NVIDIA to invest $2 billion in Nebius and help deploy more than 5 GW of AI capacity by 2030

NVIDIA will invest $2 billion in Nebius — an Amsterdam-based AI cloud company that emerged from Yandex's international assets. This is not just a funding round: the partners plan to jointly scale Nebius's AI infrastructure to over 5 GW of NVIDIA-based capacity by the end of 2030.

How the Deal Is Structured

The deal is structured as a private placement. NVIDIA purchased pre-funded warrants convertible into 21,065,936 Class A shares of Nebius at an almost nominal strike price of $0.0001 per share.

For Nebius, this is a way to get approximately $2 billion immediately without waiting for a classic IPO, and for NVIDIA, it's a way to enter as a major shareholder through a more flexible structure. If these securities are converted, the stake will correspond to approximately 8.3%, and a six-month lockup applies to the warrants and future shares.

But the technical component is more important than the money. NVIDIA and Nebius have agreed to work across the entire AI stack — from data center design and hardware deployment to inference software and management of massive GPU clusters. In today's market, it's not enough to reduce this to the formula "buy accelerators and turn them on."

Winners are those who build AI factories faster, gain earlier access to new platforms, and know how to keep clusters stable under real customer workloads.

• Designing and launching AI factories with NVIDIA's participation
• Developing a stack for inference and agentic AI
• Early access to Rubin, Vera CPU, and BlueField
• GPU health monitoring and fleet management

Why Nebius

Nebius is not a typical startup out of nowhere. The company emerged after the split of Yandex N.V.

against the backdrop of Russia's war against Ukraine and subsequent two-year restructuring. The Russian business was sold to a consortium of local investors, while international assets related to AI and infrastructure remained in the new structure. Thus Nebius was born — a company headquartered in Amsterdam, listed on Nasdaq, and betting on a full-stack AI cloud rather than search, ride-hailing, or advertising.

NVIDIA's bet looks even more logical when you look at the pace of construction. Nebius is already rolling out several gigawatt-scale AI factories in the US, including a facility in Kansas City. Additionally, the company recently received approval to build a new site with 1.

2 GW capacity near Independence in Missouri; power delivery there is expected in the second half of 2026. In other words, we're talking about a provider that is actually trying to book electricity, land, and hardware for future demand, not presentations on slides.

"Nebius was built for AI from day one, rather than retrofitted from a

regular cloud."

The financial picture for the company is typical of an infrastructure race: rapid growth and huge upfront spending. In the fourth quarter of 2025, Nebius posted $227.7 million in revenue — 547% year-over-year — but simultaneously showed a net loss of $249.6 million. Capital expenditures for the quarter reached $2.1 billion as the company was purchasing H200 and Blackwell GPUs and preparing new capacity. By end of 2025, annualized recurring revenue stood at $1.25 billion, with guidance for 2026 at $7–9 billion ARR.

What It Means

For the market, this is further confirmation that the AI infrastructure deficit will be addressed not only through chip sales, but also through direct financing of cloud operators. NVIDIA has already made a similar bet on CoreWeave, and now is strengthening Nebius. Yes, there is a closed loop here: the chip maker invests in customers who then buy its hardware. But it's precisely such alliances that seem destined to determine who will skim the cream off the agentic AI boom.