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자본집약 구조다. 그래프상 상류는 엔비디아(GPU)·기가바이트(GB200/GB300 서버)·데이터센터 전력이고, 하류는 MS·기업·AI 개발자다.","analysis_en":"An Amsterdam-based AI-native cloud (neocloud) renting large GPU clusters to enterprises and developers, forming — with CoreWeave — the AI-infrastructure rental axis outside the hyperscalers. Its explosive growth (core AI infrastructure +400% YoY in Q3 2025, ~$4.3B annualized run-rate expected by end-2026) is driven by a $17.4-19.4B (five-year) contract with Microsoft, with NVIDIA backing supply via a strategic $700M-round investment. Risks are concentration in a few large deals (Microsoft) and a capital-intensive structure requiring vast upfront capex for GPUs, data centers and power. Upstream on the graph are NVIDIA (GPUs), Gigabyte (GB200/GB300 servers) and datacenter power; downstream are Microsoft, enterprises and AI developers.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"마이크로소프트","counterparty_slug":"microsoft","confidence":"high","metric":{"type":"contract","unit":"USD","as_of":"2025-09","basis":"옵션 행사 시 최대 $19.4B, 뉴저지 바인랜드 신규 DC","value":17400000000,"period":"5년(~2031)","basis_en":"up to $19.4B with options; new Vineland NJ DC"},"note":"마이크로소프트에 AI 인프라 임대($174~194억 계약).","note_en":"Leases AI infrastructure to Microsoft ($17.4-19.4B deal).","sources":[{"stance":"confirms","publisher":"ZoomInfo","publisher_en":"ZoomInfo","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://www.zoominfo.com/c/nebius-ltd/346785094","title":"Nebius(네오클라우드, MS·엔비디아)","title_en":"Nebius (neocloud, Microsoft, NVIDIA)","excerpt":"마이크로소프트에 AI 인프라 임대($174~194억 계약).","excerpt_en":"Leases AI infrastructure to Microsoft ($17.4-19.4B deal)."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-11-01","url":"https://www.sec.gov/Archives/edgar/data/0001513845/000110465925109806/tm2530882d1_ex99-2.htm","title":"Nebius FY2025 실적(6-K)","title_en":"Nebius FY2025 results (6-K)","excerpt":"마이크로소프트에 AI 인프라 임대($174~194억 계약).","excerpt_en":"Leases AI infrastructure to Microsoft ($17.4-19.4B deal)."},{"stance":"confirms","publisher":"DCD","publisher_en":"Data Center Dynamics","kind":"news","lang":"en","published_at":"2025-09-09","url":"https://www.datacenterdynamics.com/en/news/microsoft-to-use-nebius-gpu-data-centers-in-deal-worth-174bn-over-five-years/","title":"MS, 네비우스 GPU 데이터센터 5년 $17.4B 계약","title_en":"Microsoft to use Nebius GPU data centers in $17.4bn five-year deal","excerpt":"Microsoft to use Nebius GPU data centers, in deal worth $17.4bn over five years (through 2031); options could lift it to about $19.4bn.","excerpt_en":"Deal worth $17.4bn over five years (to 2031); options could lift it to ~$19.4bn."},{"stance":"confirms","publisher":"CNBC","publisher_en":"CNBC","kind":"news","lang":"en","published_at":"2025-09-08","url":"https://www.cnbc.com/2025/09/08/nebius-stock-soars-on-ai-infrastructure-deal-with-microsoft-.html","title":"네비우스, MS AI 인프라 계약에 주가 급등","title_en":"Nebius stock soars on AI infrastructure deal with Microsoft","excerpt":"Nebius' stock soars 60% on multibillion-dollar AI infrastructure deal with Microsoft.","excerpt_en":"Nebius stock soared on the multibillion-dollar Microsoft AI infrastructure deal."