This certainly won't be the last state where data centers will have to deal with stricter regulations or even outright can't build due to moratoriums. As we see more of these type of developments Project Matador increases in value.

We have 4.8 GW of secured power with more to come. Fermi is perfectly positioned. Just a matter of time before they announce more tenants. ⚡️

Just a matter of time before the whole sector pops off. Position accordingly friends.

https://x.com/JensenHuang/article/2089331487342829862

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Securing the Infrastructure of Intelligence

Land, power and shell: The next critical resource for AI factories.

AI factories are the defining infrastructure of the AI era—where compute transforms energy and data into intelligence that powers every business, industry and country.

In the AI economy, compute is revenue.

AI factories require a full stack of critical resources: advanced chips, packaging, memory, and networking – as well as land, power and shell.

Just as NVIDIA has used its scale, long-term visibility and supply-chain partnerships to secure critical semiconductor resources, we are now applying that same discipline to secure LPS capacity exclusively for NVIDIA AI factories.

Today, we are partnering with SB Energy to secure LPS capacity at the exceptional PORTS-Pike Technology Campus in Portsmouth, Ohio, to host NVIDIA compute. OpenAI will be the tenant.

LPS: The Next Strategic Resource

For the vast majority of NVIDIA customers, securing LPS has long been a part of their infrastructure strategy.

The world’s largest cloud service providers and investment-grade enterprises have balance sheets, infrastructure expertise, and long-term contracts to secure LPS independently. They build and operate AI factories using NVIDIA accelerated computing, networking, systems and software.

This model will continue to represent most of NVIDIA’s business.

But frontier AI labs are different.

Frontier AI labs have extraordinary demand for training and inference compute, but many are growing faster than their balance sheets and long-term credit profiles can support. They may have strong customer demand and rapidly growing revenue yet still lack the decades-long infrastructure contracts and investment-grade financing capacity needed to secure the AI factory infrastructure independently.

Their growth is increasingly constrained not by algorithms or customer demand, but by the availability of compute.

For these companies, more compute means more intelligence, more products, more users and more revenue. NVIDIA is helping provide the infrastructure that powers this flywheel.

PORTS-Pike: A Site for Generations of NVIDIA Compute

OpenAI will build and operate a world-class AI factory at PORTS-Pike. The AI factory will use NVIDIA’s full-stack DSX AI factory platform, including GPUs, CPUs, networking, and infrastructure software.

The initial deployment is expected to provide 4.25 gigawatts of AI factory capacity. Each generation of NVIDIA AI factory systems deployed at PORTS-Pike could represent approximately 1.5 million NVIDIA GPUs, or approximately $150 billion to $200 billion in NVIDIA revenue. Over 20 years, the site can support multiple upgrade cycles.

This is the essential economic point: the LPS commitment secures a long-lived AI factory site, while the NVIDIA compute inside can be upgraded repeatedly. Each new generation can deliver greater production, more intelligence and better economics.

NVIDIA may also choose to extend the arrangement at PORTS-Pike beyond the initial 4.25 gigawatts to secure the remaining capacity of 3.75 gigawatts.

OpenAI and NVIDIA Expanding Compute Opportunity

More broadly, OpenAI has committed to substantial deployments of NVIDIA AI infrastructure through 2030. OpenAI’s existing and planned commitments represent approximately 12 gigawatts of NVIDIA compute, with an opportunity to expand to approximately 16 gigawatts if NVIDIA extends the PORTS-Pike arrangement beyond the initial 4.25 gigawatts.

At these levels, the opportunity represents roughly $600 billion of NVIDIA compute through 2030.

The Important Questions

What is NVIDIA guaranteeing, and for how long?

NVIDIA is supporting the LPS infrastructure at PORTS-Pike for approximately 4 gigawatts over a 20-year term, securing a site on which NVIDIA compute will be exclusively deployed.

Our support is limited to defined portions of lease and power payments, along with a specified residual-value commitment — not the full cost of the site or all of the tenant’s obligations.

