{"version":1,"id":"financement-ia","title":"AI financing atlas","reconstructedOn":"2026-09-16","sources":[{"id":"aip-2024","title":"BlackRock: launch of the GAIIP partnership","url":"https://ir.blackrock.com/news-and-events/press-releases/press-releases-details/2024/BlackRock-Global-Infrastructure-Partners-Microsoft-and-MGX-Launch-New-AI-Partnership-to-Invest-in-Data-Centers-and-Supporting-Power-Infrastructure/default.aspx","publishedOn":"2024-09-17","locator":"Press release, first four paragraphs: founders, Nvidia's technical support and financing targets."},{"id":"aip-2025","title":"BlackRock: Nvidia and xAI join AIP","url":"https://ir.blackrock.com/news-and-events/press-releases/press-releases-details/2025/BlackRock-Global-Infrastructure-Partners-Microsoft-and-MGX-Welcome-NVIDIA-and-xAI-to-the-AI-Infrastructure-Partnership-to-Drive-Investment-in-Data-Centers-and-Enabling-Infrastructure/default.aspx","publishedOn":"2025-03-19","locator":"Press release, first two paragraphs: new partners and Nvidia's continuing technical advisory role."},{"id":"nvda-8k-20260817","title":"Nvidia: Form 8-K on the SB Energy campus","url":"https://www.sec.gov/Archives/edgar/data/1045810/000104581026000069/nvda-20260817.htm","publishedOn":"2026-08-17","locator":"Item 1.01, Residual Value Guaranties: parties, cap, triggers, options and indemnification."},{"id":"nvda-ex101-20260826","title":"Nvidia: form of guaranty, Exhibit 10.1","url":"https://www.sec.gov/Archives/edgar/data/1045810/000104581026000075/nvda2027q2ex101.htm","publishedOn":"2026-08-26","locator":"Sections 1(b), 1(c), 1(d), 2 and 8: redacted formula, discounting, cap and conditions."},{"id":"aligned-close-20260721","title":"Aligned: acquisition completed by AIP, MGX and GIP","url":"https://aligneddc.com/press-release/aip-mgx-and-blackrocks-gip-close-acquisition-of-aligned-data-centers/","publishedOn":"2026-07-21","locator":"July 21, 2026 press release, opening and paragraph beginning 'In connection with the closing': consortium, acquisition, enterprise value and committed growth capital."},{"id":"sb-equity-20260901","title":"SB Energy: share purchase agreement between SE Global Holdings and Nvidia","url":"https://www.sec.gov/Archives/edgar/data/2133037/000162828026059639/exhibit1028-sharepurchasea.htm","publishedOn":"2026-09-01","locator":"August 17, 2026 agreement attached to the S-1 filed on September 1. Section 1(a)-(b): Class N shares, amount, IPO conditions and settlement."},{"id":"sb-s1a2-20260921","title":"SB Energy: amended S-1/A prospectus of September 21, 2026","url":"https://www.sec.gov/Archives/edgar/data/2133037/000162828026062846/sbenergy-sx1a2.htm","publishedOn":"2026-09-21","locator":"Summary, p. 21; Our Corporate Information, p. 26; Concurrent Private Placement; Subsequent Events note, NVIDIA Investment, p. F-87."}],"nodes":[{"id":"blackrock","label":"BlackRock","role":"Founding partner","column":0,"row":0},{"id":"gip","label":"GIP","role":"Founding partner","column":0,"row":1},{"id":"microsoft","label":"Microsoft","role":"Founding partner","column":0,"row":2},{"id":"mgx","label":"MGX","role":"Founding partner","column":0,"row":3},{"id":"aip","label":"GAIIP / AIP","role":"Infrastructure partnership","column":1,"row":1},{"id":"xai","label":"xAI","role":"Partner announced in 2025","column":1,"row":3},{"id":"nvidia","label":"Nvidia","role":"Technology and commitments","column":2,"row":1},{"id":"openai-tenant","label":"OpenAI affiliate","role":"Campus tenant","column":3,"row":0},{"id":"sb-energy","label":"SB Energy","role":"Campus lessor","column":3,"row":2},{"id":"aligned-consortium","label":"Aligned consortium","role":"AIP · MGX · GIP","column":1,"row":2},{"id":"aligned","label":"Aligned Data Centers","role":"Company acquired by the consortium","column":2,"row":2},{"id":"se-global","label":"SE Global Holdings, Inc.","role":"Issuer in the SB Energy filings","column":3,"row":3},{"id":"energy-global","label":"Energy