}]},{"direction":"cost","counterparty":"NVIDIA","counterparty_slug":"nvidia","confidence":"high","metric":null,"note":"대규모 GPU 클러스터를 엔비디아 GPU로 구축.","note_en":"Builds large GPU clusters with NVIDIA GPUs.","sources":[{"stance":"confirms","publisher":"Nebius","publisher_en":"Nebius","kind":"ir","lang":"en","published_at":"2026-01-01","url":"https://investors.nebius.com/","title":"Nebius 회사·IR(Nasdaq NBIS)","title_en":"Nebius company/IR (Nasdaq NBIS)","excerpt":"네비우스 IR: AI 인프라 매출·MS 계약.","excerpt_en":"Nebius IR: AI-infra revenue and Microsoft deal."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-11-01","url":"https://www.sec.gov/Archives/edgar/data/0001513845/000110465925109806/tm2530882d1_ex99-2.htm","title":"Nebius FY2025 실적(6-K)","title_en":"Nebius FY2025 results (6-K)","excerpt":"대규모 GPU 클러스터를 엔비디아 GPU로 구축.","excerpt_en":"Builds large GPU clusters with NVIDIA GPUs."}]},{"direction":"investor","counterparty":"NVIDIA","counterparty_slug":"nvidia","confidence":"high","metric":null,"note":"엔비디아가 $7억 라운드(2024.12)에 전략 투자.","note_en":"NVIDIA strategically invested in the Dec 2024 $700M round.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-11-01","url":"https://www.sec.gov/Archives/edgar/data/0001513845/000110465925109806/tm2530882d1_ex99-2.htm","title":"Nebius FY2025 실적(6-K)","title_en":"Nebius FY2025 results (6-K)","excerpt":"엔비디아·Accel·Orbis $7억 투자.","excerpt_en":"NVIDIA, Accel, Orbis invested $700M."}]},{"direction":"revenue","counterparty":"기업·AI 개발자 (GPU 클라우드)","counterparty_slug":null,"confidence":"high","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"기업·개발자에 GPU 클라우드·AI 플랫폼 임대.","note_en":"GPU cloud and AI platform for enterprises and developers.","sources":[{"stance":"confirms","publisher":"ZoomInfo","publisher_en":"ZoomInfo","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://www.zoominfo.com/c/nebius-ltd/346785094","title":"Nebius(네오클라우드, MS·엔비디아)","title_en":"Nebius (neocloud, Microsoft, NVIDIA)","excerpt":"핵심 인프라 전년比 400% 성장.","excerpt_en":"Core infra grew 400% YoY."}]},{"direction":"cost","counterparty":"기가바이트 (GB200/GB300 서버 조달)","counterparty_slug":"gigabyte","confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"네비우스가 기가바이트로부터 GB200·GB300 NVL72 AI 서버를 조달 — 유럽 GPU 클라우드 캐파 확충의 핵심 하드웨어 원가다. (기가바이트 노드에 대칭 revenue 엣지 존재)","note_en":"Nebius procures GB200/GB300 NVL72 AI servers from Gigabyte — a core hardware cost of building out its European GPU-cloud capacity. (A symmetric revenue edge exists on the Gigabyte node.)","sources":[{"stance":"confirms","publisher":"DigiTimes","publisher_en":"DigiTimes","kind":"news","lang":"en","published_at":"2025-02-24","url":"https://www.digitimes.com/news/a20250224PD212/nvidia-asus-gigabyte-ai-server-supply.html","title":"에이수스·기가바이트, 엔비디아 AI 서버 대량 수주","title_en":"Asus and Gigabyte secure major AI server orders from NVIDIA","excerpt":"기가바이트가 네비우스에 GB200 서버 공급.","excerpt_en":"Gigabyte supplies GB200 servers to Nebius."}]},{"direction":"cost","counterparty":"데이터센터·전력·증설 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"데이터센터 건설·전력·증설.","note_en":"Datacenter construction, power and capacity.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-11-01","url":"https://www.sec.gov/Archives/edgar/data/0001513845/000110465925109806/tm2530882d1_ex99-2.htm","title":"Nebius FY2025 실적(6-K)","title_en":"Nebius FY2025 results (6-K)","excerpt":"유럽·북미 데이터센터 확장.","excerpt_en":"Datacenter expansion in Europe/North America."}]}]}