Overview

• Nebius signed a multiyear agreement to supply Microsoft with dedicated GPU infrastructure worth $17.4 billion over five years, with options lifting the total to about $19.4 billion through 2031.
• Deliveries will begin later this year from the new Vineland, N.J., data center, with capacity rolled out in multiple tranches during 2025 and 2026.
• The financing package comprises $2 billion in private convertible senior notes and a $1 billion underwritten public equity offering, alongside plans to use contract cash flows and debt secured against the deal.
• Nebius shares surged roughly 40%–50% after the contract announcement on Sept. 9, then eased in premarket trading on Sept. 10 following the capital raise plans.
• Microsoft has not detailed how it will use the capacity, and the deal reflects ongoing GPU shortages that have led it to tap third‑party providers including CoreWeave.