Global, LP","role":"Prepayment intermediary","column":2,"row":3}],"relations":[{"id":"blackrock-aip","from":"blackrock","to":"aip","observations":[{"publishedOn":"2024-09-17","recordedOn":"2026-09-16","review":"reviewed","kind":"announcement","label":"Founding partner","claim":"BlackRock announces the creation of the partnership with GIP, Microsoft and MGX.","limit":"Partner status does not quantify an individual contribution.","watch":"Individual capital commitments and completed transactions.","sources":["aip-2024"]}]},{"id":"gip-aip","from":"gip","to":"aip","observations":[{"publishedOn":"2024-09-17","recordedOn":"2026-09-16","review":"reviewed","kind":"announcement","label":"Founding partner","claim":"GIP is named among the founders of the announced partnership.","limit":"This relationship measures neither an individual contribution nor a cash flow.","watch":"Allocation of commitments among partners.","sources":["aip-2024"]}]},{"id":"microsoft-aip","from":"microsoft","to":"aip","observations":[{"publishedOn":"2024-09-17","recordedOn":"2026-09-16","review":"reviewed","kind":"announcement","label":"Founding partner","claim":"Microsoft participates in the launch of the partnership.","limit":"The release does not specify an individual amount for Microsoft.","watch":"Binding commitments and projects financed.","sources":["aip-2024"]}]},{"id":"mgx-aip","from":"mgx","to":"aip","observations":[{"publishedOn":"2024-09-17","recordedOn":"2026-09-16","review":"reviewed","kind":"announcement","label":"Founding partner","claim":"MGX is among the announced founding partners.","limit":"No individual contribution is quantified here.","watch":"Amounts actually committed by MGX to this partnership.","sources":["aip-2024"]}]},{"id":"nvidia-aip","from":"nvidia","to":"aip","observations":[{"publishedOn":"2024-09-17","recordedOn":"2026-09-16","review":"reviewed","kind":"announcement","label":"Technical support","claim":"Nvidia is to provide technical expertise to the partnership.","limit":"This role does not establish a financial investment.","watch":"Changes in its role and terms of participation.","sources":["aip-2024"]},{"publishedOn":"2025-03-19","recordedOn":"2026-09-16","review":"reviewed","kind":"announcement","label":"Partner and technical adviser","claim":"BlackRock announces that Nvidia is joining AIP while retaining its technical advisory role.","limit":"The release does not disclose the amount of Nvidia's participation.","watch":"Final financial terms and contributions made.","sources":["aip-2025"]}]},{"id":"xai-aip","from":"xai","to":"aip","observations":[{"publishedOn":"2025-03-19","recordedOn":"2026-09-16","review":"reviewed","kind":"announcement","label":"Announced partner","claim":"BlackRock also announces that xAI is joining AIP.","limit":"The announcement does not quantify xAI's individual contribution.","watch":"Amounts, conditions and transactions attributable to xAI.","sources":["aip-2025"]}]},{"id":"openai-sb-lease","from":"openai-tenant","to":"sb-energy","observations":[{"publishedOn":"2026-08-17","recordedOn":"2026-09-16","review":"reviewed","kind":"contract","label":"Ohio campus leases","claim":"Nvidia identifies an OpenAI affiliate as the tenant and SB Energy as the lessor.","limit":"The link represents the planned leases; it does not establish that rent has already been paid.","watch":"Lease commencement and commissioning.","sources":["nvda-8k-20260817"]}]},{"id":"nvidia-sb-guarantee","from":"nvidia","to":"sb-energy","observations":[{"publishedOn":"2026-08-17","recordedOn":"2026-09-16","review":"reviewed","kind":"contract","label":"Residual value guaranty","claim":"Nvidia reports guaranties with an initial aggregate cap of $105 billion. After specified defaults, payments depend in part on recoveries from reletting or selling the premises; Nvidia also has options, including assuming the lease.","limit":"A conditional aggregate