Nvidia is investing $2bn in AI cloud provider NEBIUS, extending the chipmaker’s multibillion-dollar investment spree in its partners and customers.
U.S.-listed shares of the company rose 10% in premarket trading.
The deal Amsterdam-based Nebius announced on Wednesday follows Nvidia’s “significant” investment in Silicon Valley-based AI lab Thinking Machines a day earlier. The lab also struck a chip supply deal worth several billions of dollars.
Nvidia also took part in Monday’s $2bn fundraising for UK cloud start-up Nscale, which relies heavily on its chips.
Such funding arrangements with Nvidia’s own customers have drawn concerns about circular financing in the industry, as the AI chip giant deploys its massive cash reserves into funding its own customers.
“AI is at another inflection point — agentic AI, driving incredible compute demand and accelerating infrastructure build-out,” said Jensen Huang, Nvidia’s chief executive, on Wednesday. “Nebius is building an AI cloud designed for the agentic era.”
Arkady Volozh, chief executive of Nebius, said the company was assembling “one of the first and largest clouds for all AI builders everywhere”.
Nvidia has been on a dealmaking spree ahead of its annual GTC conference in Silicon Valley next week.
The chipmaker is already a key investor in Nebius, which is one of a new breed of cloud computing challengers to the Big Tech “hyperscalers”, including CoreWeave, Crusoe, Lambda and Together AI.
The deal will help Nebius to build up to 5GW of Nvidia-based computing infrastructure by 2030, the company said — equivalent to the power consumption of almost 5mn homes.
The two companies will collaborate on the design of AI data centres, which Nvidia calls “AI factories”, that will run Nvidia’s flagship Rubin AI processors as well as its BlueField storage systems.
The expanded alliance with Nvidia comes a week after Nebius received approval from the city council in Independence, Missouri, to build its largest US facility, with a potential capacity of up to 1.2GW.
Shares in Nebius have risen by almost 400 per cent since the company, which was formed from Yandex’s operations outside Russia, listed in New York in October 2024. Last September it struck a cloud deal with Microsoft worth up to $20bn over five years.
Nebius last month reported 2025 annual revenues of $529.8mn, up 479 per cent over the previous year, with net income of $101.7mn, from a net loss of $641.4mn in 2024.
Big Tech groups, AI start-ups and the cloud providers that they rely on to build vast data centres for AI are racing to expand capacity.
A new breed of AI agents such as Anthropic’s Claude Code that are capable of building software or completing other complex tasks are driving surging demand for AI computing power.
The same trend spurred strong results for Oracle, a key cloud provider to OpenAI, on Tuesday evening, sending its shares up by more than 9 per cent in pre-market trading on Wednesday.
