Nvidia's Nebius Stake Disclosure Fuels AI Cloud Surge

Nvidia, a leading player in the artificial intelligence (AI) sector, publicly announced its 9.3% stake in the Netherlands-based neocloud computing firm Nebius Group N.V. through a filing with the U.S. Securities and Exchange Commission (SEC). This development garnered significant market attention, causing a strong increase in Nebius shares. The disclosed stake is considered part of Nvidia's previously announced $2 billion strategic investment in Nebius in March 2026.

According to Nvidia's Schedule 13G filing, the company beneficially owns approximately 22.26 million Class A ordinary shares. This total includes a pre-funded warrant acquired in March, covering 21,065,936 shares, along with 1.19 million existing shares that were previously disclosed. Nvidia is currently restricted from exercising this warrant or selling the underlying shares prior to September 11, 2026. However, under SEC regulations, the warrant being exercisable within 60 days of July 13, 2026, means the underlying shares are deemed beneficially owned by Nvidia.

Nebius Group N.V. is an Amsterdam-based AI cloud company, established in 2024 after the former Yandex N.V. sold its Russian businesses. The company focuses on AI infrastructure, providing a full-stack platform for AI developers and high-performance computing (HPC). Nebius designs and operates its own data centers across Europe and the U.S., aiming to meet the rapidly growing demand for computing in the age of AI.

Following Nvidia's stake disclosure, Nebius (NASDAQ: NBIS) shares surged over 3% in aftermarket trading and up to 5.7% in pre-market trading. Analysts reacted positively to the development. Northland analysts raised their price target for Nebius to $410 while maintaining an 'Outperform' rating. Freedom Capital upgraded Nebius from 'Hold' to 'Buy,' increasing its price target to $200. Bank of America also reiterated a 'Buy' rating with a $280 price target for the stock.

Nvidia's investment is part of its broader strategy to shape the AI ecosystem beyond being just a chip supplier. Through such investments, Nvidia establishes strategic partnerships with key customers who utilize its chips, contributing to the expansion of AI infrastructure. Nebius is one of Nvidia's important customers. The collaboration between the two companies aims to accelerate Nebius's hyperscale AI cloud services and deploy over 5 gigawatts of Nvidia systems by the end of 2030. Nvidia has previously made similar investments in other 'neocloud' firms like CoreWeave.

Recently, Nebius secured its first senior secured debt financing of $775 million to accelerate its global buildout and signed a compute capacity supply agreement with Reflection AI valued at over $1 billion. Furthermore, in September 2025, the company secured a significant client in Microsoft through a multi-year revenue agreement worth $17 billion. These developments strengthen Nebius's position in the AI cloud market and point to its future growth potential.