Nvidia’s $99B Investment Portfolio: OpenAI and Anthropic Are the Real Prize

Nvidia has quietly become one of the largest investors in AI, with $99 billion in equity investments and a further $25 billion in commitments as of July 26, 2026. Its public stakes in companies like Intel and SpaceX are already substantial, but its private bets on OpenAI and Anthropic carry the most upside. With both companies reportedly targeting valuations near $2 trillion, Nvidia's portfolio could surge well past $100 billion once those IPOs arrive.

What happened

Data point	Detail
Total equity investments (July 26)	$99 billion
Additional investment commitments	$25 billion
Public stakes value (June 30 filing)	$63.44 billion
Public stakes value (early September)	$46.43 billion
Private holdings value (July 26)	~$48 billion
Active private investments	163 (per FactSet)

Nvidia’s last detailed filing on public equity positions, dated June 30, listed stakes in Intel, SpaceX, CoreWeave, Coherent, Nokia, Synopsys, Nebius, and Generate Biomedicines. Those positions have since lost ground. By early September, their combined value had fallen to $46.43 billion, according to Dow Jones Market Data. The biggest drag was Intel, which dropped from around $30 billion to roughly $19 billion.

Several other public positions, including Corning, IREN, Marvell, Lumentum, and MediaTek, are held as warrants, convertible preferred stock, or debt, so Nvidia does not disclose their current market value. The structure of some of these deals is worth noting:

• Corning: Nvidia put in an initial $500 million for the right to buy up to 3 million Corning shares at a nominal price, plus options on 15 million more shares at $180 each, representing up to a further $2.7 billion if exercised in full.
• IREN: A five-year right to buy 30 million shares at $70 each (up to $2.1 billion), tied to a services agreement.
• Marvell and Lumentum: $2 billion each in convertible preferred stock.
• MediaTek: $3.5 billion in convertible bonds from the Taiwanese chip maker.

Why the private bets matter most

Nvidia’s 163 private investments are harder to track but likely more consequential. The company says those holdings were worth roughly $48 billion as of July 26. A large share of that is almost certainly concentrated in OpenAI and Anthropic.

Nvidia invested $30 billion in OpenAI in February at a valuation of $730 billion. Separately, it agreed late last year to invest up to $10 billion in Anthropic, which CNBC reported valued Anthropic at around $350 billion at the time. According to the Wall Street Journal, Anthropic is now targeting a valuation of around $2 trillion in the coming months. OpenAI is expected to aim for something comparable, though its timeline is less certain.

If those figures hold, Nvidia’s stakes in just those two companies could be worth multiples of what it paid. For context on Anthropic’s trajectory, OpenAI and Anthropic are both moving toward IPO, and the competitive dynamics between them will shape AI infrastructure spending for years.

Other notable private positions

Beyond OpenAI and Anthropic, Nvidia has made several large bets on private AI companies. According to Reuters, Nvidia put roughly $5 billion into Safe Superintelligence, the startup co-founded by Ilya Sutskever, OpenAI’s former chief scientist. The Wall Street Journal reported investments of $1 billion in Poolside and about $800 million in Reflection AI. Nvidia also recently agreed to invest $1.5 billion in SB Energy, a data-center infrastructure company set up by OpenAI and Japan’s SoftBank Group.

Our take

Nvidia is not just selling shovels in the AI gold rush. It is also buying stakes in the mines. That dual position, dominant chip supplier and major equity holder, gives it unusual leverage over the industry’s direction. If OpenAI or Anthropic hit anywhere near a $2 trillion valuation at IPO, Nvidia’s investment returns on those two deals alone could rival what most venture funds earn across entire portfolios.

The risk is concentration. The Intel stake losing roughly $11 billion in a few months is a reminder that paper gains can evaporate fast, especially in semiconductors. For businesses that rely on AI tools built on top of these platforms, the practical takeaway is that Nvidia has a financial interest in the success of the very models and infrastructure you are probably already using. That alignment is not neutral. Nvidia will push compute-hungry AI architectures because its chips run them and its portfolio benefits from their growth.

If you are thinking about integrating AI tools into your business workflows, the underlying infrastructure landscape is less fragmented than it looks. Most roads lead back to Nvidia hardware, whether you are running models via OpenAI, Anthropic, or a smaller provider.

What to do about it

1. Track Anthropic and OpenAI IPO filings when they arrive. The disclosed valuations will tell you a lot about how the AI services market is actually being priced.
2. Audit which AI vendors in your stack depend on Nvidia compute. Concentration at the infrastructure layer is a risk worth understanding.
3. Watch MediaTek and Marvell as proxy signals. If Nvidia is betting on Taiwanese and semiconductor-adjacent players through convertible bonds, it signals where it sees the next capacity bottlenecks.
4. Review your own AI tooling costs annually. As these companies approach IPO, pricing pressure on API services may shift. Lock in favorable terms early where you can.

The short version: Nvidia’s portfolio is a map of where AI money is going. Follow it.

Source: Bing News · Anthropic