Compute · the Ledger · Chip supply
Nvidia and OpenAI sign a letter of intent: at least 10 GW of Nvidia systems, with Nvidia intending to invest up to $100B
Announced · announced 22 Sept 2025 · the week to 26 Sept 2025
- Size
- $100B
- Power
- 10 GW
Up to $100B of Nvidia investment, to be made progressively as systems deploy (a ceiling). No definitive agreement was found.
The parties
- NVIDIAcompany pageSupplier
- OpenAIcompany pageBuyer
- NVIDIAcompany pageInvestor
The source
NVIDIA press release, 2025-09-22Company press release
First phase planned for H2 2026 on Vera Rubin. The release says the companies "look forward to finalizing the details of this new phase of strategic partnership in the coming weeks." On 2026-02-27 OpenAI announced instead a $110B round including $30B from Nvidia, with 3 GW of dedicated inference and 2 GW of training capacity on Vera Rubin (openai.com/index/scaling-ai-for-everyone/). Accelerator as stated: NVIDIA Vera Rubin.
The same parties, other deals
- NVIDIA agrees to buy $1.0B of Nscale convertible notes or non-voting shares within a $3.1B minimum subscription$1B · 18 Sept 2026
- Crusoe holds the initial closing of an anticipated $3.9B Series F at a $30.9B post-money valuation$3.9B · 17 Sept 2026
- Nvidia gives SB Energy residual value guaranties, capped at $105B, on ~4.25 GW of Ohio data center leases to OpenAI$105B · 17 Aug 2026
- Nvidia signs a $3.4B, five-year AI cloud contract with IREN for air-cooled Blackwell GPUs at Childress$3.4B · 7 May 2026
- Nvidia invests ~$2B in Nebius via a pre-funded warrant for 21,065,936 shares; Nebius targets >5 GW of Nvidia systems by 2030$2B · 11 Mar 2026
- Amazon agrees to invest $50B in OpenAI: $15B in the current round plus a $35B commitment tied to milestones or an IPO$50B · 27 Feb 2026