Nvidia plans to invest up to $3B in Lancium, the Texas company building power and land infrastructure for gigawatt-scale AI data centers. An initial $2B would buy roughly a 20% stake, with another $1B tied to milestones such as grid hookups.
The deal would value Lancium’s land and power assets at about $10B and could support an IPO in 2027, according to the report. Lancium’s Abilene campus is the first operational site of Stargate, the SoftBank-OpenAI-Oracle joint venture, and carries a 1.2-gigawatt interconnect approved by Texas grid operator ERCOT.
CEO Michael McNamara’s firm sits at a chokepoint of the AI buildout. Data center developers now need land, power and grid capacity as much as chips, and Crusoe is expanding the Abilene site to eight buildings covering about 4 million square feet, each designed for up to 50,000 Nvidia GB200 systems.
The investment deepens Nvidia’s grip on the AI supply chain, from silicon to the substations that feed it. For power-infrastructure startups, it signals that the industry’s biggest customer is now willing to write equity checks, not just purchase orders.
