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Nvidia’s $2 billion investment in Nebius drives stock gains and highlights the accelerating buildout of AI cloud capacity amid surging global data center demand.
Nvidia announced a $2 billion equity commitment to Nebius Group in March 2026, pushing the company’s shares to around $287 on June 22 as trading reflected continued momentum from the deal. The investment supports Nebius’s expansion of AI data centers and will help deploy more than 5 gigawatts of capacity by 2030, according to a joint statement from both companies. Nebius holds long-term supply agreements with Microsoft and Meta that will utilize the additional infrastructure, Nvidia’s announcement stated.
The equity stake marks a departure from Nvidia’s conventional hardware sales model by sharing investment risk with Nebius in the development of full-stack AI cloud services. Nebius operated 170 megawatts of active data center capacity at the end of 2025. Management has targeted 800 megawatts to 1 gigawatt of active capacity by the end of 2026, backed by more than 4 gigawatts of committed long-term infrastructure, Nebius reported.
Nebius projected capital expenditures of $20 billion to $25 billion during 2026 to fund the buildout, the company said in its updates. The scale of these investments aligns with broader sector trends in which power supply, regulatory approvals and grid connections have become central constraints. JLL’s January 2026 global data center outlook projected the sector to grow at a 14 percent compound annual rate through 2030, adding nearly 100 gigawatts of capacity and roughly doubling in size over that period.
Nebius recorded first-quarter 2026 revenue of $399 million, including $390 million from its AI cloud business that expanded 841 percent from the prior-year period, according to the company’s earnings filing. The remaining $9 million came from its Avride autonomous vehicle unit and TripleTen education platform. The firm joined the Nasdaq-100 index in recent months, broadening its access to index-tracking investment flows.
Analysts surveyed by financial data providers forecast Nebius revenue reaching $21.3 billion by the end of 2028. At a 9.5 times price-to-sales multiple in line with the broader U.S. technology sector, that revenue level would imply a market capitalization near $202 billion, roughly triple the valuation at the time of the Nvidia announcement. The stock currently trades at a 79 times sales multiple based on trailing figures, market data shows.
Nebius’s Avride division, which received a $375 million joint investment from Uber last year, completed 174,000 autonomous deliveries in the first quarter of 2026, an increase of 178 percent year-over-year, the company reported. Cumulative deliveries have exceeded 500,000 since operations began in April 2025, with integration into Uber Eats for last-mile logistics. Avride also operates robotaxis in select U.S. cities, though its vehicles recorded 16 collisions in Dallas and Austin during the quarter, prompting regulatory review, according to Nebius disclosures.
