Nebius Group acquires Eigen AI for US$643 million, secures multiyear AI compute contracts with Meta (US$27 billion) and Microsoft (US$19.4 billion), and receives US$2 billion investment from Nvidia

Nebius acquired Eigen AI for about US$643 million and secured very large multiyear AI compute contracts with Meta (US$27 billion) and Microsoft (US$19.4 billion), while receiving a US$2 billion investment from Nvidia to expand its neocloud data center capacity.

These moves are shifting Nebius from a pure infrastructure provider toward a higher-value AI platform model, potentially altering how it monetizes its massive contracted backlog and future capacity build-out.

The biggest risk is that heavy capital expenditure and losses persist without clear progress toward scalable GAAP profitability, with Q1 results on May 13 serving as a near-term catalyst where investors are looking for better operating leverage.