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.