Nebius Group (NASDAQ:NBIS) saw its shares leap roughly 48% in premarket trading Tuesday, following the announcement of a multiyear deal with Microsoft (NASDAQ:MSFT) valued at up to $19.4 billion over the next five years.
The Amsterdam-based company, a key supplier of Nvidia (NASDAQ:NVDA) GPUs used for AI training, will provide Microsoft with computing resources from a data center in New Jersey.
Nebius, which rebranded from Yandex NV last year after Yandex’s Russian-language business was sold to local investors, is now expanding its footprint in AI cloud infrastructure.
Microsoft has increasingly turned to external providers to address shortages of AI-ready cloud capacity. OpenAI, one of Microsoft Azure’s largest clients, has also sought additional computing power, striking a deal recently with Google.
The software giant has similarly partnered with CoreWeave Inc (NASDAQ:CRWV), which signed its own multibillion-dollar supply agreement with OpenAI. CoreWeave stock rose about 6% in premarket trading.
Earlier reports from Reuters noted CoreWeave’s involvement in Google’s new collaboration with OpenAI. The cloud provider, using Nvidia GPUs, will supply capacity to Google Cloud, which will then resell it to OpenAI to support products like ChatGPT. Google will also dedicate some of its own resources directly to OpenAI.
Nebius indicated it may seek additional financing to accelerate expansion beyond initial plans. In an SEC filing, the company revealed that its GPU services will be deployed in phases through this year and next.
The Microsoft contract is valued at $17.4 billion through 2031, with an option for an extra $2 billion in services. Prior to Tuesday’s premarket jump, Nebius shares had already more than doubled in 2025, with Monday’s session giving the company a market capitalization just above $15 billion.
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