Nebius signs up to $19.4 billion infrastructure deal with Microsoft, supplying dedicated GPU compute for Azure

Dutch AI infrastructure provider Nebius has signed a five-year agreement with Microsoft valued at $17.4 billion, with potential to reach $19.4 billion, to supply dedicated GPU capacity from its new Vineland, New Jersey data center starting later in 2025. The deal marks Nebius's first long-term contract with a major tech firm and will be financed through generated cash flow and contract-backed debt to support accelerated expansion into 2026.