Nvidia Is Putting Up to $3 Billion Into the Company That Powers Stargate's First Site

Nvidia will invest up to $3 billion in Lancium, a power infrastructure developer backed by Blackstone. The initial commitment is $2 billion for a stake of roughly 20% in the company, with Nvidia able to invest up to $1 billion more if Lancium meets certain milestones, including grid hookups — the physical connections that link a data center campus to the power grid, which is often the slowest and most contested part of building new AI infrastructure. Under the terms of the deal, Lancium and its portfolio of land and power connections carry an enterprise value of around $10 billion.

Lancium's most concrete asset is the 1,000-acre Lancium Clean Campus in Abilene, Texas — the first operational site of the Stargate initiative, the data center venture between OpenAI, SoftBank, and Oracle that President Trump announced in January with plans for up to $500 billion in infrastructure investment. Nvidia's stake gives it direct exposure to the physical power buildout underpinning that project, rather than just supplying the chips that go inside it. The capital injection is also expected to help Lancium expand its operations as the company explores a potential initial public offering in 2027.

The investment fits a broader pattern: power, not chip supply, has become the binding constraint on how fast AI data centers can be built, and Nvidia has an obvious commercial interest in making sure the electricity is there for the systems its own customers are trying to deploy. Taking a direct equity stake in the company controlling the land and grid connections is a more active move than simply waiting for utilities and developers to build capacity on their own timeline.