NVIDIA agreed on September 2, 2026 to acquire Hugging Face, the open-source AI model and dataset platform, for approxima

NVIDIA Corporation entered into a definitive agreement to acquire Hugging Face, Inc., which operates a platform and community for developing, sharing and deploying open-source machine learning models, datasets and applications. The transaction is valued at approximately $11.9 billion payable to Hugging Face stockholders subject to customary adjustments, with an additional equity-based retention program of up to approximately $1.0 billion allocated for Hugging Face employees who join NVIDIA.

The acquisition is expected to close in the first half of 2027, contingent on satisfaction or waiver of customary closing conditions including receipt of required regulatory approvals. NVIDIA has committed to maintaining Hugging Face's platform in its open, community-driven state consistent with existing practices. Under this commitment, model makers, developers and users would continue to be able to upload and download models and datasets of their choosing, and the platform would continue to support other silicon vendors beyond NVIDIA's own processors.

The filing identifies two material risk factors specific to this acquisition. First, government restrictions on open-source AI models could negatively impact both Hugging Face's platform and NVIDIA's business. The filing notes that other parties are actively lobbying U.S. and international governments to adopt legislative or regulatory restrictions on open-source models and their users. Governments may impose new requirements governing development, training, release, distribution, access, transfer, deployment or use of AI models generally, potentially restricting available models or datasets, requiring platform changes, delaying offerings, increasing compliance costs, or triggering investigations. Second, regulatory controls limiting NVIDIA's ability to provide products and services supporting models derived from any region, including China, could have material impact on both Hugging Face and NVIDIA's operations, results and financial condition.