Nebius stock surges after Nvidia discloses 9% stake

Nvidia just made its relationship with Nebius Group official, at least on paper. The chipmaker filed a Schedule 13G on July 13, 2026, disclosing a 9.3% beneficial ownership stake in Nebius, the Amsterdam-based AI cloud infrastructure company listed on the Nasdaq. The market responded the way it usually does when Nvidia puts its name on something: Nebius shares rose between 2.5% and 4.6% in after-hours trading on July 20, with momentum carrying into premarket the following morning.

This is not a sudden romance. The stake traces back to a $2 billion investment Nvidia made in Nebius on March 11, 2026, a deal structured around building out serious compute capacity for the AI era.

What Nvidia actually owns

The 9.3% stake breaks down into two components. Nvidia holds approximately 1.19 million Class A ordinary shares outright, plus an additional 21.07 million shares accessible through a pre-funded warrant, bringing the total position to roughly 22.25 million shares.

The filing itself is a Schedule 13G, which is the SEC’s standard form for passive investors disclosing ownership above 5%. It signals that Nvidia is not trying to take control of Nebius or direct its strategy, at least not formally.

The infrastructure ambition behind the deal

The original March investment was not just a financial bet. Nvidia’s capital came attached to a specific operational target: Nebius is aiming to deploy more than 5 gigawatts of hyperscale AI cloud infrastructure by 2030.

Nvidia CEO Jensen Huang referenced Nebius’s progress at the Computex conference in early June 2026. Adding to the momentum, Nebius raised $775 million in senior secured debt financing on July 17, just days before the Nvidia stake disclosure became public. That debt round is designed to fund global expansion, underpinned by the company’s GPU infrastructure assets.

Nebius emerged from the former Yandex N.V., the Russian internet giant, after a major corporate restructuring. The Amsterdam-listed entity retained the AI infrastructure and cloud business lines while the Russian operations were divested. The company rebranded as Nebius Group and listed on the Nasdaq, positioning itself as a pure-play AI cloud provider operating outside of Russia.

What this means for investors watching the AI infrastructure trade

The $775 million debt raise also deserves attention on its own terms. Debt financing backed by GPU infrastructure assets suggests that lenders are willing to treat high-end compute hardware as reliable collateral. It implies that the financial system is beginning to price AI infrastructure with the same seriousness it has historically reserved for real estate or traditional data centers.

The risks here are real, though. Nebius is a young company in its current form, operating in a capital-intensive sector where the cost of falling behind on hardware cycles is punishing. The 5-gigawatt target by 2030 is ambitious, and execution will depend on supply chains, power availability, and sustained enterprise demand for AI cloud services. Investors watching NBIS will want to track deployment milestones and whether the debt raise is followed by tangible infrastructure announcements in the quarters ahead.

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