{"version":1,"id":"financement-ia","title":"Les engagements derrière l’infrastructure IA","reconstructedOn":"2026-09-16","sources":[{"id":"aip-2024","title":"BlackRock : lancement du partenariat GAIIP","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":"Communiqué, quatre premiers paragraphes : fondateurs, soutien technique de Nvidia et objectifs de financement."},{"id":"aip-2025","title":"BlackRock : arrivée de Nvidia et xAI dans 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":"Communiqué, deux premiers paragraphes : nouveaux partenaires et maintien du conseil technique de Nvidia."},{"id":"nvda-8k-20260817","title":"Nvidia : 8-K sur le campus de SB Energy","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, plafond, déclencheurs, options et indemnisation."},{"id":"nvda-ex101-20260826","title":"Nvidia : modèle de garantie, annexe 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 et 8 : formule masquée, actualisation, plafond et conditions."}],"nodes":[{"id":"blackrock","label":"BlackRock","role":"Partenaire fondateur","column":0,"row":0},{"id":"gip","label":"GIP","role":"Partenaire fondateur","column":0,"row":1},{"id":"microsoft","label":"Microsoft","role":"Partenaire fondateur","column":0,"row":2},{"id":"mgx","label":"MGX","role":"Partenaire fondateur","column":0,"row":3},{"id":"aip","label":"GAIIP / AIP","role":"Partenariat d’infrastructure","column":1,"row":1},{"id":"xai","label":"xAI","role":"Partenaire annoncé en 2025","column":1,"row":3},{"id":"nvidia","label":"Nvidia","role":"Technologie et engagements","column":2,"row":1},{"id":"openai-tenant","label":"OpenAI · filiale","role":"Locataire du campus","column":3,"row":0},{"id":"sb-energy","label":"SB Energy","role":"Bailleur du campus","column":3,"row":2}],"relations":[{"id":"blackrock-aip","from":"blackrock","to":"aip","observations":[{"publishedOn":"2024-09-17","recordedOn":"2026-09-16","review":"reviewed","kind":"announcement","label":"Partenaire fondateur","claim":"BlackRock annonce la création du partenariat avec GIP, Microsoft et MGX.","limit":"La qualité de partenaire ne chiffre pas son apport individuel.","watch":"Engagements de capital individualisés et opérations réalisées.","sources":["aip-2024"]}]},{"id":"gip-aip","from":"gip","to":"aip","observations":[{"publishedOn":"2024-09-17","recordedOn":"2026-09-16","review":"reviewed","kind":"announcement","label":"Partenaire fondateur","claim":"GIP figure parmi les fondateurs du partenariat annoncé.","limit":"Cette relation ne mesure ni un apport individuel ni un flux de trésorerie.","watch":"Ventilation des engagements entre partenaires.","sources":["aip-2024"]}]},{"id":"microsoft-aip","from":"microsoft","to":"aip","observations":[{"publishedOn":"2024-09-17","recordedOn":"2026-09-16","review":"reviewed","kind":"announcement","label":"Partenaire fondateur","claim":"Microsoft participe au lancement du partenariat.","limit":"Le communiqué ne détaille pas de montant individuel pour Microsoft.","watch":"Engagements définitifs et projets financés.","sources":["aip-2024"]}]},{"id":"mgx-aip","from":"mgx","to":"aip","observations":[{"publishedOn":"2024-09-17","recordedOn":"2026-09-16","review":"reviewed","kind":"announcement","label":"Partenaire fondateur","claim":"MGX fait partie des fondateurs annoncés.","limit":"Aucun apport individuel n’est chiffré ici.","watch":"Montants effectivement engagés par MGX dans ce partenariat.","sources":["aip-2024"]}]},{"id":"nvidia-aip","from":"nvidia","to":"aip","observations":[{"publishedOn":"2024-09-17","recordedOn":"2026-09-16","review":"reviewed","kind":"announcement","label":"Soutien technique","claim":"Nvidia doit apporter son expertise technique au partenariat.","limit":"Ce rôle ne prouve pas un investissement financier.","watch":"Évolution du rôle et conditions de