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Short answer: January 2026 reports said talks around NVIDIA’s proposed, up-to-$100-billion OpenAI arrangement had stalled. But the original plan was a 2025 letter of intent—not a completed $100 billion investment—and later announcements describe a different, $30 billion NVIDIA investment in OpenAI’s 2026 funding round alongside an expanded compute partnership. Public information reviewed through October 2, 2026, does not establish whether the original letter of intent was formally canceled, amended, or replaced.
What was the original NVIDIA–OpenAI deal?
On September 22, 2025, NVIDIA and OpenAI announced a letter of intent covering infrastructure and investment. They said they planned to deploy at least 10 gigawatts of NVIDIA systems for OpenAI. NVIDIA said it intended to invest up to $100 billion progressively as each gigawatt was deployed, with the first phase targeted for the second half of 2026 using NVIDIA Vera Rubin systems.
The scale of the headline can obscure the terms: “up to $100 billion” was a conditional investment intention tied to future deployments, not evidence that NVIDIA had paid or closed $100 billion. The companies also described NVIDIA as OpenAI’s preferred strategic compute and networking partner and said they would coordinate model, infrastructure software, hardware, and software roadmaps.
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On January 30–31, 2026, media reports described discussions around the original arrangement as stalled and said the companies were considering a smaller investment. NVIDIA CEO Jensen Huang pushed back on the idea that NVIDIA would not invest, saying NVIDIA would participate in OpenAI’s funding round. Those reports did not amount to an official company explanation of why the original plan had slowed.
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On February 25, Huang told Axios, “We continue to work with OpenAI toward a partnership agreement, and believe we are close.” Axios also reported that the September arrangement had not yet closed at that point. His remark signaled continuing discussions; it did not confirm that the original up-to-$100-billion investment would go ahead in full or on its initial terms. Axios’s February report is a report of his comments, not a definitive public account of the letter of intent’s legal status.
How the 2026 funding round differed from the original plan
On February 27, OpenAI announced a new funding round and a larger compute arrangement with NVIDIA. These were later, separately described commitments; they should not be treated as proof that the 2025 letter of intent was completed as originally announced.
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| What was announced | Amount or scale | Status and source |
|---|---|---|
| September 2025 infrastructure-and-investment plan | At least 10 GW of NVIDIA systems; NVIDIA intended to invest up to $100 billion progressively as each gigawatt was deployed | Letter of intent and stated intentions, announced by NVIDIA and OpenAI; initial phase targeted for the second half of 2026. Joint announcement |
| February 2026 OpenAI funding round | $110 billion in new investment at a $730 billion pre-money valuation, including $30 billion from NVIDIA, $30 billion from SoftBank, and $50 billion from Amazon | OpenAI’s announced round terms. OpenAI announcement, February 27, 2026 |
| February 2026 NVIDIA compute expansion | 3 GW of dedicated inference capacity and 2 GW of training on Vera Rubin systems | OpenAI’s description of its expanded NVIDIA relationship. OpenAI announcement, February 27, 2026 |
| March 2026 funding-round close | $122 billion in committed capital at an $852 billion post-money valuation | OpenAI said the round closed on March 31, 2026. Its announcement does not say the original 2025 deployment-linked intent was completed on its original terms. OpenAI announcement, March 31, 2026 |
The February figures describe a funding round and a compute expansion. The March figure is the round’s reported committed capital at closing, not a revised value for NVIDIA’s individual contribution. The difference between the announced $110 billion and $122 billion at closing reflects the figures OpenAI reported at those respective stages; the announcements do not establish that the original letter of intent was folded into either total.
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Is NVIDIA still investing in OpenAI?
OpenAI’s February 27 announcement named NVIDIA for $30 billion in its funding round, and OpenAI said on March 31 that the round closed with $122 billion in committed capital. That establishes the announced investment and the round’s closing, but the closing announcement does not independently detail NVIDIA’s payment schedule.
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On October 2, Cinco Días, citing The Information, reported that NVIDIA and SoftBank had each paid a final $10 billion installment toward their respective $30 billion commitments. This is attributed secondary reporting; it is not independently confirmed by the OpenAI announcements cited above. Cinco Días’s October 2 report is the source for that payment detail.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Was the original $100 billion deal canceled?
The public announcements and reporting cited here do not settle that question. They establish the original letter of intent, reports that talks around it had stalled, subsequent funding-round and compute announcements, and continuing partnership discussions. They do not establish that the letter of intent was formally terminated, amended, or superseded. It is therefore more accurate to say the original plan’s status is unresolved publicly than to call it a signed $100 billion deal that was canceled.
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What to take away
- The original “up to $100 billion” figure described NVIDIA’s intended, deployment-linked investment in a letter of intent, not money shown to have been transferred.
- In 2026, OpenAI announced a separate $30 billion NVIDIA investment in a funding round and a compute expansion involving 3 GW of inference and 2 GW of training capacity.
- OpenAI said the round closed with $122 billion in committed capital; a later report attributed the final $10 billion installment detail to The Information.
- The reason talks were reported to have stalled, and the original letter of intent’s formal legal status, are not established by these public sources.
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