Nvidia is reported to invest up to $3 billion in Stargate power developer Lancium

Nvidia is reported to invest up to $3 billion in Lancium, the Blackstone-backed power developer behind the Stargate data-center campus in Abilene, Texas. Neither company has confirmed the terms on the record.

The reported structure starts with $2 billion for roughly a 20 percent stake, with up to $1 billion more tied to Lancium hitting grid-connection thresholds — a deal that would value its land-and-power portfolio at about $10 billion. The move would push Nvidia deeper into the physical layer of the AI boom: the electricity, land and grid connections its accelerators depend on, not the chips it sells.

Lancium owns the 1,000-acre Lancium Clean Campus in Abilene, the first operational site in the Stargate venture backed by OpenAI, SoftBank and Oracle. It holds about 4 gigawatts of secured Texas grid power and has roughly 15 gigawatts of interconnection projects underway. The fresh capital is expected to support a possible 2027 initial public offering.

For Nvidia, the logic is supply security. Power, not silicon, has become the bottleneck for AI data centers, and a stake in a developer sitting on gigawatts of secured Texas capacity gives it a claim on the scarce input. It would also tie Nvidia’s balance sheet more tightly to the same Stargate buildout that consumes its chips.

The figures rest on outlet reporting, not filings or a company statement, and the second $1 billion is contingent on grid milestones that may slip. Interconnection queues in Texas routinely stretch for years, and 15 gigawatts of pending projects is a pipeline, not a guarantee.