reserve, Swyftx, and BTC Markets focus on digital asset trading, the broader economic impact of global AI growth could indirectly influence tech-focused Australian companies and the venture capital landscape, potentially fostering innovation and investment in AI-related start-ups here in Australia. Finally, consider how the ATO might eventually interpret the tax implications for digital assets and AI-driven income streams as this technology matures and integrates into traditional finance.