Nebius Group N.V. (NBIS) announced two landmark AI infrastructure agreements totaling more than $20 billion. The larger contract, valued between $17.4 billion and $19.4 billion, is with Microsoft. Nebius also secured a new five-year deal with Meta worth approximately $3 billion.
Management noted that the deals underscore immense demand for Nebius’s GPU capacity, which is consistently sold out as new capacity comes online. To accelerate expansion, Nebius raised its 2025 capital expenditure forecast to approximately $5 billion.
The company narrowed its full-year 2025 revenue guidance despite the new contracts. The new range is $500 million to $550 million, adjusted from the previous range of $450 million to $630 million. Nebius cited the timing of new capacity deployment as the reason for the adjustment.
These long-term contracts provide significant revenue visibility. Nebius aims to reach an annualized run-rate revenue of $7 billion to $9 billion by the end of 2026.