Nvidia is on the verge of finalizing a $30 billion equity stake in OpenAI, effectively replacing a landmark $100 billion infrastructure agreement the two companies unveiled just months ago. The proposed deal, first reported by the Financial Times, would make Nvidia a direct shareholder in one of the world’s most closely watched artificial intelligence companies.
Unlike the original agreement from September 2025, this Nvidia OpenAI investment carries no conditions tied to deployment milestones or the rollout of new supercomputing facilities, according to a source cited by CNBC. The shift in structure is significant — the earlier deal required Nvidia to invest gradually over several years as OpenAI hit specific computing benchmarks, with the first $10 billion tranche set to release only after OpenAI completed its first gigawatt of AI capacity.
From $100 Billion to $30 Billion: A Scaled-Back Partnership
The September 2025 partnership announcement sent shockwaves through the technology industry and triggered a cascade of similar infrastructure pledges from other firms. The deal outlined a structure in which Nvidia would invest in OpenAI across multiple years as new supercomputing facilities came online. However, that milestone-based framework never fully materialized.
Nvidia CEO Jensen Huang later described the original arrangement as “never a commitment,” and the deal quietly stalled. The new $30 billion proposal replaces that complexity with a clean, one-time equity transaction. A source speaking to CNBC said Nvidia has not ruled out future participation in rounds aligned with the original framework. The Financial Times, however, reported that both companies have agreed not to proceed with the multi-year $100 billion partnership at all. Neither company has made a public statement to resolve this disagreement.
OpenAI’s Record-Breaking Funding Round
The Nvidia investment is part of OpenAI’s current fundraising effort, which aims to bring in as much as $100 billion — making it one of the largest private capital raises ever recorded. Reuters reported in January 2026 that the round would value OpenAI at approximately $830 billion. TechCrunch, citing Bloomberg, reported that the post-money valuation could exceed $850 billion, with a pre-money figure of $730 billion. CNBC’s source separately confirmed the $730 billion pre-money valuation.
On the exact size of Nvidia’s contribution, there is a discrepancy between sources. The Financial Times, Reuters, and CNBC all cite $30 billion as the investment figure. TechCrunch, citing Bloomberg, placed Nvidia’s figure closer to $20 billion. The deal has not been officially confirmed, and specific terms remain subject to change.
Who Else Is Backing OpenAI
Nvidia is far from the only major player expected to participate in this round. Amazon is reportedly in talks to invest as much as $50 billion, and SoftBank is gearing up for a contribution of around $30 billion. Microsoft is also expected to take part in the round. Venture capital firms and sovereign wealth funds are anticipated to close their tranches at a later stage, potentially pushing the total raised even higher than the $100 billion target.
The Circular Investment Dynamic
One of the more unusual features of this deal is its self-reinforcing financial logic. OpenAI has signaled its plan to reinvest a large share of its newly raised capital in Nvidia hardware. Sam Altman, OpenAI’s CEO, has said the company plans to remain a “gigantic customer” of Nvidia — meaning Nvidia would be putting money into OpenAI while OpenAI simultaneously channels much of that funding back to Nvidia for AI chips.
This arrangement reflects just how tightly the two companies are bound together. Nvidia dominates the global market for AI computing hardware, and OpenAI’s explosive growth and surging compute demands have been a major pillar of that dominance. An equity deal would deepen that mutual dependency, turning a supplier-customer relationship into something closer to a formal financial partnership.
What to Expect Next
Reuters reported that the deal could be finalized as early as the weekend of February 22, 2026, though the terms have not been locked in. Nvidia declined to comment on the reports. The Financial Times was the first outlet to disclose the potential investment, and Nvidia’s decision not to confirm or deny has kept investors and analysts closely watching for any formal announcement.
Meanwhile, OpenAI continues its push toward profitability. The company recently began testing advertisements within ChatGPT for free users, signaling a broader effort to diversify revenue beyond subscription fees. Closing a funding round at an $830 billion-plus valuation would solidify OpenAI’s position as the most valuable private AI company in the world.
