Nebius has struck a five-year agreement with Meta Platforms valued at up to $27 billion, under which it will supply artificial intelligence infrastructure capacity to the social media giant, according to reports from the Wall Street Journal and Bloomberg.
The deal arrives days after Nebius announced a partnership with Nvidia to scale full-stack AI cloud services, making it the second major commercial agreement the company has secured within a week. Shares surged roughly 14% on the news, with the moves in Nebius also lifting shares in peer cloud infrastructure providers including CoreWeave and Iren.
The scale of the Meta contract underscores the intensity of demand for third-party AI computing capacity as hyperscalers seek to supplement their own data centre build-outs. Meta has previously disclosed plans for capital expenditure of $60 billion to $65 billion in 2025, with AI infrastructure a central priority.
Nebius, which trades on Nasdaq, was spun out of the Russian internet group Yandex following that company's restructuring after Russia's invasion of Ukraine. It has since repositioned itself as a European-headquartered AI cloud provider.
The $27 billion figure represents a ceiling rather than a guaranteed commitment, and the contract runs over five years, implying an average annual spend of up to $5.4 billion if fully drawn.
