Nvidia is planning to invest $30 billion in an upcoming OpenAI funding round that could see the generative AI giant raise more than $100bn at a $730bn pre-money valuation.

According to a report from the FT, the investment would replace the September 2025 pledge from Nvidia to invest up $100bn in OpenAI, something which Nvidia CEO Jensen Huang has pushed back on in recent weeks.

A letter of intent was signed by the two companies last year, under the terms of which Nvidia said it would deploy at least 10GW of its systems in OpenAI’s data centers, whilst also investing up to $100bn in OpenAI as the new systems come online.

The first phase under that arrangement was expected to go live in the second half of 2026 using the Nvidia Vera Rubin platform.

At the time, Huang called it “the largest computing project in history," but the company's CFO said that the deal had not passed the letter of intent stage as of December.

Last month, the Wall Street Journal reported that OpenAI had expected the pledge to be finalized within weeks, but progress has yet to be made, with Huang going on to publicly state: “We never said we were going to invest $100bn in one round. They invited us to invest up to $100bn. And, of course, we were very happy and honored."

However, CNBC reports that the $30bn pledge is separate from the aforementioned $100bn agreement, with sources cited by the publication stating the $30 billion is not tied to any deployment milestones, and Nvidia could still opt to invest more in subsequent funding rounds.

The source went on to note that the $30bn deal is not final and the details are still subject to change. SoftBank and Amazon are both also likely to participate in the OpenAI funding round.