Nebius Group N.V. (NBIS) is implementing a significant expansion strategy in response to growing demand for AI infrastructure. The company plans to invest between $16 billion and $20 billion in capital expenditures by 2026 to build data centers, with a target of surpassing 3 gigawatts (GW) of contracted power. Currently, Nebius holds a 25% stake in ClickHouse, valued at nearly $15 billion, and 100% ownership of Avride, viewing these as vital, though non-core, assets that could help meet future capital needs.
For comparison, CoreWeave (CRWV) raised $18 billion in debt and equity in 2025, contributing to an expected capital expenditure of $30-$35 billion in 2026. Meanwhile, Microsoft (MSFT) reported a cash reserve of $89.5 billion and significant investments in AI, including its partnership with OpenAI. The financial landscape indicates a rapidly evolving AI infrastructure market, with different players leveraging either debt or equity stakes to drive expansion.
