Prof G Markets · Wednesday, August 12, 2026
The analyst explains Nvidia's historical involvement in financing its customers, starting with working capital terms for early-stage cloud providers like CoreWeave. As the demand and scale grew, Nvidia began providing backstops and guarantees for compute service agreements, which currently total $30 billion.
“So, let me wind back the clock a couple years. Um, there's a history here for Nvidia providing financing for customers. In the early days, in 2022 and 2023, Nvidia provided essentially what I was talking about before, easy working capital terms to the first round of NeoClouds like CoreWeave.”
“And the key thing they did was provide backstops, right? If you can't sell all the compute, we're selling you, if you can't use it all, we'll buy some percentage of it.”
“Now, today, Nvidia already has, as of last quarter, Nvidia had $30 billion of what they call compute service agreements in place. It's not on their books, it's not on the balance sheet, but it's in the footnotes.”