No other corporation has taken advantage of the AI boom as successfully as Nvidia. Its profits, earnings, and liquid assets have surged dramatically since the launch of ChatGPT over three years ago — alongside the numerous generative AI products that have emerged since. The company’s stock value has skyrocketed, elevating it to a market cap of $4.6 trillion.
As the premier manufacturer of high-performance GPUs, Nvidia has leveraged its expanding wealth to make substantial investments in startups, particularly within the AI sector.
According to PitchBook data, Nvidia has been involved in nearly 67 venture capital transactions in 2025, surpassing the 54 deals it finalized in all of 2024. These figures do not account for investments made through its dedicated corporate VC fund, NVentures, which also significantly ramped up its investment activity during this time. (PitchBook indicates that NVentures participated in 30 deals this year, compared to just one in 2022.)
Nvidia has communicated that the purpose of its corporate investments is to enhance the AI ecosystem by supporting startups it views as “game changers and market makers.”
Below is a compilation of startups that secured funding rounds exceeding $100 million since 2023, in which Nvidia is listed as an investor, arranged from highest to lowest amount raised in each round.
This list illustrates the extensive reach Nvidia has established within the tech sector, extending beyond simply providing its products.
The billion-dollar-round club
OpenAI: Nvidia supported the ChatGPT developer for the first time in October 2024, reportedly contributing a $100 million investment as part of an enormous $6.6 billion round that appraised the company at $157 billion. This investment was considerably lesser than contributions from OpenAI’s other supporters, notably Thrive, which injected $1.3 billion according to The New York Times. While PitchBook data suggests Nvidia did not join OpenAI’s $40 billion funding round concluded in March, the firm announced in September that it intends to invest up to $100 billion in OpenAI over time, forming a strategic partnership aimed at establishing extensive AI infrastructure. Nvidia later disclosed in its quarterly reports that it might not entirely follow through, mentioning, “There is no assurance that any investment will be completed on expected terms, if at all.”
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Anthropic: In November 2025, Nvidia executed its initial direct investment in the AI lab, pledging up to $10 billion as part of a strategic round that included a $5 billion contribution from Microsoft. Under a “circular” spending agreement, Anthropic vowed to allocate $30 billion for Microsoft Azure compute capacity while also acquiring Nvidia’s forthcoming Grace Blackwell and Vera Rubin systems.
Cursor: In November, Nvidia made its first strategic investment in the AI-driven code assistant, participating in a significant $2.3 billion Series D round that was co-led by Accel and Coatue. This deal valued Cursor at $29.3 billion, reflecting an almost 15-fold increase since the beginning of the year. While Nvidia has long been an enterprise client, this round marked its official entry as an equity holder alongside Google.
xAI: In 2024, OpenAI attempted to dissuade its investors from funding any of its competitors. Nonetheless, Nvidia took part in the $6 billion round for Elon Musk’s xAI last December. Furthermore, Nvidia plans to invest up to $2 billion in the equity portion of xAI’s expected $20 billion funding round, as reported by Bloomberg, structured to facilitate xAI’s acquisition of more Nvidia equipment.
Mistral AI: Nvidia backed Mistral for the third time when the French-based large language model (LLM) developer secured a €1.7 billion (approximately $2 billion) Series C at a €11.7 billion ($13.5 billion) post-money valuation in September.
Reflection AI: In October, Nvidia emerged as one of the primary investors in Reflection AI, contributing to a $2 billion funding round that appraised the one-year-old startup at $8 billion. Reflection AI is positioning itself as a U.S.-based rival to Chinese DeepSeek, whose open-source LLM provides a cost-effective alternative to proprietary models from companies like OpenAI and Anthropic.
Thinking Machines Lab: Nvidia was among numerous investors who supported former OpenAI chief technology officer Mira Murati’s Thinking Machines Lab’s $2 billion seed round. This funding, officially disclosed in July, valued the nascent AI startup at $12 billion.
