AI cloud firm Nebius signs $3 billion deal with Meta, posts more than four-fold rise in revenue

Nebius Group has signed a deal worth about $3 billion with Meta to provide the Facebook owner with AI infrastructure over a five-year period, the company said on Tuesday, after it reported a more than fourfold rise in third-quarter revenue.

The company’s shares seesawed in volatile premarket trading, after it posted a surge in capital spending and a quarterly loss of over $100 million, widening from $39.7 million last year.

The stock has been on a strong run this year, with its market value rising fourfold to $27.61 billion, through last close.

The…