Amsterdam-based AI ‌infrastructure firm Nebius Group said on Monday it has agreed with Meta Platforms to provide the social media giant with $12 billion worth of AI computing capacity across multiple locations by ​2027.

Under the agreement, Meta will also buy an additional $15 billion worth of ​capacity planned by Nebius over the coming five years if it ⁠is not sold to other customers, giving the contract a total value ​of up to $27 billion, Nebius said.

Last week, Nvidia said it would invest $2 billion to ​buy an 8.3% stake in Nebius, which uses Nvidia chips in its data centers.

Nasdaq-listed Nebius shares, which closed at $112.50 on Friday, have risen 35% so far this year, giving it ​a market capitalization of $28.6 billion.

The deal is the latest example of U.S. ​tech giants’ efforts to supplement their own AI data-centre build-outs by locking in scarce GPU and ‌power ⁠capacity from “neocloud” providers like Nebius.

Unlike large cloud firms that serve a broad range of industries, AI specialists like Nebius and U.S. competitor CoreWeave mostly focus on tech customers, but aim to become major cloud service providers in their own right.

Nebius ​CEO Arkady Volozh ​said the latest ⁠Meta deal would help “accelerate the build-out and growth of our core AI cloud business.”

Nebius signed an initial $3 billion deal with ​Meta in November and a $17.4 billion deal with Microsoft in September.

In ​February, the ⁠fast-growing Nebius reported a fourth quarter net loss of $250 million on revenue of $228 million, and said it expected revenue to hit an annualized run rate of between $7 billion ⁠and $9 billion ​by the end of this year, from $1.25 billion ​at the end of 2025.

The company said on Monday that 2026 guidance remains unchanged.