Microsoft / Nebius compute deal, September 2025

Announced 2025-09-08 · Undisclosed · $17.4B · Approx. · through 2031

Approximately $17.4B for dedicated GPU capacity, subject to deployment and availability. Additional services could increase the value to approximately $19.4B. Microsoft can terminate delayed tranches under the filing’s conditions.

First-capacity target: Late 2025 (announced target)

Reported delivery: All contracted tranches delivered. MW undisclosed. Nebius reports delivery of all Microsoft contract tranches, including two in the preceding month. Customer MW and exact energization dates are undisclosed.