S&P Global Ratings affirmed Nvidia Corp.'s AA issuer credit rating on Tuesday, maintaining a stable outlook as the chipmaker secures a substantial financial guarantee for its planned AI infrastructure campus in Portsmouth, Ohio.
The credit rating agency highlighted a $105 billion guarantee provided by Nvidia to SB Energy for the nine-building AI data center campus, expected to come online between 2028 and 2030 on a phased basis. OpenAI has been named as the primary tenant, with Nvidia committing to supply GPU and infrastructure systems upon completion of each phase.
S&P also adjusted its debt projections for Nvidia, estimating a $4.2 billion increase in 2028 and a further rise to approximately $37.7 billion by 2031. These adjustments reflect the difference between the guaranteed minimum value and the assessed property recovery value, tax-affected at a 21% corporate rate, using commercial real estate valuation methodology.
As of April 26, 2026, Nvidia reported $106 billion in cash and marketable securities against $33.5 billion in funded debt. The company completed a $25 billion debt raise in June, positioning it to support large-scale infrastructure investments. S&P noted that Nvidia's projected free operating cash flow for fiscal years 2027 through 2029 exceeds $800 billion, with EBITDA expected to reach $271 billion in 2027, $371 billion in 2028, and $491 billion in 2029.
The rating affirmation underscores S&P's confidence in Nvidia's financial resilience despite significant capital commitments, with the Ohio campus serving as a key anchor for the company's long-term AI infrastructure strategy.
