Nvidia has signed memorandums of understanding with six of Wall Street's largest asset managers, Apollo Global Management, Blackstone, Brookfield Asset Management, Goldman Sachs, KKR and BlackRock's Global Infrastructure Partners unit, to establish financing platforms aimed at mobilizing more than $500 billion in third-party capital for AI infrastructure. The deal, first reported by the Financial Times and confirmed the same day by CNBC, marks one of the largest coordinated private-capital pushes into AI infrastructure to date.
The structure is designed to connect institutional capital directly with the processors, energy systems, networking hardware and data-center construction that underpin Nvidia's ecosystem. Rather than Nvidia or its customers financing new compute capacity primarily through corporate balance sheets, the new platforms are meant to create dedicated pools of capital at scale and at more attractive rates for buyers of Nvidia hardware, including frontier AI labs, enterprises and AI cloud providers.
Private capital takes the wheel
The scale of the commitment underscores how central private credit and infrastructure funds have become to the AI buildout. Nvidia CEO Jensen Huang has increasingly framed the company's chips as an “investable asset” class in their own right, a pitch that appears to have resonated with asset managers looking for yield-generating exposure to the AI cycle beyond public equities. Goldman Sachs, KKR and the other partners bring decades of experience structuring infrastructure debt for sectors like utilities and telecoms, expertise now being redirected toward GPU clusters and the power plants needed to run them.
The announcement lands amid a broader surge in AI-linked capital expenditure. Hyperscalers including Amazon, Alphabet, Meta, Microsoft and Oracle are projected to lift combined capital spending to roughly 2.4% of US GDP in 2026, more than double the 1.0 percentage point of GDP such spending represented as recently as a few years ago. Nvidia's financing platforms would sit alongside that hyperscaler spending, effectively widening the pool of capital available for AI infrastructure beyond what big tech's own cash flows can fund.
Why it matters beyond Nvidia
For an audience watching digital assets, the deal is a reminder that the AI infrastructure boom, and the debt and equity markets financing it, is increasingly intertwined with the same institutions active in crypto markets. Several of Nvidia's new partners, including BlackRock and Goldman Sachs, are also major players in spot bitcoin and ether ETFs, meaning the balance sheets funding AI data centers are frequently the same balance sheets allocating to digital-asset products. That overlap has made AI capex trends, alongside the broader semiconductor supply chain feeding bitcoin miners pivoting into AI hosting, an increasingly relevant macro signal for crypto markets to track.
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Terms on pricing and the pace at which the $500 billion will be deployed were not disclosed. Nvidia framed the platforms as a multi-year effort rather than a single financing event, suggesting the capital will be drawn down as specific data-center and energy projects reach construction.
