{"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."}]}

// interactive map · actors and contracts

Atlas of AI financing

Nvidia, OpenAI, SB Energy and AIP: who finances AI infrastructure, who guarantees what, and on which terms? Explore the documented relationships as successive publications change what can be established.

Evidence reviewed on 4 October 2026

This English edition preserves the French atlas’s dated review. The latest filing in the SB Energy SEC register examined then was the 21 September prospectus. Its prepayment and concurrent placement terms were reviewed. None of the documents examined in that review confirmed settlement of Nvidia’s additional share purchase or completion of the IPO.

The Aligned, Nvidia and OpenAI publications consulted for the French review did not establish a change in the financial relationships shown. That review covered this map’s selected cases, not every AI financing arrangement. Translating the atlas does not constitute a new review of events after 4 October.

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.

Founding partnerBlackRock1 relationship Founding partnerGIP2 relationships Founding partnerMicrosoft1 relationship Founding partnerMGX2 relationships Infrastructure partnershipGAIIP / AIP7 relationships Partner announced in 2025xAI1 relationship Technology and commitmentsNvidia5 relationships Campus tenantOpenAI affiliate2 relationships Campus lessorSB Energy2 relationships AIP · MGX · GIPAligned consortium4 relationships Company acquired by the consortiumAligned Data Centers1 relationship Issuer in the SB Energy filingsSE Global Holdings, Inc.2 relationships Prepayment intermediaryEnergy Global, LP2 relationships

Announcement Reported relationship Selected relationshipLines do not show financial scale; select a relationship for its meaning

The 21 September prospectus separates prepayment received through Energy Global, LP from a still-conditional share purchase. It renames SE Global Holdings, Inc. as SB Energy, Inc.; the node retains the contractual name for historical views. These transactions remain separate from the campus guarantees. This corpus establishes no financing from AIP to that campus.

Choose a relationship

All relationships at this date

BlackRock GAIIP / AIPFounding partner GIP GAIIP / AIPFounding partner Microsoft GAIIP / AIPFounding partner MGX GAIIP / AIPFounding partner Nvidia GAIIP / AIPPartner and technical adviser xAI GAIIP / AIPAnnounced partner OpenAI affiliate SB EnergyOhio campus leases Nvidia SB EnergyGuaranty: partly redacted formula OpenAI affiliate NvidiaReimbursement and indemnification GAIIP / AIP Aligned consortiumConsortium member MGX Aligned consortiumConsortium member GIP Aligned consortiumConsortium member Aligned consortium Aligned Data CentersAcquisition closed; growth capital committed Nvidia SE Global Holdings, Inc.Separate share purchase · conditional $1.5bn Nvidia Energy Global, LPPrepayment received · $1.5bn Energy Global, LP SE Global Holdings, Inc.Prepayment contributed to the company

Reported relationship

Nvidia → Energy Global, LP

Published 21 Sept 2026 · reviewed 23 Sept 2026

According to the prospectus, Energy Global, LP received $1.5 billion from Nvidia on August 17, 2026 under a prepaid forward contract.

The limitation

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.

What to check next

Settlement of the prepaid contract and securities actually delivered.

Read the sources

SB Energy: amended S-1/A prospectus of September 21, 2026 ↗
Summary, p. 21; Our Corporate Information, p. 26; Concurrent Private Placement; Subsequent Events note, NVIDIA Investment, p. F-87.

Atlas methodology and scope

This timeline is a documentary reconstruction made on 16 Sept 2026. Map dates refer to document publication, not when l0g first knew of or archived them. An older relationship may have changed since its latest source.

Announcements are attributed to the parties that made them. Conditional commitments remain distinct from payments. A missing link means this corpus does not establish it; it does not prove that no relationship exists.

Read the relationships and their history without the map