Nvidia's off-balance-sheet commitments hit $530 billion in fiscal Q2

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Nvidia’s off-balance-sheet commitments hit $530 billion in fiscal Q2

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Nvidia's off-balance-sheet commitments and guarantees reached $530 billion in fiscal Q2, up from $184 billion a quarter earlier. Supply and capacity commitments make up the largest share, ahead of guarantees tied to an OpenAI affiliate's lease and separate AI cloud agreements.

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 research firm SemiAnalysis highlighted it.

Supply commitments account for the largest share

The disclosures appear in Note 10 of the 10-Q, which Nvidia filed on August 26, 2026. Supply and capacity commitments are the biggest piece, at roughly $279 billion, up from $119 billion the prior quarter. 96% of that amount comes due by fiscal 2029.

Guarantees come next, with $108.5 billion in maximum gross exposure. Most of it 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. The guarantee is capped at $105 billion over 20 years.

AI cloud deals and lease reassignments

Nvidia's AI cloud agreements total $36 billion, which SemiAnalysis identified as neocloud take-or-pay commitments. The named partners and their approximate floors are Firmus at around $21.1 billion, SharonAI at $4.2 billion and GMI at $2.2 billion.

In addition, Nvidia disclosed around $20 billion in data center leases that it expects to be reassigned. SemiAnalysis estimates that roughly 6.5 GW of cluster deals have been supported through these financing structures.

What the jump means for investors

The supply commitments alone rose by $160 billion quarter over quarter. Off-balance-sheet does not mean off the hook: the commitments represent potential future obligations, and the guarantee figure is a maximum gross exposure, a ceiling rather than a certain loss.

A $105 billion guarantee ties Nvidia to one counterparty's infrastructure project. And with 96% of supply commitments due by fiscal 2029, Nvidia could end up paying for capacity the market no longer needs.

Source: Crypto Briefing

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