Where Nvidia’s $100 Billion Dealmaking Juggernaut Will Go Next

This July, Nvidia caught wind of a looming takeover of OpenRouter, a three-year-old startup that had emerged as a popular marketplace for AI models, including many cheaper open-source ones. Databricks and Stripe had already been talking to the startup about a potential sale. Nvidia was late to the party. The chipmaker’s CEO, Jensen Huang, wanted in.

Nvidia executives told their counterparts at OpenRouter they were interested and were prepared to make a generous offer, but they needed more time to evaluate a possible transaction before doing so, said a person with knowledge of the discussion. OpenRouter’s founders didn’t want to wait. Ultimately, Nvidia—whose interest in the startup hasn’t previously been reported—didn’t make a formal offer, and Stripe prevailed with an $8 billion bid for OpenRouter.

Nvidia’s dealmakers quickly moved on to other prizes. Over the next two months, they inked more than $140 billion worth of deals—including a $105 billion credit guarantee. The company held nearly $100 billion worth of equity investments and $25 billion in future investment commitments as of late July. More deals are likely.