participation.","sources":["aip-2024"]},{"publishedOn":"2025-03-19","recordedOn":"2026-09-16","review":"reviewed","kind":"announcement","label":"Partenaire et conseil technique","claim":"BlackRock annonce que Nvidia rejoint AIP et conserve son rôle de conseil technique.","limit":"Le montant de sa participation n’est pas publié dans ce communiqué.","watch":"Conditions financières définitives et apports réalisés.","sources":["aip-2025"]}]},{"id":"xai-aip","from":"xai","to":"aip","observations":[{"publishedOn":"2025-03-19","recordedOn":"2026-09-16","review":"reviewed","kind":"announcement","label":"Partenaire annoncé","claim":"BlackRock annonce également l’arrivée de xAI dans AIP.","limit":"L’annonce ne chiffre pas l’apport individuel de xAI.","watch":"Montants, conditions et opérations attribuables à 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":"Baux du campus de l’Ohio","claim":"Nvidia désigne une filiale d’OpenAI comme locataire et SB Energy comme bailleur.","limit":"Le lien représente les baux prévus, sans attester de loyers déjà versés.","watch":"Début des baux et mise en service.","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":"Garantie de valeur résiduelle","claim":"Nvidia déclare des garanties plafonnées initialement à 105 milliards de dollars. Après certains défauts, le paiement dépend notamment des récupérations par relocation ou vente ; Nvidia dispose aussi d’options, dont la reprise du bail.","limit":"Plafond cumulé conditionnel, sans estimation de perte. Les obligations dépendent notamment des conditions de mise à disposition des locaux.","watch":"Modèle de garantie et conditions de démarrage des baux.","sources":["nvda-8k-20260817"],"amount":{"value":"105000000000","currency":"USD","kind":"conditional-cap","label":"105 Md$ · plafond initial cumulé"}},{"publishedOn":"2026-08-26","recordedOn":"2026-09-16","review":"reviewed","kind":"limitation","label":"Garantie · formule partiellement masquée","claim":"Le modèle de garantie précise les conditions et options. La formule de la perte couverte, le taux d’actualisation et certains paramètres de limitation restent masqués.","limit":"Les éléments publics ne permettent pas de chiffrer une perte dans un scénario de défaut. Le plafond initial porte sur plusieurs garanties.","watch":"Publication des paramètres masqués, amendements et mises en service.","sources":["nvda-8k-20260817","nvda-ex101-20260826"],"amount":{"value":"105000000000","currency":"USD","kind":"conditional-cap","label":"105 Md$ · plafond initial cumulé"}}]},{"id":"openai-nvidia-indemnity","from":"openai-tenant","to":"nvidia","observations":[{"publishedOn":"2026-08-17","recordedOn":"2026-09-16","review":"reviewed","kind":"contract","label":"Remboursement et indemnisation","claim":"Le 8-K indique qu’OpenAI s’engage à rembourser et indemniser Nvidia pour les sommes versées au bailleur.","limit":"Un engagement de remboursement ne garantit pas la capacité future à payer.","watch":"Identité précise des obligés et conditions de recouvrement.","sources":["nvda-8k-20260817"]}]}],"milestones":[{"date":"2024-09-17","label":"La plateforme","change":"Création de GAIIP. Nvidia apporte un soutien technique ; les participations individuelles restent à préciser."},{"date":"2025-03-19","label":"Les nouveaux partenaires","change":"Nvidia et xAI rejoignent le partenariat, désormais nommé AIP. Le rôle de Nvidia évolue."},{"date":"2026-08-17","label":"Les garanties","change":"Un autre montage apparaît : les baux du campus de l’Ohio et la garantie de Nvidia. Ces pièces n’établissent pas qu’AIP finance ce campus."},{"date":"2026-08-26","label":"Les clauses","change":"Le modèle contractuel ajoute des précisions, tout en laissant masqués des paramètres nécessaires au calcul de la perte couverte."}],"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. 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."}