Inflection: Nvidia’s initial major AI investment also yielded one of the more peculiar (but increasingly commonplace) outcomes. In June 2023, Nvidia led several prominent investments in Inflection’s $1.3 billion round, a company co-founded by Mustafa Suleyman, the renowned founder of DeepMind. Less than a year later, Microsoft recruited Inflection’s founders, paying $620 million for a non-exclusive technology license, leaving the company with a notably reduced workforce and an uncertain future.
Crusoe: In October, the chipmaker took part in a $1.4 billion Series E round that appraised the AI data center developer at $10 billion. Nvidia initially supported the company in late 2024 during its Series D. Crusoe is a crucial infrastructure partner for the ‘Stargate’ initiative, constructing extensive data center facilities in Texas and Wyoming to be leased to Oracle specifically for OpenAI’s workloads.
Nscale: Following the startup’s $1.1 billion round in September, Nvidia joined Nscale’s $433 million SAFE funding in October. This arrangement ensures future equity for investors. Nscale, which originated in 2023 after spinning out of the Australian cryptocurrency mining entity Arkon Energy, is creating data centers in the U.K. and Norway for OpenAI’s Stargate project.
Wayve: In May 2024, Nvidia contributed to a $1.05 billion round for the U.K.-based startup, which is developing a self-learning system for autonomous vehicles. The startup informed TechCrunch in September that Nvidia is expected to invest an additional $500 million in Wayve. Wayve is testing its vehicles across the U.K. and the San Francisco Bay Area.
Figure AI: In September, Nvidia participated in Figure AI’s Series C funding round of over $1 billion, which valued the humanoid robotics startup at $39 billion. Earlier, the chipmaker had first invested in Figure in February 2024 when the company raised a $675 million Series B round at a $2.6 billion valuation.
Scale AI: In May 2024, Nvidia joined forces with Accel and other tech behemoths like Amazon and Meta to invest $1 billion in Scale AI, which provides data-labeling services for training AI models. The round valued the San Francisco-based firm at nearly $14 billion. In June, Meta invested $14.3 billion for a 49% stake in Scale and recruited the company’s co-founder and CEO Alexandr Wang, along with several other key employees from Scale.
The many-hundreds-of-millions-of-dollars club
Commonwealth Fusion: The chipmaker invested in the nuclear fusion-energy startup’s $863 million funding round in August. The deal also attracted investors like Google and Breakthrough Energy Ventures, valuing the company at $3 billion.
Cohere: The chipmaker has supported the enterprise LLM provider Cohere across various funding rounds, including the $500 million Series D, which closed in August, valuing Cohere at $6.8 billion. Nvidia first engaged with the Toronto-based startup in 2023.
Perplexity: Nvidia initially invested in Perplexity in November 2023 and has actively participated in most subsequent funding rounds of the AI search engine startup, including the $500 million round closed in December 2024. The chipmaker was also involved in the company’s July funding round, which valued Perplexity at $18 billion. However, Nvidia did not take part in the startup’s subsequent $200 million fundraising in September, which elevated the company’s valuation to $20 billion, according to PitchBook data.
Poolside: In October 2024, the AI coding assistant startup Poolside disclosed it had raised $500 million led by Bain Capital Ventures, with Nvidia participating in the round, which valued the AI startup at $3 billion.
Lambda: The AI cloud provider Lambda, which offers services for model training, collected a $480 million Series D at an estimated $2.5 billion valuation in February. The round was co-led by SGW and Andra Capital, with participation from Nvidia, ARK Invest, and others. A notable part of Lambda’s business involves leasing servers powered by Nvidia’s GPUs.
Black Forest Labs: Nvidia took part in a $300 million Series B for the German startup responsible for the “Flux” image generation models in December. The round, which was co-led by Salesforce Ventures and Anjney Midha (AMP), valued the company at $3.25 billion.
CoreWeave: Although CoreWeave is no longer a startup but a public enterprise, Nvidia had invested when it was still emerging, back in April 2023. At that time, CoreWeave raised $221 million in funding. Nvidia continues to hold a significant stake.
Together AI: In February, Nvidia participated in the $305 million Series B for this firm, which provides cloud-based frameworks for developing AI models. The round valued Together AI at $3.3 billion and was co-led by Prosperity7, a Saudi venture capital firm, and General Catalyst. Nvidia first backed the company in 2023.
