At a glance
- NVIDIA reported US$96.2 billion of revenue for the quarter to 26 July 2026, and US$89.0 billion of it came from data centres.
- Guarantee obligations at one Ohio campus are capped at US$105 billion, with the first phase expected in NVIDIA's 2029 financial year.
- Firmus and Sharon AI are among the first companies in an NVIDIA programme under which NVIDIA takes a share of their cloud revenue.
- NVIDIA took part again in Firmus's US$2 billion equity round on 7 August 2026, which valued the Australian company above US$10.5 billion.
- The Information reported on 26 August 2026 that NVIDIA has agreed to buy the model hub Hugging Face for US$12.9 billion.
Data centres supplied US$89.0 billion of NVIDIA's quarterly revenue
NVIDIA reported the second quarter of its 2027 financial year after the American market closed on 26 August 2026, which put the result in front of Australian readers on the morning of 27 August 2026. Revenue for the three months to 26 July 2026 was US$96.2 billion, and data centres supplied US$89.0 billion of it, up 117 per cent on a year earlier. NVIDIA guided to US$108.0 billion, plus or minus 2 per cent, for its third quarter, and gave a first full-year outlook on the call, a preliminary expectation of about 70 per cent revenue growth in its 2028 financial year.
NVIDIA's own guarantee table in the same accounts totals US$108.5 billion against other companies' data centre leases and power, US$105 billion of it behind the rent at a single campus in Ohio. The trade publication Blockspace set the disclosure out on 26 August 2026.
| NVIDIA's disclosed outlays | Amount | Status |
|---|---|---|
| Supply and capacity, mostly memory | US$279bn | Inside US$366bn of total future commitments |
| Ohio campus guarantees | US$105bn | Capped, first phase expected in fiscal 2029 |
| Hugging Face | US$12.9bn | Reported by The Information on 26 August 2026 |
Source: NVIDIA's second quarter fiscal 2027 CFO commentary, 26 August 2026, and The Information's report of the same date.
NVIDIA sells the processors, and its accounts now carry US$108.5 billion of guarantees on the buildings they sit in. In Australia it holds equity in Firmus and shares the cloud revenue at Firmus and Sharon AI.
OpenAI's leases run 20 years at SB Energy's Ohio campus
NVIDIA announced the arrangement on 17 August 2026 and put the numbers in its quarterly accounts nine days later. NVIDIA is guaranteeing what it calls "land, power, and shell buildout", meaning the site, its power supply and the empty building, to secure about 4.25GW at SB Energy's PORTS-Pike campus in Ohio. SB Energy is a SoftBank Group company, and the campus will host NVIDIA hardware under 20-year leases to OpenAI. NVIDIA says its exposure "declines as OpenAI fulfills lease payments". NVIDIA also took a US$1.5 billion equity stake in SB Energy, and holds a second, smaller guarantee of US$3.5 billion over its AI cloud partners' data centre leases.
NVIDIA's obligations are capped at US$105 billion and, in its own words, "become effective in phases as certain conditions are met, including data centers becoming ready for service, with the first expected in fiscal 2029", the financial year that starts in late January 2028.
Chief financial officer Colette Kress addressed the guarantees on the earnings call, in remarks reported by Fortune: "We recognize the scale of this support, and we know some will call this circular financing. We see it differently." Critics use that term for arrangements in which NVIDIA's own money helps its customers buy NVIDIA hardware. Kress described the support as low-risk and high-reward. Bill Birmingham, a managing director at Rex Financial, wrote that when reports of a US$250 billion guarantee surfaced in July 2026 the cost of insuring NVIDIA's debt against default rose from 0.40 to 0.82 per cent, and that even with the final figure at US$105 billion "the market read this as less demand and not less risk".
NVIDIA had lined up US$500 billion of third-party capital on 10 August 2026 for customers to buy compute with.
NVIDIA's revenue share covers Australia's Firmus and Sharon AI
On 1 July 2026 NVIDIA launched a model under which, in its own words, "AI clouds will sell NVIDIA-powered cloud services, with NVIDIA earning both standard product revenue and a share of the cloud revenue on the supported capacity". Firmus and Sharon AI, both Australian, are among the first companies in it. NVIDIA says Sharon AI is deploying up to 40,000 GB300 processors, and the Firmus campus it names is a 360MW site at Batam in Indonesia.
NVIDIA invested again in Firmus's US$2 billion equity round, which closed on 7 August 2026 and valued the Australian company above US$10.5 billion once the new money was in, alongside Blackstone Tactical Opportunities, Coatue and Jane Street.
Firmus, Sharon AI, ResetData and IREN all fund graphics processors through the capital markets, and the Australian data centre operators who house them fund land, buildings, fit-out and grid connection and sell AI data centre capacity on long leases. Australia's neocloud providers sell capacity that is contracted before it is built, and on Cushman & Wakefield's count 61 per cent of Australia's colocation pipeline is under lease before construction starts.
Hugging Face goes to NVIDIA in a reported US$12.9bn deal
The Information reported on the night of 26 August 2026 that NVIDIA has agreed to buy Hugging Face for US$12.9 billion. Business Insider had reported takeover interest over the preceding weekend, and neither company has announced the deal. Hugging Face is the hub where developers publish and download open-source models, and The New Stack argued on 27 August 2026 that NVIDIA ownership puts Hugging Face's hardware neutrality in question, because its Optimum toolkit lets models run on NVIDIA, AMD, Intel and AWS chips alike.
Stripe agreed to buy OpenRouter on 19 August 2026, and names NVIDIA among the customers of a service that routes requests across more than 400 models from more than 80 providers.
NVIDIA would own the hub where developers pick their models, a week after Stripe agreed to buy the service that routes requests between them.
What to watch
The next Australian processor financing. ResetData took an A$165 million short-term loan from Macquarie Bank on 13 August 2026 for staged NVIDIA processor purchases.
Which Australian companies join the revenue-share model next. NVIDIA named Firmus and Sharon AI among the first when it launched the model on 1 July 2026.
An announcement on Hugging Face. The Information reported the agreement on 26 August 2026 at US$12.9 billion. A statement from either company or a competition filing would move it from report to record.
The first PORTS-Pike building ready for service. NVIDIA's obligations start in phases as data centres become ready, the first expected in its 2029 financial year, which starts in late January 2028.