Goldman Sachs has secured the role every Wall Street firm wanted, and it is now working the phones.
The bank is in talks with investors about Nvidia’s $500bn AI-compute financing deal, having landed a prized mandate that effectively casts it as the lead, and for now near-sole, lender behind one of the largest infrastructure-funding efforts the industry has produced.
The mandate did not appear from nowhere. Goldman has a long relationship with Nvidia, having led the chipmaker’s $25bn bond sale in June 2025, and that history helped it win pole position on a scheme that sits at the centre of the current six-firm push to fund the AI build-out.
Goldman’s contribution stretches across its business. It is putting up junior capital and private credit through its asset-management arm, while its investment bankers work to place the debt into private-credit funds and, eventually, into public debt markets.
The bank is talking to US insurers, money managers, other banks, asset managers and private-credit firms, and it plans to keep a sizeable share of the paper itself.
