S&P affirms Nvidia rating at AA on Ohio campus guarantee

S&P Global Ratings affirmed Nvidia’s AA issuer credit rating and stable outlook after Nvidia agreed to support financing for a major AI infrastructure campus in Portsmouth, Ohio. The company will provide a $105 billion residual value guarantee to SB Energy for a nine-building data center project expected online from 2028 to 2030, with OpenAI as tenant and Nvidia also supplying GPU and infrastructure systems. S&P said the guarantee creates a sizable debt adjustment, but Nvidia’s very large cash balance, strong projected free cash flow, and dominant position in AI infrastructure support the rating. The announcement is broadly constructive for Nvidia’s credit profile and signals continued confidence in its balance sheet despite large strategic commitments tied to AI expansion.