Nvidia's off-balance-sheet guarantees balloon to $530B

Nvidia's off-balance-sheet commitments and guarantees swelled to $530 billion in fiscal Q2, nearly triple the $184 billion the chipmaker reported a quarter earlier. The number comes from Note 10 of Nvidia's Form 10-Q for the quarter ended July 26, 2026, which the company filed on August 26. Research firm SemiAnalysis flagged the near tripling.

The heaviest line item is supply and capacity commitments, sitting at roughly $279 billion. That bucket jumped from $119 billion the previous quarter, a $160 billion quarterly increase on its own. Nvidia says 96% of it falls due by fiscal 2029.

Then there's the guarantee exposure: $108.5 billion in maximum gross exposure, most of it riding on a single deal. The biggest piece is a lease guarantee of up to $105 billion covering SB Energy's Ohio campus, which is leased to an OpenAI affiliate. It is capped at that level over 20 years and is structured to finance a large infrastructure project that might otherwise have struggled to line up funding alone.

AI cloud agreements add another $36 billion, which SemiAnalysis singled out as neocloud take-or-pay commitments. Nvidia also disclosed around $20 billion in data center leases it expects to be reassigned. SemiAnalysis estimates roughly 6.5 GW of cluster deals have been supported through these financing structures.

The caveat baked into the filing: off-balance-sheet does not mean off-the-hook. The guarantee figure is described as maximum gross exposure — a ceiling, not a certain loss. But a $105 billion guarantee tied to one counterparty's infrastructure is a concentrated bet on that project's long-term viability, and with almost all supply commitments due by fiscal 2029, the next few years will show whether Nvidia is buying capacity the market still needs.