Who Nebius buys from and sells to
Amsterdam-based neocloud renting NVIDIA GPU capacity from its own and leased data centres in Europe and the US.
Buys from 3
- NVIDIANVDAGB200 and GB300 GPUs for the clusters
- Server ODMsassembly of Nebius's in-house server designs
- Data-centre landlordscolocation in New Jersey, Kansas City and Iceland
Sells to 3
- MicrosoftMSFTdedicated GPU capacity in Vineland, New Jersey$17.4B five-year contract (Sept 2025)
- MetaMETAdedicated AI infrastructure capacity$3B five-year contract (Nov 2025)
- AI start-upson-demand and reserved GPU instances
Where the chain could break
- Microsoft contract dwarfs the rest of the backlog
- All capacity is NVIDIA silicon; delays in GB300 supply delay revenue
Competes with
- CoreWeaveCRWVthe largest neocloud, chasing the same buyers
- OracleORCLOCI GPU capacity
- IRENIRENMicrosoft GPU contracts from a former miner
Mapped by hand from filings and company reporting, as of October 2026. It shows the relationships that matter most, not every contract: most are never disclosed, and agreements change.