Nvidia will invest up to $3 billion in Lancium, the power-infrastructure developer behind the Stargate data center campus in Texas.
The structure calls for an initial $2 billion purchase for roughly a 20% stake, with as much as a further $1 billion tied to milestones including grid hookups, valuing Lancium's portfolio at about an enterprise value of roughly $10 billion.
Lancium, which is backed by Blackstone, owns the 1,000-acre Lancium Clean Campus in Abilene, Texas, the first operational site linked to Stargate.
The move gives Nvidia direct exposure to the physical power and land layer that supplies large AI campuses rather than merely selling GPUs into them, and the capital will help Lancium expand operations as demand for dedicated AI infrastructure rises.
The financing is also positioned to support Lancium as it explores a potential IPO in 2027.
