Compute / the Ledger · 9 deals
Who is paying whom for compute.
Every deal dated, typed in plain words, and linked to the document it comes from.
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Deals with NVIDIA as a party. NVIDIA’s page · Show every party
| Announced | Deal | Parties | Type | Value | Terms | Source |
|---|---|---|---|---|---|---|
| 18 Sept 2026 | NVIDIA agrees to buy $1.0B of Nscale convertible notes or non-voting shares within a $3.1B minimum subscriptionSignedSubscription Agreement dated 2026-09-15 for a minimum aggregate $3.1B: $2.1B of unsecured convertible loan notes and a further $1.0B of unsecured convertible loan notes or non-voting shares to be issued to NVIDIA (the NVIDIA Sale). The notes convert automatically on completion of the IPO. The NVIDIA Sale will close on or around 2026-11-16. The holders of the other $2.1B are not named in the passage read. | Equity stake | $1B$1.0B NVIDIA portion of a $3.1B minimum subscription | Nscale Form S-1, filed 2026-09-18Regulatory filing | ||
| 17 Sept 2026 | Crusoe holds the initial closing of an anticipated $3.9B Series F at a $30.9B post-money valuationSignedCo-led by Atreides Management, Mubadala Capital and Valor Equity Partners, with Founders Fund, GIC, NVIDIA, Qatar Investment Authority, Radical Ventures and TPG among new and existing investors. Crusoe states over $140B in total contracted value across its platform. Proceeds are to scale existing programs and build its own AI factories, from large campuses to modular Crusoe Spark units, and Crusoe Cloud. |
| Equity stake | $3.9BInitial closing of an anticipated $3.9B round; $30.9B post-money valuation | Crusoe press release, 2026-09-17Company press release | |
| 17 Aug 2026 | Nvidia gives SB Energy residual value guaranties, capped at $105B, on ~4.25 GW of Ohio data center leases to OpenAISignedPORTS Technology Campus, Pike County, Ohio; an OpenAI affiliate is the tenant. Nvidia pays the shortfall versus guaranteed minimum value on OpenAI insolvency or non-payment. Obligations start when ready-for-service conditions are met, expected from 2028. The site will host Nvidia infrastructure. | Backstop | $105BCumulative cap of $105B on the initial commitment; Nvidia may, at its discretion, back ~3.8 GW more. | 4,250 MW | NVIDIA 8-K, 2026-08-17Regulatory filing | |
| 7 May 2026 | Nvidia signs a $3.4B, five-year AI cloud contract with IREN for air-cooled Blackwell GPUs at ChildressSignedDeployed within 60 MW of existing Childress data centers, ramp targeted from early 2027; supports Nvidia's internal workloads (Q3 FY26 call). Part of a 5 GW strategic partnership under which IREN issued Nvidia a five-year right to buy up to 30M IREN shares at $70 (up to $2.1B), vesting as Nvidia GPU infrastructure is deployed. Accelerator as stated: NVIDIA Blackwell (air-cooled). | Capacity contract | $3.4B | 5 years60 MW | IREN 8-K Ex. 99.1 (Q3 FY26 results), 2026-05-07Regulatory filing | |
| 11 Mar 2026 | Nvidia invests ~$2B in Nebius via a pre-funded warrant for 21,065,936 shares; Nebius targets >5 GW of Nvidia systems by 2030CompletedPre-funded Class A warrant, exercise price $0.0001; six-month lock-up. Partnership covers AI factory design, inference software, early Vera Rubin adoption and fleet management. | Equity stake | $2B | 5,000 MW | Nebius 6-K, 2026-03-11Regulatory filing | |
| 26 Jan 2026 | Nvidia buys $2B of CoreWeave Class A stock at $87.20 per share; companies sign a 5 GW buildout frameworkCompleted22,935,780 shares in a private placement closed 2026-01-23. Collaboration framework to accelerate CoreWeave's buildout of more than 5 GW of AI factories by 2030 on Nvidia's platform. | Equity stake | $2B | 5,000 MW | CoreWeave 8-K, 2026-01-26Regulatory filing | |
| 18 Nov 2025 | Anthropic commits to $30B of Azure compute; Nvidia to invest up to $10B and Microsoft up to $5B in AnthropicSignedEquity: Nvidia up to $10B, Microsoft up to $5B (ceilings). No valuation disclosed. Accelerator as stated: NVIDIA Grace Blackwell / Vera Rubin. | Capacity contract | $30B$30B Azure purchase commitment; the up-to-1 GW of additional contracted capacity is on top of it. | 1,000 MW | Anthropic announcement, 2025-11-18Company press release | |
| 22 Sept 2025 | Nvidia and OpenAI sign a letter of intent: at least 10 GW of Nvidia systems, with Nvidia intending to invest up to $100BAnnouncedFirst 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. | Chip supply | $100BUp to $100B of Nvidia investment, to be made progressively as systems deploy (a ceiling). No definitive agreement was found. | 10,000 MW | NVIDIA press release, 2025-09-22Company press release | |
| 15 Sept 2025 | Nvidia agrees to buy CoreWeave's residual unsold cloud capacity through April 13, 2032 under a $6.3B order formSignedNew order form under the April 10, 2023 MSA: where CoreWeave's capacity is not fully used by its own customers, Nvidia must purchase the residual unsold capacity through 2032-04-13, subject to delivery and availability requirements. Nvidia is also CoreWeave's GPU supplier and a stockholder. | Backstop | $6.3BInitial value of the order form: $6.3B. | CoreWeave 8-K, 2025-09-15Regulatory filing |
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