When Nvidia’s earlier $100 billion deal with OpenAI fell apart, many expected the relationship between the two AI titans to cool. Instead, Nvidia has come back stronger with a $30 billion equity stake that reframes the entire investment structure. This time, there are no chip purchase requirements attached — just a straightforward bet on OpenAI’s future.
The funding round, expected to raise approximately $100 billion in total, will value OpenAI at around $730 billion. That extraordinary number places the ChatGPT creator in rarefied air, trailing only SpaceX among privately held companies. Investors including Amazon, SoftBank, and Microsoft are all expected to participate alongside Nvidia.
The previous deal had been widely criticized as circular. Nvidia would give OpenAI money, OpenAI would use that money to buy Nvidia chips, and both companies would benefit from the appearance of a massive transaction without any new value entering the ecosystem. Reports that emerged earlier this month confirmed that the $100 billion figure was never a firm commitment, and OpenAI had already begun looking at alternative chip suppliers.
In fact, OpenAI has since announced chip partnerships with AMD and Broadcom, signaling that it no longer intends to be exclusively dependent on Nvidia’s hardware. This diversification strategy adds a fascinating layer of complexity to Nvidia’s decision to still invest $30 billion in the company it may no longer supply exclusively.
OpenAI’s financial picture remains complicated. It is testing advertising on ChatGPT, a move that competitor Anthropic publicly ridiculed in a high-profile ad campaign. SoftBank, a major backer, said on an earnings call that its anticipated investment is not yet finalized. And Broadcom’s CEO has already suggested the company doesn’t expect much from its OpenAI deal in 2026, further muddying the waters around the ChatGPT maker’s hardware strategy.