Stargate

This week's evidence

The guarantee's market verdict: NVDA −4%, credit-default swaps wider — "AI stocks crash" headlines; the $250B/$500B/$750B figure is inconsistent across outlets, unresolved. (CNBC · Axios) 2026-07-27

SoftBank's $40B OpenAI loan added 21 lenders (Standard Chartered, GIC named) — expanding, NOT confirmed closed. (Bloomberg) 2026-07-27

Nvidia −4%, credit-default swaps wider, on its own $250B guarantee — "AI stocks crash" headlines; Axios: "reignites circular financing concerns"; bond desks re-pricing "$1T+/yr of AI." CoreWeave/Nebius rose on the constructive read. (CNBC · Axios) 2026-07-27

Nvidia in talks to backstop up to $500B for a 10GW Ohio megasite (SB Energy/SoftBank; largest single-site figure on the map). The weekend's figure tangle resolves as THREE numbers: $250B guarantee · $500B total project · $350B separate chip-financing. Microsoft, Google, Anthropic are interested tenants, not backers — "Microsoft-backed" headlines overclaim. (CNBC) 2026-07-28 · NEW

2026-07-27 — Nvidia in talks to backstop up to $500B for a 10GW Ohio megasite

Nvidia is discussing a ~$250B lease/construction-financing backstop (separately, up to $350B more for chips) so OpenAI can lease a planned 10GW campus that SB Energy — SoftBank’s power-development subsidiary — is building on the former Portsmouth uranium-enrichment site in Piketon, Pike County, Ohio; full project cost including chips could exceed $500B, matching the JV’s original 2025 headline figure even though this specific site isn’t itself branded “Stargate.” A 20-year OpenAI/SB Energy lease is under negotiation; first 800MW phase targeted 2028. WSJ broke it 07-26, converging across Bloomberg/CNBC/ DCD/NYT through 07-28 — still described everywhere as early-stage and could change. (CNBC) (Data Center Dynamics) ⟨daily 2026-07-28, evidence dated 2026-07-26/27⟩

2026-07-22 — A new site: Georgia

OpenAI committed tens of billions to a new Stargate site in Effingham County, Georgia — 3.2GW contracted via Georgia Power, buildout 2028–2032 — the JV keeps adding sites while the SoftBank loan’s fee trail is still fresh from yesterday. (Bloomberg) ⟨daily 2026-07-22⟩

2026-07-21 — The financing gets a fee trail

SoftBank’s $40B OpenAI bridge loan is minting $100M+ in bank fees for JPMorgan/Goldman and co-underwriters — the loan named in this thread’s watch now has a visible cost of carry. (Bloomberg) ⟨daily 2026-07-21⟩

← Backstory

2026-07-01 — Sovereign tranche landed

SoftBank’s $10B OpenAI tranche and MGX’s $49B AI-fund close both landed, before kestrel’s first window. ⟨seed 2026-07-22⟩

2026-06-28 — Thread opened

~7 GW + >$400B committed over 3 years; UAE live via “OpenAI for Countries” (UK/Norway/Argentina/South Korea in train); the single biggest concentration of AI capital + sovereign money’s entry point. ⟨seed 2026-07-22⟩