Nvidia to invest up to $3B in Lancium, the power developer behind the Stargate AI data center project

Nvidia plans to invest up to $3 billion in Lancium, the Blackstone-backed power-infrastructure developer whose 1,000-acre campus in Abilene, Texas hosts the first operational site of the Stargate AI data center project, The Information reported Thursday.

The deal is split: $2 billion now for roughly 20% of Lancium, valuing the company around $10 billion, and up to $1 billion more tied to grid-hookup milestones. That structure prices delivery of power connections rather than just equity: Lancium controls the land and grid interconnects that AI data centers need, and Nvidia is underwriting the campus's grid build, not just buying a chip supplier's neighbor.

Nvidia and Lancium did not immediately respond to requests for comment.

What remains to be seen: whether the grid-hookup milestones are met on a schedule that keeps pace with Stargate's compute buildout, and whether the reported $10 billion valuation holds if Lancium files to go public next year.