Overview

• Nebius disclosed the five-year agreement in a Form 6-K, with options that could lift the total value to about $19.4 billion through 2031.
• Dedicated capacity will be delivered from Nebius’s new Vineland, New Jersey data center in multiple tranches across 2025 and 2026.
• Nebius plans to fund the build using cash flows from the contract and debt secured against it, while evaluating additional financing to accelerate growth.
• Nebius shares surged roughly 40% to 60% in after-hours and early trading following the announcement, reflecting investor revaluation of the Nvidia-backed provider.
• The contract includes standard service-level and termination provisions tied to delivery timelines, underscoring execution and customer-concentration risks for Nebius.