Nvidia commits up to $3 billion to Lancium in a major bet on infrastructure for Stargate, OpenAI's planned mega-cluster project.

Nvidia is investing up to $3 billion in Lancium, a power infrastructure company at the center of the Stargate AI data center initiative, according to Reuters. The transaction includes a potential additional $1 billion contingent on Lancium meeting specific benchmarks, including milestones tied to connecting to the electrical grid.

The deal values Lancium—including its land holdings and power assets—at an enterprise value of approximately $10 billion, reflecting the significant scale of capital now flowing into AI infrastructure development. Lancium plans to deploy the investment to expand its operations while evaluating whether to pursue a public listing in 2027. Neither Nvidia nor Lancium provided comment when Reuters sought details on the arrangement.

Lancium's flagship property is the 1,000-acre Lancium Clean Campus in Abilene, Texas, where the Stargate project first became operational. Stargate brings together SoftBank, OpenAI, and Oracle with the goal of constructing a network of AI data centers across the United States. President Donald Trump unveiled the Stargate initiative in January, at which point the three founding partners committed to channeling as much as $500 billion into AI infrastructure development.

Speaking at a private gathering of family offices and financial institutions in Taipei, Nvidia CEO Jensen Huang emphasized the investment opportunity in AI infrastructure, arguing that returns had reset over the previous six months and were now profitable at a scale that had silenced earlier skeptics. "You need land, power, you need energy, but you also need financing," Huang said, highlighting wealthy family offices as an emerging capital source alongside traditional institutional investors.

Nvidia has expanded its infrastructure footprint through other partnerships as well, including a broader collaboration with chip designer Marvell Technology that included a $2 billion investment. The Lancium deal signals that Nvidia is moving beyond chip manufacturing to take direct stakes in the physical infrastructure required to operate the AI systems powered by its hardware.