Nvidia Corp. will invest $2 billion in Nebius Group NV as part of a strategic partnership to develop and build artificial intelligence data centers, as the world's most valuable firm continues to pour money into companies that buy its chips.
The partnership will help Amsterdam-based Nebius deploy more than 5 gigawatts of Nvidia systems by the end of 2030, the Dutch company in a statement Wednesday. That's roughly enough energy to power 3.8 million homes.
Nvidia has been using its enormous resources to finance the expansion of AI infrastructure, much of which is based on chips that it designs, leading to criticism that the circular investments are fueling a bubble. In January, Nvidia announced a similar $2 billion investment in Nebius competitor CoreWeave Inc. to deploy its products.
The partnership will build upon Nebius's existing use of Nvidia infrastructure and support its early adoption of the latest generation of chips. The companies will work together to design, build and manage AI data centers. Nebius said the partnership will allow it to build infrastructure customized for “inference,” a term for running AI models and services once they are trained.
Neocloud provider Nebius was previously the Dutch holding company for Russian internet giant Yandex. It was renamed in 2024 after it sold Yandex's Russian business to a group of investors in Russia for $5.2 billion. At the end of that year, Nebius raised $700 million from a slate of investors that included Nvidia.
Nvidia owned about $33 million worth of Nebius shares as of December 2024, according to a corporate filing shortly after its initial investment.
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