Nvidia reported that its total contracted value with AI developer Anthropic has surpassed $180 billion. This figure encompasses a complex network of equity investments, cloud computing agreements, and infrastructure commitments involving various data center operators and intermediaries.
Key agreements include a $35 billion deal with Lambda for 350 megawatts of capacity in Texas, and a six-year, $45 billion contract with Nscale for 460 megawatts of capacity in West Virginia. Anthropic has also committed $30 billion to Microsoft Azure for computing needs.
Nvidia's financial involvement includes a $10 billion equity commitment made in November 2025. The company is also reportedly in negotiations to act as an anchor investor for up to $10 billion in Anthropic's planned IPO, which targets a valuation of $2 trillion and a raise of $100 billion.
By the end of the second quarter of fiscal year 2027, Nvidia reported $279 billion in supply obligations and $108.5 billion in guarantee obligations related to its AI cloud and data center partners. These interlinked financial structures have drawn attention to the risks of circular financing within the AI sector.
