Nebius Group signed an AI infrastructure agreement with Meta worth up to $27 billion over five years, one of the largest AI data centre contracts disclosed publicly. Nvidia also announced a partnership with Nebius to scale its full-stack AI cloud offering, with reports citing a $2 billion Nvidia investment in the company.
The commercial momentum was short-lived for shareholders. Within 24 hours of the Meta deal being announced, Nebius said it intends to raise $3.75 billion through a convertible loan to fund the capital expenditure required to fulfil its new obligations. The stock, which had surged 14% on the contract news, reversed sharply and fell roughly 12% on the debt announcement.
The market reaction captures a tension that has defined AI infrastructure investment: securing headline-grabbing revenue contracts requires front-loaded capital outlay at a scale that can alarm equity holders. Nebius had already disclosed a $19.4 billion Microsoft deal alongside the $3 billion Meta commitment prior to this expanded $27 billion agreement, suggesting the company is accumulating commitments faster than it has demonstrated the balance-sheet capacity to absorb them.
Citigroup acknowledged the growth opportunity but characterised the bond offering as a high-risk buy, a framing that will not reassure investors already uneasy about execution risk at the company's scale. Nebius trades on Nasdaq under the ticker NBIS.