cap, with no loss estimate. Obligations depend in part on the premises meeting ready-for-service conditions.","watch":"Form of guaranty and lease commencement conditions.","sources":["nvda-8k-20260817"],"amount":{"value":"105000000000","currency":"USD","kind":"conditional-cap","label":"$105bn · initial aggregate cap"}},{"publishedOn":"2026-08-26","recordedOn":"2026-09-16","review":"reviewed","kind":"limitation","label":"Guaranty: partly redacted formula","claim":"The form of guaranty specifies conditions and options. The covered-loss formula, discount rate and some limiting parameters remain redacted.","limit":"The public documents do not support a quantified loss under a default scenario. The initial cap covers multiple guaranties.","watch":"Disclosure of redacted parameters, amendments and commissioning.","sources":["nvda-8k-20260817","nvda-ex101-20260826"],"amount":{"value":"105000000000","currency":"USD","kind":"conditional-cap","label":"$105bn · initial aggregate cap"}}]},{"id":"openai-nvidia-indemnity","from":"openai-tenant","to":"nvidia","observations":[{"publishedOn":"2026-08-17","recordedOn":"2026-09-16","review":"reviewed","kind":"contract","label":"Reimbursement and indemnification","claim":"The 8-K states that OpenAI agrees to reimburse and indemnify Nvidia for amounts paid to the lessor.","limit":"A reimbursement obligation does not guarantee future ability to pay.","watch":"Precise identity of the obligors and recovery terms.","sources":["nvda-8k-20260817"]}]},{"id":"aip-aligned-consortium","from":"aip","to":"aligned-consortium","observations":[{"publishedOn":"2026-07-21","recordedOn":"2026-09-22","review":"reviewed","kind":"contract","label":"Consortium member","claim":"Aligned names AIP as a member of the acquiring consortium.","limit":"AIP's individual share is not quantified.","watch":"Ownership allocation.","sources":["aligned-close-20260721"]}]},{"id":"mgx-aligned-consortium","from":"mgx","to":"aligned-consortium","observations":[{"publishedOn":"2026-07-21","recordedOn":"2026-09-22","review":"reviewed","kind":"contract","label":"Consortium member","claim":"Aligned names MGX as a member of the acquiring consortium.","limit":"MGX's individual share is not quantified.","watch":"Ownership allocation.","sources":["aligned-close-20260721"]}]},{"id":"gip-aligned-consortium","from":"gip","to":"aligned-consortium","observations":[{"publishedOn":"2026-07-21","recordedOn":"2026-09-22","review":"reviewed","kind":"contract","label":"Consortium member","claim":"Aligned names GIP as a member of the acquiring consortium.","limit":"GIP's individual share is not quantified.","watch":"Ownership allocation.","sources":["aligned-close-20260721"]}]},{"id":"consortium-aligned-acquisition","from":"aligned-consortium","to":"aligned","observations":[{"publishedOn":"2026-07-21","recordedOn":"2026-09-22","review":"reviewed","kind":"contract","label":"Acquisition closed; growth capital committed","claim":"Aligned announces the consortium's acquisition of 100% of its equity at an enterprise value of approximately $40 billion. The consortium also commits $5 billion for growth.","limit":"Enterprise value is not the buyers' equity contribution. Committed growth capital does not establish that funds have already been paid.","watch":"Contributions made and the debt-equity breakdown.","sources":["aligned-close-20260721"]}]},{"id":"nvidia-se-global-equity","from":"nvidia","to":"se-global","observations":[{"publishedOn":"2026-09-01","recordedOn":"2026-09-22","review":"reviewed","kind":"contract","label":"Conditional share purchase · $1.5bn","claim":"The August 17 agreement provides for Nvidia to purchase $1.5 billion of Class N shares in SE Global Holdings, Inc., following an IPO raising at least $1.5 billion of primary proceeds. These shares are generally non-voting.","limit":"Settlement depends on the IPO and contractual conditions. This document establishes neither closing