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 reported one quarter earlier.
The disclosures appear in Note 10 of Nvidia's Form 10-Q for the quarter ended July 26, 2026, and were highlighted by research firm SemiAnalysis. The biggest slice by far is supply and capacity commitments, at roughly $279 billion, which jumped from $119 billion the prior quarter.
Major commitments breakdown
Next up is $108.5 billion in maximum gross exposure under guarantees, with a single lease guarantee of up to $105 billion covering SB Energy's Ohio campus, leased to an OpenAI affiliate. This guarantee is capped at $105 billion over 20 years to help finance a large-scale infrastructure project.
The AI cloud agreements total $36 billion, with SemiAnalysis singling these out as neocloud take-or-pay commitments. Partners include Firmus (around $21.1 billion), SharonAI ($4.2 billion), and GMI ($2.2 billion). Additionally, Nvidia disclosed around $20 billion in data center leases expected to be reassigned.
Financing implications
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, with supply commitments alone rising by $160 billion quarter over quarter.
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.
Future outlook
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. The $105 billion guarantee represents a concentrated bet on that project's long-term viability.
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