Nvidia’s off-balance-sheet guarantees surge to $530 billion in fiscal Q2

Nvidia’s off-balance-sheet commitments and guarantees climbed to $530 billion in fiscal Q2, nearly triple the $184 billion it reported one quarter earlier. The figure comes from the company’s Form 10-Q for the quarter ended July 26, 2026, and was highlighted by research firm SemiAnalysis.

What’s inside the $530 billion

The disclosures appear in Note 10 of the 10-Q, which Nvidia filed on August 26, 2026.

The biggest slice by far is supply and capacity commitments, at roughly $279 billion. That bucket jumped from $119 billion the prior quarter, and 96% of it comes due by fiscal 2029.

Next up is $108.5 billion in maximum gross exposure under guarantees. Most of that is a single item: a lease guarantee of up to $105 billion covering SB Energy’s Ohio campus, which is leased to an OpenAI affiliate.

That guarantee is capped at $105 billion over 20 years. It is designed to help finance a large-scale infrastructure project that might otherwise struggle to line up funding on its own.

Then come the AI cloud agreements, totaling $36 billion. SemiAnalysis singled these out as neocloud take-or-pay commitments.

The named partners and their approximate floors are:

• Firmus: around $21.1 billion
• SharonAI: $4.2 billion
• GMI: $2.2 billion

Rounding out the major items, Nvidia disclosed around $20 billion in data center leases that it expects to be reassigned.

The financing machine behind the GPUs

SemiAnalysis estimates that roughly 6.5 GW of cluster deals have been supported through these financing structures.

The scale of the jump is what has drawn attention. Going from $184 billion to $530 billion in a single quarter is not a gradual drift. The supply commitments alone rose by $160 billion quarter over quarter.

What this means for Nvidia and its partners

For investors, the first point is that off-balance-sheet does not mean off-the-hook. These commitments represent potential future obligations, and the guarantee figure is described as maximum gross exposure, meaning it is a ceiling rather than a certain loss.

A $105 billion guarantee tied to one counterparty’s infrastructure is a concentrated bet on that project’s long-term viability.

With 96% of supply commitments due by fiscal 2029, the next few years will show whether this bet pays off or whether Nvidia ends up paying for capacity the market no longer needs.