NVIDIA

Business Context

• Hyperscalers collectively budgeted ~$600B in 2026 capex, with NVIDIA capturing the majority of AI accelerator spend as customers deploy Blackwell and upcoming Vera Rubin architectures.
• NVIDIA Q2 FY2026 data center revenue reached $41.1B, up 56% year-over-year, driven by demand for GPU clusters supporting training and inference workloads.
• Partnerships include 10 GW OpenAI deployment announced 2025, Europe's largest AI campus in France at 1.4 GW, and sovereign AI projects in Saudi Arabia targeting 500 MW.

Commitments

• SBTi-validated target: 50% absolute Scope 1 and 2 reduction by FY2030 from FY2023 baseline, disclosed June 2025.
• Achieved 100% renewable electricity for offices and data centers under operational control by end of FY2025, reducing market-based Scope 2 to zero.
• 75% Scope 3 intensity reduction per PetaFLOP by FY2030; no absolute Scope 3 target or net-zero date announced as of March 2026.

Energy Strategy

A venture-capital approach to energy infrastructure, concentrated in 2025–2026 on equity stakes in grid-flexible AI factory developers, nuclear baseload, and battery supply-chain plays rather than traditional renewable PPAs.

• NVentures led three equity rounds totaling ~$1.35B into Firmus Technologies (2025–2026), backing 1.6 GW of AI factories in Tasmania and mainland Australia powered by renewable grids.
• Invested in TerraPower's $650M round (June 2025) for the Natrium SMR plant in Wyoming, marking first direct nuclear investment to secure baseload power for AI data centers.
• Backed Commonwealth Fusion Systems' $863M round (August 2025) targeting 50–100 MW net fusion power with SPARC prototype, and Emerald AI's flexible-load software deployed at NVIDIA's 96 MW Aurora facility in Virginia.
• Portfolio reflects a systems-level bet: securing gigawatt-scale power access and grid flexibility to unlock data center interconnection bottlenecks, not incremental renewable procurement.