Nebius Group

NBISpublic
infrastructureNLnebius.com$243.88

Backers

No backer on file. That means no tracked fund's portfolio or Form D names this company — not that it is unbacked.

Thesis

Yandex-spinoff GPU cloud; EU-based, vertically integrated.

Risk: Hyperscaler concentration is the core risk: a handful of buyers set pricing, and any capex pause hits backlog-driven valuations hard.

Contracts as provider

9 disclosures · 1.20 GW · $83.47B
FiledCustomerKindSiteMWGPUsTermTotalStatusSource
Jul 17, 2026investment-grade customer (unnamed)
backstop: Nebius Group N.V.
Financingnot stated——51 mo$775.00MAmendedverified6-K/A
excerpt
The Facility Agreement provides for a senior secured term loan facility in an aggregate principal amount of approximately $775 million. ... The vehicle is backed by deployed GPU infrastructure and contracted cash flows from an agreement with an investment-grade customer. The facility matures October 31, 2030, and is priced at SOFR + 2.50%.
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May 13, 2026Nebius Group N.V.Power supplyPennsylvania1.20 GW———Expandedverified6-K
excerpt
we are announcing a new site in Pennsylvania where we have secured power for a deployment of up to 1.2 GW.
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May 13, 2026MetaGPU cloud capacity———5 yr$27.00BExpandedverified6-K
excerpt
We landed a second large agreement with Meta for up to $27 billion, giving us substantial new capital to accelerate the growth of our AI cloud business and pursue potential additional financing at attractive rates. The deal comprises two parts: A $12 billion, five-year purchase of compute capacity that is scheduled to begin in early 2027; An additional $15 billion contract that allows Nebius to sell capacity to Meta on pre-agreed terms, or to our AI cloud customers at market rates.
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Mar 16, 2026Meta Platforms, Inc.GPU cloud capacity———5 yr$15.00BAmendedverified6-K
excerpt
A further Order establishes an arrangement that provides Meta with access to any unsold capacity in respect of certain GPU clusters as specified in the Agreement. It is the Company's current intention to sell such capacity in its AI cloud to third-party customers. Under the terms of this Order, in instances where the relevant capacity is not sold by Nebius to other customers, Meta is obligated to purchase such unsold capacity for the remainder of the period ending 5 years from the date on which such unsold capacity was initially deployed. This Order has a potential total contract value of up to $15 billion.
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Feb 12, 2026MicrosoftGPU cloud capacity—————Amendedverified6-K
excerpt
Nebius has amended its agreement with Microsoft to add 1.2 GW of additional capacity in the United States. ... Under the amended agreement, Microsoft will prepay an aggregate of $2.2 billion for the additional capacity.
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Nov 13, 2025MicrosoftGPU cloud capacityVineland, New Jersey——5 yr$17.40BAmendedverified6-K
excerpt · extension terms
On September 8, 2025, Nebius, Inc., a wholly owned subsidiary of the Company, entered into a commercial agreement (the "Agreement") with Microsoft, pursuant to which Nebius Inc. will provide Microsoft access to dedicated GPU infrastructure capacity in clusters (each, a "GPU Service") at its new data center in Vineland, New Jersey over a five-year term. ... Microsoft has committed to pay the Company fees under the Agreement estimated to be up to $17.4 billion through 2031.

Extension: Microsoft may acquire additional services and/or capacity under the Agreement.

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Nov 13, 2025Meta Platforms, Inc.GPU cloud capacity———5 yr$2.90BAmendedverified6-K
excerpt · extension terms
In November 2025, Nebius, Inc., a wholly owned subsidiary of Nebius Group N.V., entered into a commercial agreement (the "Agreement") with Meta Platforms, Inc. ("Meta"), pursuant to which, under the first order form under that Agreement (the "Order"), the Company will provide Meta access to two dedicated GPU infrastructure capacity clusters (each, a "GPU Service") over a five-year term. ... The Order has a total contract value of approximately $2.9 billion.

Extension: Meta may extend the term of the GPU Services and/or acquire additional services and/or capacity under the Agreement.

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Nov 12, 2025MetaGPU cloud capacity———5 yr$3.00BAmendedverified6-K
excerpt
Nebius today also announced a new agreement to deliver AI infrastructure to Meta valued at approximately $3 billion over 5 years.
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Sep 8, 2025MicrosoftGPU cloud capacityVineland, New Jersey——5 yr$17.40BAmendedverified6-K
excerpt
On September 8, 2025, Nebius, Inc. (the "Company"), a wholly owned subsidiary of Nebius Group N.V. ("Nebius Group"), entered into a commercial agreement (the "Agreement") with Microsoft, pursuant to which the Company will provide Microsoft access to dedicated GPU infrastructure capacity in tranches (each, a "GPU Service") at its new data center in Vineland, New Jersey (the "Data Center") over a five-year term. ... Subject to the satisfaction of the deployment and availability of the GPU Services, the total contract value is about $17.4 billion through 2031. Microsoft may also acquire additional services and/or capacity under the Agreement, which would increase the total contract value to about $19.4 billion.
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Concentration over time

7 filing dates
As ofContractsValueTop customerTop share
Sep 8, 20251$17.40BMicrosoft100%
Nov 12, 20252$20.40BMicrosoft85%
Nov 13, 20254$40.70BMicrosoft86%
Feb 12, 20265$40.70BMicrosoft86%
Mar 16, 20266$55.70BMicrosoft62%
May 13, 20268$82.70BMeta58%
Jul 17, 20269$83.47BMeta57%

Contracts as customer

3 disclosures · 5 MW · $775.00M
FiledProviderKindSiteMWGPUsTermTotalStatusSource
Jul 17, 2026the Lenders
backstop: Nebius Group N.V.
Financing————$775.00MAmendedverified6-K
excerpt
The Facility Agreement provides for a senior secured term loan facility in an aggregate principal amount of approximately $775 million. ... The maturity date of the Facility Agreement is October 31, 2030.
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Nov 19, 2024unnamed colocation providerColocation leaseKansas City, MO5 MW———Expandedverified6-K
excerpt
Scheduled to go live in Q1 2025, the Kansas City cluster will house thousands of state-of-the-art NVIDIA GPUs, primarily H200 Tensor Core GPUs in the initial phase, with the energy-efficient NVIDIA Blackwell platform expected to arrive in 2025. The colocation can be expanded from an initial 5 MW up to 40 MW, or about 35 thousand GPUs, at full potential capacity.
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Oct 18, 2024colocation data center providerColocation leaseParis, France————Amendedverified6-K
excerpt
Energy-efficient own data center in Finland , colocation data center in Paris 3 and further expansion plans ... (3) Agreement signed in July 2024, new capacity in Paris, France to be put into operation by the end of November 2024.
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Signals

16 most recent