AI Compute Deal Ledger · NVDA · Free Dataset · CC BY 4.0

Nvidia: The AI Deal Record

Every Nvidia deal in the ledger, with the source on every row. Binding base-term value: $15B, plus $350B announced but not binding. Snapshot disclosures (backlog restatements, order intake, program envelopes) are listed but never summed.

Binding value

$15B

1 binding deals, base terms

Binding capacity

contracted IT load with disclosed MW

Not binding

$350B

2 LOI / framework / reported

Deal by Deal

2026-07-27Reported↻ Circular

Nvidia (Financier) · OpenAI (Buyer) · SB Energy (Developer)

Value: up to $250B
Capacity / term: 10 GW
First revenue: not disclosed
Sources: [1] tier-1 [2] other

REPORTED ONLY, excluded from binding aggregates: Nvidia in talks to guarantee up to $250B of financing so OpenAI can lease the SoftBank-subsidiary SB Energy 10 GW Ohio campus. Circular by construction: the guarantor's chips are the campus's payload. Nvidia fell 5% on the report.

Conditions: Early talks per WSJ reporting; nothing signed. Backstop would cover lease and construction financing so OpenAI can lease a planned $500B, 10 GW SB Energy campus in Pike County, Ohio (800 MW first phase targeted 2028). Parallel talks reportedly cover up to $350B of chip financing.

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2025-11-18Binding↻ Circular

Microsoft (Financier) · Nvidia (Financier) · Anthropic (Buyer)

Value: up to $15B
Capacity / term: n/a
First revenue: not disclosed
Sources: [1] primary [2] primary [3] tier-1

Compute-linked equity: Microsoft (up to $5B) and Nvidia (up to $10B) investing in Anthropic alongside Anthropic's $30B-plus Azure purchase commitment (anthropic-azure-commitment-2025-11). The investments reportedly lifted Anthropic's valuation to around $350B. Circular by definition: suppliers funding their own customer.

Conditions: Combined figure: Microsoft up to $5B and Nvidia up to $10B, staged investments announced as part of the Azure compute alliance.

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2025-09-22LOI / MOU↻ Circular

Nvidia (Financier) · OpenAI (Buyer)

Value: up to $100B
Capacity / term: 10 GW
First revenue: 2026
Sources: [1] primary [2] primary [3] other

NON-BINDING, excluded from binding aggregates: LOI for Nvidia to invest up to $100B in OpenAI, staged as each gigawatt of at least 10 GW of Nvidia systems deploys. The archetypal circular AI deal: the investor is the chip supplier whose systems the investment buys. Context for the July 2026 backstop talks (nvidia-openai-backstop-talks-2026-07).

Conditions: Letter of intent, not a definitive agreement: investment staged progressively as each gigawatt of at least 10 GW of Nvidia systems is deployed. First gigawatt targeted for H2 2026 on the Vera Rubin platform.

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