Cloud Computing Firm Nebius Raises $3.7 Billion for AI Infrastructure

Dutch cloud computing company Nebius has raised $3.75 billion via sales of stock and convertible notes, according to Bloomberg.

These sales are designed to help Nebius acquire additional compute power and hardware, secure “strategic high-quality and well-located” plots of lands with reliable providers and to expand its data center footprint, according to a Wednesday (Sept. 10) news release.

“We believe this will enable us to aggressively grow our core business in 2026 and beyond as we aim to scale our global data center portfolio, including through new greenfield sites, and the expansion of our customer base, from AI native tech startups to larger enterprises,” the company said in the release.

The news came days after the company announced a new partnership with Microsoft, a $19.4 billion deal that will see Nebius deliver artificial intelligence (AI) infrastructure to the tech giant.

Under this multi-year pact, Nebius will provide dedicated capacity to Microsoft from its new data center in Vineland, New Jersey beginning later this year, the company said in a news release.

“Nebius’s core AI cloud business, serving customers from AI startups to enterprises, is performing exceptionally well,” said Arkady Volozh, founder and CEO of Nebius.

“We have also said that, in addition to our core business, we expect to secure significant long-term committed contracts with leading AI labs and big tech companies. I’m happy to announce the first of these contracts, and I believe there are more to come.”

Nebius, which rebranded from Russian internet company Yandex, sold that business’s search engine last year to focus on cloud-computing services for AI operations. The company raised $700 million last year from investors that included Nvidia.

This news is happening as multiple industries — including cloud, data storage, semiconductor manufacturing and data centers — are enjoying revenue gains from AI, cementing its status as an economic driver, as PYMNTS wrote last week.

The chief catalyst is increasing enterprise adoption of AI. A 2025 PYMNTS Intelligence report found that 90% of chief financial officers (CFOs) see “very positive ROI” from generative AI, a significant increase from 26.7% in March 2024.

“With gen AI yielding such strong results, CFOs are utilizing the technology in more areas of their businesses,” the report said, including employing the technology for high-, medium- and low-impact tasks.

Cloud providers are among the clearest beneficiaries of this demand. Research firm Statista has projected that cloud infrastructure service revenues are due to surpass $400 billion for the first time. The cloud market has re-accelerated in recent quarters, primarily due to the AI boom, the company said.

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