The guarantee will become effective in phases as data centers are placed in service between 2028 and 2030.  As OpenAI makes lease payments and capacity comes online, NVIDIA’s remaining exposure declines.

Why is NVIDIA guaranteeing PORTS-Pike?

LPS has become a critical constraint on AI factory deployment. NVIDIA is selectively securing exceptional sites where we can host multiple generations of NVIDIA compute and serve durable customer demand.

The productive life of the site extends through multiple generations of NVIDIA systems, each capable of producing more intelligence and more revenue than the generation before.

Is this circular financing?

No. OpenAI will pay the lease.

NVIDIA uses its scale and long-term visibility to secure PORTS-Pike to host NVIDIA compute. This is the same discipline we apply to supply-chain management: we secure critical inputs when we have visibility into customer demand and when doing so enables long-term productive capacity.

What happens to PORTS-Pike if OpenAI does not use the site in the future?

NVIDIA compute is versatile, fungible and broadly adopted. The capacity can be resold to another qualified tenant across NVIDIA’s global ecosystem of cloud service providers, enterprises, AI labs and startups.

CUDA makes NVIDIA compute more than hardware. It gives developers and NVIDIA engineers a common platform to continually improve installed systems.

CUDA makes NVIDIA compute versatile. Versatility makes it fungible. Fungibility drives utilization and durability — making NVIDIA compute a productive asset: rentable and financeable.

The value of an exceptional site, like PORTS-Pike, is not limited to one customer or one generation of compute. NVIDIA’s standardized platform, broad developer ecosystem and large market of potential users support the ability to redeploy productive capacity over time.

How much LPS will NVIDIA secure?

It will be strategic and disciplined.

Most NVIDIA customers will continue to secure their own LPS.  The vast majority of LPS hosting NVIDIA compute will continue to be secured directly by CSPs, enterprises, sovereign AI builders and other customers.

NVIDIA will focus selectively on exceptional sites where visible, durable demand can support multiple generations of NVIDIA compute.

The Infrastructure of Intelligence

PORTS-Pike represents the next step in NVIDIA’s journey.

We began by building accelerated computing chips. We then expanded to systems, networking, CUDA and full-stack AI factories. Today, we are helping secure the critical infrastructure required to build these factories.

NVIDIA is the full-stack AI infrastructure platform.

We are investing in the long-lived foundations of AI factories so our customers can deploy the most productive compute platform in the world, generation after generation.

By securing the critical resources needed to host NVIDIA compute, we can help the world’s most innovative companies build the AI factories that will power the age of intelligence.

Just saw this on Fermi's Linkedln:

https://preview.redd.it/80qhzgak6jgh1.png?width=1302&format=png&auto=webp&s=0bbc0394a24a8de2c07ff7e8ec1ce28242be64fd

Before I continue I think it's important to note that this job has been on Paylocity since 04/03/2026, but seems like they haven't hired anyone since then. My guess is that they did get applicants, but they didn't hire anyone due to the proxy fight that came later. You're not going to offer someone a contract if you don't even know if the project would be able to continue.

https://preview.redd.it/ov171s3z6jgh1.png?width=818&format=png&auto=webp&s=4dde5414d297d451e4f11e5e25606ce5714e6447

Anyway, I think it's interesting that it got posted on Linkedln today. Notice the "promoted by hirer". They're now actively looking to hire a director of data center construction.

https://preview.redd.it/31r5g9tb9jgh1.png?width=1226&format=png&auto=webp&s=b02fdb9003b30097d8b34d7eb96102183d427302

Compared to the other job postings we've seen this week this one is definitely a better sign that we can expect a tenant sooner or later in my view.

What do you guys think?

(I'd usually post something like this in the daily, but I thought a separate post would be better because of more visibility and to hear opinions of others since it's a big role)

And what is Fermi exactly planning to do? Great environment for the company to be in right now. I'm very optimistic of where this is headed. Just need 1 deal signed first!