Nebius Group (NBIS) has emerged as a primary competitor to CoreWeave in the AI neocloud market. The Amsterdam-based firm formed following an international carve-out of Russia's Yandex.
Nvidia supported the company’s expansion with a $2 billion equity investment. Nebius currently maintains an estimated backlog approaching $50 billion.
The company secured a $27 billion multi-year computing deal with Meta Platforms. Microsoft signed an additional agreement worth $19.4 billion.
In mid-May, Nebius reported an eightfold increase in quarterly revenue. The firm also established a 328-megawatt power partnership with Bloom Energy to scale its global GPU cloud footprint.