Nvidia, Accel back Netherlands-based AI firm Nebius in $700M deal

Amsterdam-headquartered Nebius, which builds full-stack AI infrastructure for tech firms, has secured $700mn in a private equity deal led by Nvidia, Accel, and asset manager Orbis. 

The funding comes in the form of a private placement — when a company sells stocks directly to a private investor instead of on the public market. The deal will see Nebius issue 33.3 million Class A shares at $21 apiece.  

Nebius, which is the rebranded European arm of “Russia’s Google,” Yandex, is investing more than $1bn across Europe by mid-2025 as it seeks to cash in on booming demand for AI computing power. It also recently announced plans to build its first GPU cluster in the US.   

“We have demonstrated the scale of our ambitions, initiating an AI infrastructure build-out across two continents,” said Arkady Volozh, founder and CEO of Nebius. “This strategic financing gives us additional firepower to do it faster ...