Treasury Audit Determines Nvidia Has Been Its Own Largest Customer Since January 2025

MENLO PARK—After a six-month review of Nvidia's $750 billion in outstanding AI financing commitments, the U.S. Treasury's Office of Financial Research released a 214-page determination Thursday concluding that Nvidia Corporation has been, in the strict accounting sense, its own largest customer since at least January 2025.

The finding follows what auditors describe as a "recursive financing topology": Nvidia invests in AI labs, which use the capital to purchase Nvidia chips, generating revenue that Nvidia reinvests in additional AI labs, which purchase additional chips. Treasury staff traced 23 distinct money-circuit iterations across the SK Group partnership, the SoftBank Ohio hub financing, and the newly disclosed Safe Superintelligence commitment, finding that $481 billion of the $750 billion total could be mapped to "dollar-paths that originate and terminate at Nvidia within a median of 14 months."

"At no point does this constitute fraud," the report states. "It is, however, the largest documented instance of a corporation financing its own demand since we stopped tracking that metric in 2019."

Nvidia shares rose 3.4% on the news.

The Treasury recommended designating Nvidia a "systemically circular institution" — a classification with no existing regulatory framework. Three task forces have been formed to develop one, with completion targeted for Q3 2027.

Jensen Huang, at a Tuesday keynote held before the report's release, announced the Blackwell Ultra Supremacy platform, available to customers through Nvidia Capital's financing arm, repayable in future chip purchases at then-market rates.

"This is how you build the future," he said.

Eleven of the twelve attendees were Nvidia partners. The twelfth was the Treasury auditor. She joined Nvidia's sovereign wealth fund team on Monday.