Nvidia Nears $30 Billion Investment in OpenAI, Deepening Its Biggest Customer Bet

Nvidia is in discussions to invest up to $30 billion in OpenAI as part of a funding round that could value the AI startup at a $730 billion pre-money valuation.

A Separate Deal

This investment is separate from the $100 billion infrastructure agreement that OpenAI and Nvidia announced in September 2025. That deal, which involved Nvidia investing over several years as OpenAI brought new supercomputing facilities online, has reportedly been "on ice" since January. The new $30 billion is not tied to any deployment milestones.

Why It Matters

Nvidia investing $30 billion in one of its largest customers creates a uniquely tangled relationship in the AI industry. Nvidia builds the chips that OpenAI needs to train and run its models. Now it would also own a significant stake in the company buying those chips. The deal, if finalized, would be one of the largest single investments in AI history.

OpenAI is also talking to other investors, and the total round could reach $100 billion. The $730 billion valuation would make OpenAI one of the most valuable private companies ever, reflecting the extraordinary capital flowing into frontier AI development.

The Bigger Picture

Nvidia CEO Jensen Huang said earlier this month there was "no question" the company would invest in OpenAI. Sam Altman tried to shrug off concerns about the earlier $100 billion deal stalling, writing on X that OpenAI loves working with Nvidia. But the shift from an infrastructure-tied deal to a straight equity investment tells its own story about how fast the AI landscape is shifting.