Chipmaker Nvidia is unlikely to invest as much as $100 billion in artificial intelligence startup OpenAI, according to CEO Jensen Huang, who said the opportunity for such a large equity investment has narrowed now that OpenAI is moving closer to a public listing.
“I think the opportunity to invest $100 billion in OpenAI is probably not in the cards,” Huang said, according to Bloomberg.
He pointed to OpenAI’s planned IPO as a key factor limiting further large‑scale private investments, noting that once the company goes public, the window for Nvidia to take additional minority stakes will effectively close.
Huang said Nvidia’s previous infrastructure‑style commitment to OpenAI was conceptually distinct from the equity round just closed.
NVIDIA’s biggest startup investment so far
Nvidia’s comments follow its participation in OpenAI’s $110 billion funding round, which closed earlier this year and values the company at about $730 billion pre‑money, according to OpenAI’s own announcement and TechCrunch.
In that round, Nvidia invested $30 billion, alongside $50 billion from Amazon and $30 billion from SoftBank. The $30 billion participation marks Nvidia’s largest single investment in a startup to date, dwarfing its earlier $10 billion‑scale commitments such as its stake in Anthropic.
Huang explicitly contrasted this $30 billion equity bet with the earlier $100 billion “infrastructure‑style” agreement from 2025, calling that arrangement a long‑term, capacity‑linked framework rather than a direct equity stake of the same size.
Although the 2025‑announced $100 billion‑style deal generated headlines, the actual $30 billion equity investment as part of OpenAI’s $110 billion round is what Nvidia now describes as “the last” such major private‑market move before a listing, with Huang saying the opportunity for anything approaching $100 billion in further equity is unlikely before the IPO.
