Nebius eyes $46B AI cloud opportunity
- Nebius is pitching itself as a major artificial-intelligence cloud supplier after signing multiyear infrastructure agreements with Meta and Microsoft worth up to $46.4 billion. - The biggest piece is Meta’s March 16 contract: $12 billion of dedicated capacity by 2027, plus up to $15 billion more over five years. - The deals back Nebius’s rapid buildout, funded by a $4.3 billion notes sale and Nvidia’s $2 billion investment. (nebius.com)
Nebius has lined up as much as $46.4 billion in artificial-intelligence infrastructure commitments from Meta and Microsoft, turning a little-known cloud provider into a major capacity seller. (nebius.com 1) (nebius.com 2) Meta disclosed the larger recent contract on March 16: up to $27 billion over five years, including $12 billion of dedicated capacity across multiple sites by 2027. (nebius.com) (cnbc.com) Microsoft signed earlier, on September 8, 2025, for dedicated graphics-processing-unit capacity from Nebius’s new Vineland, New Jersey, data center. The contract is worth about $17.4 billion, with another $2 billion of optional services. (nebius.com) (assets.nebius.com) That is what “AI cloud” means here: warehouses full of Nvidia chips, networking gear, cooling systems and software rented to companies that need computing power for training and running models. Nebius is selling blocks of that capacity years in advance. (cnbc.com) (nebius.com) Nebius says its core AI business reached a $1.25 billion annualized run rate at the end of 2025, above prior guidance of $900 million to $1.1 billion. It told shareholders it expects that figure to rise to $7 billion to $9 billion by the end of 2026. (assets.nebius.com) (nebius.com) The company is building for that demand. Nebius said in February it had expanded from seven sites to a plan covering 16 sites, with contracted capacity growth from more than 1 gigawatt to more than 2.5 gigawatts. (assets.nebius.com) It added more financing in March, closing a convertible-notes sale with roughly $4.3 billion in gross proceeds. Nebius said the money would support general corporate purposes, including capital spending and debt repayment. (nebius.com) Nvidia also deepened its role on March 11, announcing a $2 billion investment in Nebius and a partnership to deploy next-generation hyperscale cloud systems for the AI market. (nvidianews.nvidia.com) (cnbc.com) Nebius is still much smaller than the big public-cloud incumbents, but these contracts show how hyperscalers are outsourcing chunks of the AI buildout to specialized providers with power, land and chip access. (cnbc.com) (bloomberg.com) For Nebius, the next test is execution: getting those data centers built, energized and filled on schedule so contracted capacity turns into revenue. The company has already sold the promise; now it has to deliver the machines. (nebius.com 1) (nebius.com 2)
