The Amsterdam-based firm, which supplies Nvidia (NASDAQ:NVDA) graphics processors for artificial intelligence training, said it will provide computing resources to Microsoft from a New Jersey data center.

Nebius rebranded from Yandex NV last year after Yandex’s Russian-language operations were sold to a group of local investors.

Microsoft has been turning to outside providers to ease a shortage of AI-ready cloud infrastructure. OpenAI, one of Microsoft’s largest Azure customers, has been seeking additional computing capacity, recently striking a deal with Google.

The Windows maker has also tapped CoreWeave Inc (NASDAQ:CRWV), which separately signed a multibillion-dollar supply agreement with OpenAI.

CoreWeave’s stock gained about 6% in the premarket trade.

Earlier this year, Reuters reported that CoreWeave has secured a role in Google’s new partnership with OpenAI.

The cloud provider, which builds services on Nvidia GPUs, will supply capacity to Google Cloud, which in turn will resell it to OpenAI to support products like ChatGPT, the report said. Google will also contribute some of its own resources directly to OpenAI.

Nebius said it may pursue new financing to accelerate expansion beyond its original plans. In a filing with the SEC, the company disclosed that GPU services will be rolled out in stages this year and next.

The contract is valued at $17.4 billion through 2031, with Microsoft retaining the option to purchase an additional $2 billion of services.

Before Tuesday’s premarket surge, Nebius shares had already more than doubled in 2025, ending the Monday session with a market value just above $15 billion.