Amsterdam-listed AI cloud Nebius Group NV has agreed to sell Reflection AI more than $1 billion of computing capacity through 2029, adding a second nine-figure customer to the ex-Yandex spinoff weeks after a multibillion-dollar SpaceX contract. The Bloomberg-first announcement on Tuesday July 14 lifted Nebius (NBIS) roughly 3% in premarket trading and gives Reflection dedicated access to Nvidia's flagship GB300 AI processors.
A Second Anchor Deal After SpaceX
The five-year contract, worth roughly $290 million a year if evenly spread, follows Reflection's June arrangement with SpaceX's Colossus 2 supercluster reportedly costing around $150 million a month through 2029. Nvidia is both a Reflection investor and the chip vendor on both deals, meaning the startup can now train frontier open-weights models on GB300 clusters from two separate suppliers.
Reflection's Compute-Hungry Playbook
Reflection AI was founded in 2024 by former Google DeepMind researchers Misha Laskin and Ioannis Antonoglou, who previously worked on PaLM and Gemini. The company is currently in talks to raise $2.5 billion at a $25 billion valuation, per The Wall Street Journal, and is positioning itself as the leading Western open-weights lab, echoing the trajectory of its earlier Colossus 2 deal. "The need for open models is clear, and this additional compute capacity will allow Reflection to continue to build and train frontier AI models at scale," co-founder Antonoglou said.
Nebius Widens Its Anchor Book
The Reflection contract is another marker in Nebius's climb from Yandex spinoff to Nvidia-preferred neocloud. It joins a $27 billion Meta agreement and a $17.4 billion Microsoft contract disclosed earlier this year, and follows the June close of Nebius's $643M Eigen AI acquisition. Wall Street has responded: TipRanks pegs NBIS at a Moderate Buy with a $252.86 consensus target, roughly 20% above current levels. The deeper story is capacity discipline, as compute has become the hard cap on frontier AI progress.
Reporting based on coverage from Bloomberg, Parameter and Investing.com.