Nvidia Invests $2 Billion in Nebius, Triggering 57% Share Surge and $46 B AI Backlog

*TL;DR: Nvidia’s $2 billion investment sent Nebius shares up 57% and underpins a $46 billion AI revenue backlog.

Context On March 11 Nvidia disclosed a $2 billion cash injection into Nebius Group, a UK‑based provider of dedicated AI data centers and cloud software. The move aligns Nvidia’s hardware and software stack with Nebius’ infrastructure, targeting the next wave of physical and agentic AI workloads.

Key Facts - Nebius stock jumped 57% immediately after the investment was announced. - Long‑term contracts with hyperscalers such as Meta and Microsoft have built a $46 billion revenue backlog, meaning future sales are already booked. - The company operates 170 MW of active data‑center power and plans a 310‑MW AI factory in Finland, aiming for 3 GW of contracted power by the end of 2026. - Nebius expects to grow revenue from $530 million last year to potentially $16 billion by 2028, a level that could value the firm at $144 billion if it trades at the sector‑average 9‑times sales multiple.

What It Means The infusion of Nvidia capital validates Nebius’ strategy of pairing high‑performance GPUs with purpose‑built cloud facilities. By securing power contracts and expanding capacity, Nebius can convert its massive backlog into cash flow, reducing reliance on short‑term sales cycles. Analysts see the backlog exceeding projected three‑year revenue, suggesting earnings could accelerate after 2028 as new data‑center capacity comes online.

Investors now face a stock that has already delivered a 57% rally and still carries upside potential if the company meets its capacity targets and converts backlog into revenue. The partnership also positions Nebius to capture growth in the physical AI market, projected to rise from $383 billion this year to $3.25 trillion by 2040, and the agentic AI market, forecast to exceed $139 billion by 2034.

Watch next: Monitor Nebius’ power‑contract milestones and the rollout of its Finnish AI factory, as both will signal the pace at which the backlog translates into revenue and whether the stock can sustain its multi‑year rally.