A week ago, most investors had never heard of Nebius. Now it has $30 billion in committed contracts.
Meta and Nebius announced Monday a five-year agreement worth up to $27 billion. Nebius will provide $12 billion in dedicated compute capacity — built on Nvidia's latest Vera Rubin chips — starting in early 2027. Meta also committed to purchase up to $15 billion in additional capacity as Nebius builds it out.
This expands an initial $3 billion deal the two companies signed in November 2025. Today's announcement is a ninefold increase on that original commitment, bringing Meta's total contracted spend with Nebius to $30 billion.
Meta is planning up to $135 billion in AI capital expenditure in 2026 alone. Nebius is one of the pipes that spending flows through.
Nebius is an Amsterdam-based "neocloud" — a specialized cloud provider focused purely on AI infrastructure, built for companies that need massive GPU compute at scale without building their own data centers.
What makes the backstory unusual: Nebius is the rebranded international successor to Yandex, once known as the Google of Russia. Founder Arkady Volozh sold all Russian assets to a Kremlin-linked consortium in July 2024 for $2.4 billion and relaunched the remaining cloud and data center operations under the Nebius name. It listed on Nasdaq that same year.
Since listing, the stock is up more than 400%.
Nebius is now at the center of a very crowded trade. The major hyperscalers — Amazon, Google, Meta, Microsoft — are collectively planning to spend around $650 billion on AI infrastructure in 2026. Their own data centers can't keep up with demand, creating a massive opening for neoclouds like Nebius to fill the gap.
Nvidia invested $2 billion in Nebius just last week as part of a separate partnership. Now Meta's $27 billion deal is live. Nebius says its current available capacity is sold out.
Revenue surged 479% in 2025 to $530 million. The company is still operating at a loss — but at this trajectory, the losses are increasingly the point.