This is huge. Nebius, I believe was guiding to around $1 billion of ARR ending in 2025, to inking $17.4 billion from Microsoft over 6 years, with a MSFT option to increase to $19.4 billion.
From the 6-K:
The GPU Services will be deployed in several tranches during 2025 and 2026. Subject to the satisfaction of the deployment and availability of the GPU Services, the total contract value is about $17.4 billion through 2031. Microsoft may also acquire additional services and/or capacity under the Agreement, which would increase the total contract value to about $19.4 billion. Cash flow coming from the Agreement will be utilized to finance part of the capital expenditure associated with the Agreement.
6-K link:
Best,
Matt