Nvidia reported a significant increase in off-balance-sheet commitments and guarantees, reaching $530 billion in the second fiscal quarter. This figure represents a nearly threefold rise from the $184 billion recorded in the previous quarter, according to the company's Form 10-Q filed on August 26, 2026.
The largest portion of these obligations consists of supply and capacity commitments, totaling approximately $279 billion. Of this amount, 96% is scheduled to be fulfilled by fiscal 2029. This category saw a substantial increase from the $119 billion reported in the prior quarter.
A major component of the company's gross exposure is a $105 billion lease guarantee for an Ohio campus operated by SB Energy, which is leased to an OpenAI affiliate. This 20-year agreement is intended to support the financing of a large-scale infrastructure project.
Additionally, Nvidia disclosed $36 billion in neocloud take-or-pay agreements and roughly $20 billion in data center leases expected to be reassigned. Research firm SemiAnalysis estimates that these financing structures support approximately 6.5 GW of cluster deals.