Firmus Technologies: In September, Firmus Technologies, the Singapore-based data center company, secured AU$330 million (approx. $215 million) in funding at an AU$1.85 billion ($1.2 billion) valuation from a group of investors, including Nvidia. Firmus is constructing an energy-efficient “AI factory” in Tasmania, an island state of Australia, originally providing cooling solutions for Bitcoin mining.
Uniphore: In October, Nvidia teamed up with fellow tech giants AMD, Snowflake, and Databricks to lead a $260 million Series F round into this Business AI firm. Uniphore’s multimodal platform assists enterprises in automating complex workflows and deploying “AI agents” across customer service, sales, and marketing.
Sakana AI: In September 2024, Nvidia invested in the Japan-based startup, which focuses on training economical generative AI models using limited datasets. The startup raised a sizable Series A round of roughly $214 million at a valuation of $1.5 billion. Sakana secured an additional $135 million at a $2.65 billion valuation in November, but Nvidia did not partake in that round.
Nuro: In August, Nvidia participated in a $203 million funding round for the self-driving delivery startup, which valued Nuro at $6 billion, a notable 30% decline from its zenith of $8.6 billion valuation in 2021.
Imbue: The AI research organization that claims to be developing reasoning and coding AI systems raised a $200 million round in September 2023 from investors, including Nvidia, Astera Institute, and former Cruise CEO Kyle Vogt.
Waabi: In June 2024, the autonomous trucking startup garnered a $200 million Series B round that was co-led by existing investors Uber and Khosla Ventures. Other participants included Nvidia, Volvo Group Venture Capital, and Porsche Automobil Holding SE.
Deals of over a $100 million
Ayar Labs: In December 2024, Nvidia engaged in the $155 million round of Ayar Labs, a firm specializing in optical interconnects to enhance AI computation and energy efficiency. This marked the third occasion Nvidia supported the startup.
Kore.ai: The enterprise-focused AI chatbot startup raised $150 million in December 2023. Nvidia was among the investors along with FTV Capital, Vistara Growth, and Sweetwater Private Equity participating in the funding round.
Sandbox AQ: In April, Nvidia, alongside Google, BNP Paribas, and others, contributed $150 million to Sandbox AQ, a startup that devises large quantitative models (LQMs) for managing intricate numerical analysis and statistical calculations. This investment elevated Sandbox AQ’s Series E total to $450 million and the company’s valuation to $5.75 billion.
Hippocratic AI: This enterprise is developing large language models tailored for healthcare, announcing in January that it raised a $141 million Series B at a valuation of $1.64 billion, spearheaded by Kleiner Perkins. Nvidia took part in this round alongside returning investors Andreessen Horowitz, General Catalyst, and others. The firm asserts that its AI tools can manage non-diagnostic patient-facing functions such as pre-operative tasks, remote monitoring, and organizing appointments. Hippocratic later secured an additional $126 million at a valuation of $3.5 billion in November, although Nvidia did not participate in that fundraising.
Weka: In May 2024, Nvidia added to a $140 million round for AI-native data management platform Weka. The round appraised the Silicon Valley firm at $1.6 billion.
Runway: In April, Nvidia joined the funding for Runway’s $308 million round, led by General Atlantic, establishing the startup that specializes in generative AI models for media production at a valuation of $3.55 billion, per PitchBook data. The chipmaker has been investing in the company since 2023.
Bright Machines: In June 2024, Nvidia took part in a $126 million Series C for Bright Machines, an AI-powered robotics and software firm.
Enfabrica: In September 2023, Nvidia invested in networking chip developer Enfabrica’s $125 million Series B. The startup later raised another $115 million in November 2024, though Nvidia did not join that round. In September, Nvidia reportedly allocated over $900 million to recruit Enfabrica’s CEO and team while licensing its technology, structured as an “acquihire.”
Reka AI: In July, AI research lab Reka secured $110 million in a fundraising round that included Snowflake and Nvidia. The deal tripled the startup’s valuation to over $1 billion, according to Bloomberg.
This post was first published in January 2025.