Capital Cycle: NVIDIA Pours $2B into Nebius Cloud

On March 11, 2026, NVIDIA officially confirmed a $2 billion investment in AI infrastructure provider Nebius. The partnership entails the creation of massive computing facilities (with a plan to reach 5 gigawatts by 2030).

From a technical and financial standpoint, this is a textbook example of vendor financing. NVIDIA invests in a cloud provider, which uses that same money to purchase tensor accelerators from NVIDIA itself. For Nebius, this is an opportunity to securely obtain scarce chips, bypassing long queues. For Jensen Huang's corporation, it is a way to scale the hyperscale ecosystem and lock a major player into the proprietary CUDA stack. The IaaS market is definitively crystallizing around hardware manufacturers.

Source: Reuters / NVIDIA SEC 6-K