Nvidia's finance chief put a number on it: about a quarter of next year's business comes from labs Nvidia is helping to pay for
On the 26 August earnings call, chief financial officer Colette Kress said demand from AI labs that Nvidia is financing will make up roughly a quarter of the company's business next year. Nvidia has already invested close to $50 billion in those labs and has lined up around $500 billion in financing commitments alongside six investment firms — Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR. The commitments are an intention rather than money in place: they remain subject to definitive agreements that have not been signed. The specifics Kress gave include 12 gigawatts of Nvidia compute for OpenAI through 2030, a first phase of the SB Energy partnership supporting 4.25 gigawatts for OpenAI, and credit support covering nearly 2 gigawatts for a second, unnamed lab. Kress rejected the label 'circular financing', arguing that outside lenders assess each deal independently, that the customers are investment-grade, and that the equipment can be resold if anyone defaults.
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