Nvidia reveals 9.3% Nebius stake in 13G filing, deepening AI bet

Nvidia Corp. disclosed a 9.3% ownership stake in Nebius Group NV, confirming a $2 billion equity investment in the AI infrastructure provider.

"This investment reflects our commitment to supporting the AI ecosystem beyond just silicon," an Nvidia spokesperson said.

The 13G filing, dated July 21, shows Nvidia holds about 9.3% of Nebius's outstanding shares. The disclosure follows Nvidia's $2 billion equity investment announced earlier this year, part of over $6 billion Nebius has raised in 2026 through convertible notes and equity deals. Nebius ended the period with more than $9 billion in cash.

The stake gives Nvidia direct exposure to Nebius's rapid infrastructure expansion. Nebius has raised its 2026 capital expenditure guidance to $20 billion-$25 billion, targeting at least 4 gigawatts of contracted power this year, with new capacity expected to begin generating revenue in the first half of 2027.

Nebius is building an AI-native hyperscaler across four dimensions: capacity, products, demand and capital. The company has secured more than 3.5 gigawatts of contracted power and recently announced a Pennsylvania site that will support up to 1.2 gigawatts, its second company-owned AI campus in the US.

The company's first-quarter pipeline generation reached a record, growing 3.5 times sequentially, with demand continuing to outpace available GPU capacity. More than 75% of its contracted power now comes from company-owned infrastructure.

Nebius also secured $775 million in its first asset-backed debt financing, a structure that avoids the shareholder dilution associated with convertible notes. The secured debt, backed by data center assets, carries lower borrowing costs and shows lender confidence in Nebius's infrastructure value, according to the company.

The Nvidia relationship extends beyond equity. Nebius uses Nvidia's GPUs as the backbone of its AI training and inference clusters, serving hyperscale clients including Meta Platforms Inc. The two companies also collaborate on AI inference optimization through Nebius's Aether platform and its acquisitions of Tavily, Eigen AI and Clarifai.

Rival neocloud provider CoreWeave has similarly expanded, securing more than $20 billion in debt and equity this year and reporting record backlog additions in the first quarter as AI workloads shift from training to inference and enterprise production.

The 13G filing removes uncertainty about Nvidia's ownership level and shows the chipmaker's strategic bet on Nebius's infrastructure model. Investors will watch Nebius's next earnings report for updates on capacity deployment and customer commitments tied to its expanded capital spending plan.

This article is for informational purposes only and does not constitute investment advice.