Nebius lands another $2 billion from Nvidia as its AI cloud valuation surges

Nebius, an AI data-center and cloud provider founded in the Netherlands by Israelis Arkady Volozh and Roman Chernin, has raised $2 billion from Nvidia, its first deal with the chipmaker since Nvidia took part in Nebius’s relisting at the end of 2024. The company, which has many Israeli executives and a development center in Tel Aviv’s Alon Towers, has become one of the fastest-rising AI stocks of the past year.

Nebius’s market value is now approaching $70 billion after climbing about 480% over the past year and 230% since the start of 2026. Its founding team includes Volozh, the founder of Yandex, and former Yandex executives Chernin and Elena Bunina, all now living in Israel. Israeli entrepreneur Dr. Kira Radinsky also serves on the board. Nebius is still little known to many investors, but it is effectively the cloud division that Volozh bought from a Russian investor group more than two years ago.

The company’s close ties with Nvidia stretch back nearly two decades. That relationship helped Nebius begin with $700 million in financing from Nvidia and venture firm Accel in December 2024, and secure priority access to Nvidia’s newest Blackwell 200 and 300 processors, and soon Rubin chips. Those chips, together with Nebius’s software and infrastructure, have enabled large multiyear contracts with Nvidia allies Microsoft and Meta, worth $17.4 billion and $27 billion respectively, for data-center capacity used for cloud and AI processing.

In the first quarter, Nebius reported revenue up 684% year on year to nearly $400 million, while its net loss widened from $83 million to $100 million. Over the past two years, it has joined the top tier of so-called neo-cloud providers competing with U.S. rivals such as CoreWeave and Crusoe by spending hundreds of millions of dollars on data centers in the United States and leasing them to cloud giants and AI customers. CoreWeave, once seen as the leader, rose only 33% this year to a roughly $57 billion valuation, after Nvidia invested $2 billion in it in January.