The Projection — a symmetric watercolor butterfly

The Projection

The surface is never the system.

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Nvidia → Lancium

$2.0B — Initial $2B tranche for roughly a 20% stake in Lancium (valued around $10B); a further $1B tranche is tied to thresholds including grid hookups and could push Nvidia's stake to roughly 28% — that contingent second tranche is NOT included in this point figure. Lancium currently manages 4GW of leased capacity alongside a development pipeline exceeding 15GW of powered land, including the Lancium Clean Campus in Abilene, TX (see lancium/capital's note on the pre-existing Crusoe/Blue Owl JV on that same site)

high confidence · as of 2026-08-09T00:00:00Z · about Lancium

$2.0B — Initial $2B tranche for roughly a 20% stake in Lancium (valued around $10B); a further $1B tranche is tied to thresholds including grid hookups and could push Nvidia's stake to roughly 28% — that contingent second tranche is NOT included in this point figure. Lancium currently manages 4GW of leased capacity alongside a development pipeline exceeding 15GW of powered land, including the Lancium Clean Campus in Abilene, TX (see lancium/capital's note on the pre-existing Crusoe/Blue Owl JV on that same site)

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Basis

$2.0B — Initial $2B tranche for roughly a 20% stake in Lancium (valued around $10B); a further $1B tranche is tied to thresholds including grid hookups and could push Nvidia's stake to roughly 28% — that contingent second tranche is NOT included in this point figure. Lancium currently manages 4GW of leased capacity alongside a development pipeline exceeding 15GW of powered land, including the Lancium Clean Campus in Abilene, TX (see lancium/capital's note on the pre-existing Crusoe/Blue Owl JV on that same site)

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