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Nvidia and OpenAI still haven't signed their 100 billion dollar deal

Maximilian Schreiner
Maximilian Schreiner View the LinkedIn Profile of Maximilian Schreiner
Dec 4, 2025

Nvidia and OpenAI have not yet signed their planned 100 billion dollar deal. Nvidia CFO Colette Kress confirmed this on Tuesday during a conference in Arizona. Even though both companies announced plans in September to provide 10 gigawatts of Nvidia systems for OpenAI, the arrangement is still only a memorandum of understanding. Kress said the two sides are still working toward a final agreement.

The holdup raises new questions about the circular business structures that have become common in the tech industry, where large companies invest in startups that then spend the money on the investor's own products. Any future revenue from the OpenAI deal is not included in Nvidia's current 500 billion dollar forecast. A separate 10 billion dollar investment in competitor Anthropic also remains pending.

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