Nvidia's recent $30 billion investment in OpenAI "may be the last" before the AI startup goes public, according to CEO Jensen Huang at the Morgan Stanley conference.
He stated that a $100 billion deal discussed by both companies in September 2025 "does not seem feasible."
"The reason is that they are planning to go public," Huang added.
He also mentioned that a $10 billion investment in Anthropic is likely to be the last for similar reasons.
Non-Binding Agreement
In addition to the $100 billion investment, the September memorandum of strategic partnership between OpenAI and Nvidia included plans to build AI infrastructure with a capacity of 10 GW.
At the time of the agreement, Nvidia's CEO described the deal as the next breakthrough in artificial intelligence. However, he later began to criticize OpenAI and its business strategy. In November, the chipmaker reported in its quarterly earnings that the previously announced investment might not happen.
By late January 2026, insiders from the Wall Street Journal indicated that the agreement was "on ice." Meanwhile, Huang denied the journalists' claims.
In its February quarterly report, Nvidia also noted that there are "no guarantees" of a deal with Sam Altman's company.
On February 27, OpenAI announced the latest $30 billion investment from Nvidia. In the same funding round totaling $110 billion, SoftBank contributed $30 billion and Amazon $50 billion. Under the agreement, the AI project received an additional 5 GW of capacity from Nvidia—half of what was previously promised.
Huang and his company likely aim to mitigate risks and avoid excessive public scrutiny by scaling back investments. Last year's announcement of significant investments sparked debate about a "bloated AI bubble."
MIT Sloan professor Michael Cusumano described the deal in an interview with the Financial Times as "a waste of time," noting the cyclical nature of announcements: Nvidia invests $100 billion in OpenAI, while the startup announces purchasing chips from the tech giant for the same amount.
Nevertheless, Nvidia still holds significant stakes in both OpenAI and Anthropic, and both startups continue to utilize the corporation's technologies and resources.
In October 2025, media reported that Altman's company was preparing to go public with a valuation of $1 trillion. Reuters sources expect a filing in the second half of 2026.