In Jensen Huang's last 15 months as CEO, NVIDIA committed $120B to other companies
Jensen Huang resigned as NVIDIA's chief executive on 12 November. Of the money NVIDIA has put into acquisitions, listed companies and startups since the start of 2023, 95% was committed after September 2025. Three deals, OpenAI, Groq and Hugging Face, make up half of it.
NVIDIA and NVentures, its venture arm, joined 293 venture rounds in 224 startups since 2023: 47 in 2023, 54 in 2024, 80 in 2025 and 112 so far in 2026. In 2022 it joined 12. From July 2025 the pace went from about 25 rounds every six months to about 60.
NVIDIA has joined about 60 venture rounds every six months since July 2025, up from about 25
Venture rounds NVIDIA or NVentures joined per half-year
Source: Dealroom.co · H2 2026: 51 to 12 Nov, dashed at the same pace
Many of those rounds are large. NVIDIA was in 70 of the 1,007 venture rounds of $100M or more raised worldwide in 2026 to 12 November. From January to August it was in more of them than any other investor, 55 against Andreessen Horowitz's 50, as our September analysis showed. Since September Andreessen Horowitz has joined 30 more and NVIDIA 15, which puts NVIDIA second for the year so far. In the largest rounds NVIDIA is still ahead: it joined 30 of the 173 rounds of $500M or more, against Andreessen Horowitz's 27.
NVIDIA has joined 30 venture rounds of $500M or more this year, more than any other investor
Venture rounds of $100M or more each investor joined in 2026. NVIDIA includes NVentures; Andreessen Horowitz includes its a16z funds.
Source: Dealroom.co · 2026 to 12 Nov
Since January 2023 NVIDIA has bought companies, taken stakes in listed suppliers and customers, and joined venture rounds. Dealroom counts about $126B of NVIDIA money across those deals. Until August 2025 the total was $6.4B.
Dealroom records the size of each round and who took part, not how the money splits between investors. Where NVIDIA reported its own amount, we use that. Where NVIDIA was the only investor, the whole round is NVIDIA's. Elsewhere we split the round between the investors named, counting a lead investor as three. That estimate covers $13B, about a tenth of the total. NVentures is included.
OpenAI, Groq and Hugging Face make up half of the $126B NVIDIA has put into other companies since 2023
NVIDIA's money in each company since January 2023, by type of deal
Source: Dealroom.co
Every one of NVIDIA's deals of $1B or more has come since September 2025. The largest is the $30B it put into OpenAI's $122B round in March 2026. That replaced a September 2025 letter of intent to invest up to $100B in ten instalments.
Acquisitions
NVIDIA has bought 19 companies since 2023. Prices are known for 8 of them, and those add up to $35B. Groq and Hugging Face are 93% of it. The Groq deal licensed its technology and hired most of its staff rather than buying the company outright. The Hugging Face deal is signed and expected to close in the first half of 2027. Before these two, NVIDIA's largest purchase was Mellanox, for $6.9B in 2019.
Three of the companies NVIDIA bought had NVIDIA as an investor first: Hugging Face, Enfabrica and CentML. It joined a round in each in 2023.
Listed companies
NVIDIA has put about $23B into listed companies, almost all of it since September 2025. Most went to companies that make parts of its systems: Intel, MediaTek and Marvell in chips, Lumentum, Coherent and Corning in optics, Synopsys in chip design software and Nokia in network equipment. Lumentum and Coherent also signed agreements for NVIDIA to buy their products. The rest went mainly to CoreWeave and Nebius, which rent out NVIDIA chips as cloud capacity.
Startups
By money, five AI labs took 83% of NVIDIA's venture investment. The other 219 startups got about $11B between them, most of it estimated.
NVIDIA also put about $5.2B into private data-centre and energy companies outside venture rounds: Lancium ($2B), SB Energy ($1.5B) and its share of a $10B round in Helix Digital Infrastructure, led by KKR.
What this means
NVIDIA now holds stakes across its own supply chain and in its largest customers, many of which are among the biggest buyers of its chips.
NVIDIA's quarterly filing for the period to 26 July 2026 valued its equity investments at $99B, up from about $7B a year earlier. The $12.9B Hugging Face acquisition is still to close, which is expected in the first half of 2027. Colette Kress, NVIDIA's chief financial officer, is now interim chief executive.
Sources and methodology
Dealroom.co transactions from January 2023 to 12 November 2026 that name NVIDIA or NVentures, its venture arm, as investor or buyer. NVIDIA Inception, an accelerator programme, is excluded, as are grants and debt. Deal types follow Dealroom's round types. Leadership change: NVIDIA Form 8-K, 12 November 2026.
Venture rounds per half-year: every venture round NVIDIA or NVentures joined, counted once. The second half of 2026 runs to 12 November; the dashed part projects it to the end of December at the same pace.
Rounds of $100M or more: all 1,007 venture rounds of $100M or more raised worldwide in 2026 to 12 November, with each investor counted once per round. NVIDIA includes NVentures, Andreessen Horowitz includes its a16z funds, and Alphabet includes Google, GV, CapitalG and Gradient.
Deals chart: NVIDIA's own reported amounts where it gave one (OpenAI $30B, Anthropic up to $10B, Safe Superintelligence $5B, Thinking Machines Lab $2.5B, xAI $2B), otherwise the deal price or round size where NVIDIA was the only buyer or investor named. Hugging Face is $12.9B including about $1B of retention awards for staff, per NVIDIA's filing; the price to shareholders is $11.9B. Helix Digital Infrastructure and the 219 other startups include estimates, explained below.
Totals in the text: where NVIDIA was one of several investors and did not report its amount, the round is split between the investors named, with a lead investor counted as three. That estimate is $13B of the $126B. Rounds with no disclosed amount count as zero, so the totals are a floor. A September 2025 OpenAI entry of $10B is left out: it was the first tranche of a $100B letter of intent that the 2026 investment replaced.