Nebius to Sell $1 Billion in AI Capacity to Reflection

Cloud provider Nebius Group NV agreed to sell more than $1 billion worth of computing power to Reflection AI, a developer of artificial intelligence models that was launched by two former Google DeepMind researchers.

The agreement runs through 2029 and gives Reflection access to Nvidia Corp.’s GB300 AI chips, the companies said in a statement Tuesday.

Shares of Nebius extended gains to rise as much as 3.8% before markets opened in New York.

The deal is part of a race by both startups and established tech companies to tap into AI infrastructure. Last month, Reflection inked a multibillion-dollar agreement with SpaceX to gain access to the same model of chips.

Reflection is backed by Nvidia and others. It has held talks to raise $2.5 billion at a valuation of $25 billion, the Wall Street Journal reported.

Nebius, which split from Russian internet provider Yandex in 2024, is among a group of firms called “neoclouds” that rent out AI computing capacity. The company, based in Amsterdam, has deals with Microsoft Corp. and Meta Platforms Inc.