Nebius
GPU cloud that builds its own data centre campuses and rents capacity to Microsoft and Meta.
- Revenue
- Up to 1.2 GW campus under way in Missouri
- Growth
- Microsoft contract of about $17.4B through 2031, up to $19.4B (Sep 2025). Meta deals of $3B (Nov 2025) and $12B firm from early 2027 (Mar 2026)
- Based in
- Amsterdam, Netherlands
- Listed
- Public (NBIS)
Two investment-grade tech buyers have signed multi-year contracts with it, which lets it borrow against them.
Two customers make up most of its contracted revenue, and it must borrow heavily to build.
Money coming in
Who pays Nebius, and for what.
buys dedicated AI capacity from Nebius's Vineland, New Jersey site
convergedigest.combuys AI capacity from Nebius, with a larger firm contract from early 2027
convergedigest.com
Money going out
Who Nebius pays to do what it does.
No suppliers of Nebius mapped yet.
Where it sits on the map
Competitors and neighbours
Operates data centres that link cloud and network providers, and leases whole campuses through xScale.
Revenue of $2.63B in Q2 2026 (quarter to 30 June 2026)
Open profileUS data centre operator owned by Blackstone, and one of the largest in the country.
Blackstone bought QTS for about $10B in 2021
Open profileData centre developer with 51 campuses in the US, Latin America and Chile.
About $40B enterprise value (deal closed 21 July 2026)
Open profileMakes switchgear, transformers and power distribution equipment that sit between the grid and the server hall.
Record revenue of $8.5B in Q2 2026 (quarter to 30 June 2026)
Open profileBuilds the transmission lines, substations and power connections that bring new electricity to data centres.
Revenue of about $9.6B in Q2 2026 (quarter to 30 June 2026)
Open profileMakes power, cooling and control equipment for data centres and grids.
H1 2026 revenue of EUR 21.2B (six months to June 2026)
Open profileMechanical and electrical contractor that installs heating, cooling and power systems in data centres.
Revenue of about $3.3B in Q2 2026 (quarter to 30 June 2026)
Open profileOwns and leases large data centre buildings to cloud and AI companies.
Record $1.9B of signed rent waiting to start
Open profileElectrical and mechanical contractor that builds and fits out data centres and other large buildings.
Revenue of about $5.15B in Q2 2026 (quarter to 30 June 2026)
Open profileSources: convergedigest.com, datacenterdynamics.com, datacenterdynamics.com
The map updates three times a week.
241 companies across 25 areas, 62 money flows and 89 openings so far. New research lands every Tuesday, Thursday and Saturday.
Back to the full mapFree daily email
Get the map updates in your inbox
A short read every morning on what is moving in AI, including new areas of the map as they go live. Free.
You are in
Your first AI Pulse lands tomorrow morning. Keep an eye on your inbox.