Nvidia Corporation posted record total revenue of $96.2 billion for the second quarter of fiscal year 2026, which ended July 26, 2026, representing a 106% increase year-over-year. Data center segment revenue grew 117% year-over-year to $89 billion, while net income reached $59.7 billion compared to $26.4 billion in the second quarter of fiscal year 2025. At the same time, Nvidia expects third-quarter revenue to reach $108 billion, plus or minus 2%, with the outlook excluding any revenue from data center compute in China.
Nvidia CEO Jensen Huang stated that artificial intelligence has reached an inflection point and is performing productive work, with compute becoming a direct source of revenue. The company also announced the scaling of the Vera Rubin platform, the development of the Vera processor for AI agents, and the NVIDIA Groq 3 LPX accelerator. Separately, Nvidia announced partnerships and financial initiatives aimed at attracting more than $500 billion in third-party capital for AI infrastructure development.
Against the backdrop of the record financial report, reports emerged of a possible Nvidia acquisition of the Hugging Face platform for $12.9 billion. According to The Information, the company has already agreed to the deal, though no official confirmation from either party has been provided. Hugging Face is one of the largest repositories of open-source AI models and datasets, with annual revenue of approximately $150 million. The potential deal price significantly exceeds the platform's current financial metrics. Nvidia had previously invested in the company, participating in a $235 million funding round in 2023 when Hugging Face was valued at $4.5 billion. The potential acquisition comes shortly after an incident in which Hugging Face's infrastructure was damaged by a test AI agent from OpenAI based on the GPT-5.6 model.
Nvidia is also continuing to secure large-scale deals to meet future demand. The company increased its supplier commitments from $119 billion to $279 billion, primarily due to memory purchases, and has approximately $18 billion in capital investment obligations through the end of fiscal year 2026. A separate area of focus is its collaboration with SpaceX, which named Nvidia the exclusive AI chip supplier for the Starmind AI-1 project, which envisions placing data center-level computing capacity in space. The partnership will utilize Rubin GPUs and Vera processors, with peak power for a single satellite expected to reach 250 kW. Additionally, Nvidia reported holding nearly 123 million SpaceX shares on its balance sheet, valued at approximately $21 billion as of the end of June 2026.
Amid record demand, Nvidia is also in negotiations over potentially providing guarantees of approximately $250 billion for a large-scale OpenAI data center with a capacity of 10 GW in the state of Ohio. The total cost of the project, including compute chips, could exceed $500 billion, making it one of the largest infrastructure initiatives in the history of the artificial intelligence industry.