Nebius Group NV (NASDAQ:NBIS) is trading like the math still hasn't caught up to the story: roughly $46 billion in marquee AI infrastructure deals against a market cap just above $28 billion.

NBIS stock is climbing. See the chart and price action here. 

The $27 Billion Meta Pact

Meta Platforms, Inc. (NASDAQ:META) has agreed to spend up to $27 billion over five years on Nebius AI infrastructure, one of the largest single AI cloud commitments in the market. 

The deal, announced Monday, includes $12 billion of dedicated capacity beginning in 2027 and up to $15 billion in additional on‑demand capacity as Meta races to scale frontier models on Nvidia-powered "AI factories."

For Nebius, this is locked-in hyperscaler demand that underwrites a massive build-out of ...