Section C · Commercial

Major Customer Deals

Nebius signed substantial multi-year capacity commitments with Microsoft (reportedly $17B+ over several years) and additional relationships including reported partnerships with Meta. These anchor commitments transformed the company's commercial profile.

The Microsoft deal

In 2025, Nebius announced a multi-year capacity commitment with Microsoft worth reportedly $17.4B over the contract term. The deal:

  • Multi-year duration extending through the late 2020s.
  • Dedicated GPU capacity in Nebius datacenters.
  • Capacity scaled and delivered over time as Nebius builds.
  • Microsoft uses this capacity for Azure AI customer demand.

The deal validated Nebius as a strategic supplier to a hyperscaler — similar in structure to CoreWeave's Microsoft relationship but with Nebius as the supplier.

Meta and others

Reporting through 2025-2026 has indicated additional major customer relationships including Meta. The specific contract scope isn't fully public.

Multiple anchor customers reduce the concentration risk of relying on a single relationship.

Contract shapes

The major deals share characteristics:

  • Multi-year reserved capacity commitments.
  • Custom pricing reflecting the scale.
  • Capacity delivered as Nebius's buildouts complete.
  • Bespoke operational terms.

Implications

The customer commitments transform Nebius:

  • Forward revenue visibility extends into the late 2020s.
  • The company joins CoreWeave in the small group of neoclouds with hyperscaler-anchor relationships.
  • Public-market valuation reflects the contract value.
  • Capital deployment is justified by the committed revenue.

Takeaway

The major customer deals are the strategic foundation for Nebius's growth narrative. The next chapter examines the commercial model.