nor payment. The equity commitment is separate from the campus guaranties.","watch":"IPO completion, settlement and shares actually issued.","sources":["sb-equity-20260901"]},{"publishedOn":"2026-09-21","recordedOn":"2026-09-23","review":"reviewed","kind":"contract","label":"Separate share purchase · conditional $1.5bn","claim":"The prospectus retains a separate $1.5 billion purchase of non-voting Class N shares at the IPO closing.","limit":"This second tranche remains subject to contractual conditions, including an IPO raising at least $1.5 billion. It is not an already verified payment.","watch":"Closing of the placement and settlement of this tranche.","sources":["sb-s1a2-20260921","sb-equity-20260901"]}]},{"id":"nvidia-energy-global-prepayment","from":"nvidia","to":"energy-global","observations":[{"publishedOn":"2026-09-21","recordedOn":"2026-09-23","review":"reviewed","kind":"contract","label":"Prepayment received · $1.5bn","claim":"According to the prospectus, Energy Global, LP received $1.5 billion from Nvidia on August 17, 2026 under a prepaid forward contract.","limit":"Payment precedes delivery of shares. The contract provides for future settlement in securities or cash depending on applicable events; it does not establish that an IPO has closed.","watch":"Settlement of the prepaid contract and securities actually delivered.","sources":["sb-s1a2-20260921"]}]},{"id":"energy-global-se-global-contribution","from":"energy-global","to":"se-global","observations":[{"publishedOn":"2026-09-21","recordedOn":"2026-09-23","review":"reviewed","kind":"contract","label":"Prepayment contributed to the company","claim":"The prospectus states that Energy Global, LP immediately contributed the $1.5 billion received to the company, renamed SB Energy, Inc. on August 31, 2026.","limit":"This is the same prepayment passed on to the company: the two arrows do not represent two investments that can be added together.","watch":"Accounting treatment and settlement of the corresponding obligations.","sources":["sb-s1a2-20260921"]}]}],"milestones":[{"date":"2024-09-17","label":"The platform","change":"GAIIP is created. Nvidia provides technical support; individual financial contributions remain to be specified."},{"date":"2025-03-19","label":"New partners","change":"Nvidia and xAI join the partnership, now called AIP. Nvidia's role changes."},{"date":"2026-07-21","label":"The Aligned acquisition","change":"AIP, MGX and GIP are members of the consortium announcing its acquisition of Aligned. The map separates enterprise value from committed growth capital."},{"date":"2026-08-17","label":"The guaranties","change":"A separate structure emerges: the Ohio campus leases and Nvidia's guaranty. These documents do not establish that AIP finances this campus."},{"date":"2026-08-26","label":"The clauses","change":"The contractual form adds detail while leaving parameters needed to calculate the covered loss redacted."},{"date":"2026-09-01","label":"The equity commitment","change":"An exhibit to SB Energy's S-1 documents a conditional share purchase by Nvidia. The agreement is dated August; this milestone marks its publication in September."},{"date":"2026-09-21","label":"Prepayment and separate commitment","change":"The prospectus separates Nvidia's prepayment, received and contributed to the company in August, from a share purchase that remains conditional. The same money is not counted twice."}],"temporalContract":"Reconstructed documentary history. publishedOn is a source publication date; recordedOn is the review date. Select the latest reviewed observation at or before your cutoff. Translation does not renew the source review. Older relations may have changed since their latest cited source.","interpretation":"Relations do not measure capital paid, probable loss, causal strength or portfolio exposure. A shared actor does not establish financing between its counterparties."}