European neocloud Nebius has signed a $3 billion deal with Meta to provide the hyperscaler with AI infrastructure over a five-year period.

According to the company’s founder and CEO, Arkady Volozh, Nebius plans to deploy the capacity needed to meet the service agreement over the next three months.

While no further information about the deal has been disclosed, Volozh did note in a letter to shareholders that demand for capacity was overwhelming, and the size of the contract with Meta had to be limited to the amount of capacity that was available.

In early September, Nebius signed a $19.4bn deal with Microsoft, which is expected to see the hyperscaler receive access to more than 100,000 Nvidia GB300 chips.

Nebius is currently sold out of all available capacity, the company stated.

The agreement was announced alongside the cloud operator’s unaudited Q3 2025 financial results, which showed it posted revenue of $146.1 million for the quarter ending September 30, up 355 percent year-over-year (YoY) and 39 percent quarter-over-quarter (QoQ).

Nebius’ capex for the quarter grew to $955.5 million in the quarter, up from $172.1m a year prior. The company is targeting $7-9 billion in annualized run-rate revenue by the end of 2026.

In his letter, Volozh said the only “real limitation on revenue growth in 2025 has been the amount of capacity that [they] have been able to bring online,” but claimed the company was working hard to unlock that bottleneck, and would continue to do so in 2026.

“Last quarter, we guided for 1GW of contracted power by the end of 2026. We are currently in the process of securing additional sites that would bring our total contracted power (i.e., secured land with power) to approximately 2.5GW by the end of 2026,” Volozh said. “Of this contracted amount, we expect to have 800MW to 1GW of connected power (i.e, power connected to built data centers) by the end of 2026. “

To maintain this pace of growth into 2027, the company said it will utilize corporate debt, asset-backed financing, and equity, the latter of which will see Nebius put in place an at-the-market (ATM) equity program for up to 25 million Class A shares, with the company planning to file a prospectus supplement on November 12, 2025.

Volozh said: “2025 has been a building year as we put in place the infrastructure and framework for future rapid growth. This year, we believe that we have successfully laid the foundations for an outstanding 2026 — a year that should firmly position us among the top AI cloud businesses globally. And at the same time, 2026 is still just the beginning.”

Nebius was formed last year after Russian tech firm Yandex's European operations were spun off into a separate entity. Based in Amsterdam, Nebius took control of Yandex's Finnish data center, its Nebius AI unit, as well as data firm Toloka AI, edtech provider TripleTen, and autonomous driving firm Avride.

Last week, the company launched a 4,000-strong Nvidia B300 GPU cluster at Ark Data Centres’ Longcross Park campus in Surrey.

In the US, the company is working with DataOne to develop a 300MW data center in New Jersey, the first phase of which is expected to go live in the summer of 2025. Nebius is also set to lease space at an upcoming data center in Kansas City, Missouri.

The company has further colocation presence in Iceland and France, the latter in an Equinix facility in Paris. In May 2025, Nebius revealed it would build and operate a $140 million national supercomputer in Israel, part-funded by the Israeli government's Innovation Authority.