Nebius Group said on Monday it will provide Microsoft with GPU infrastructure capacity, in a deal worth $17.4 billion, over a five-year term, sending its shares soaring over 47% after the bell.

The deal underscores the surging demand for high-performance AI computers, as companies invest heavily to bolster their AI infrastructure.

Microsoft may also acquire additional services capacity under the deal, bringing the total contract value to about $19.4 billion.

Nebius’ core business involves providing Nvidia graphic processing units and AI cloud as services. Nebius offers AI developers the computing, storage, managed services and tools they need to build, tune and run their AI models, with the help of its cloud software architecture and in-house designed hardware.

Nebius will provide Micr

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