How big is Nebius's contract backlog?
Nebius Group has roughly $46 billion in contracted customer commitments, close to what the entire company is worth today. Almost none of it is 2026 revenue: the contracts run for years, and the capacity mostly has not been built yet.
Against what Nebius has actually earnedtrailing twelve months
| Amount | |
|---|---|
| Contracted through 2031 Meta and Microsoft | $46.0B |
| Revenue, last twelve months | $1.4B |
| Years of revenue promised | 34× |
Every company renting out AI computing has contracted for multiples of what it has earned: Cipher 60×, Nebius 34×, CoreWeave 14×, IREN 6×.
The two contractsannounced terms
| Customer | Announced | Up to | Term |
|---|---|---|---|
| Meta Platforms Expanded from an initial $3B agreement | Dec 2025, expanded Mar 2026 | $27B | 5 years |
| Microsoft Nebius's first hyperscaler contract | Sep 2025 | $19.4B | 5 years |
Common questions about the backlog
How big is Nebius's contract backlog?
Nebius Group (NASDAQ: NBIS) has roughly $46 billion in contracted customer commitments: about $27 billion from Meta and about $17.5 billion from Microsoft. Against a market capitalization of $58.6B as of 2026-09-02, contracted future revenue is close to the entire current market value of the company. The commitments run to 2031, so none of it is 2026 revenue.
Is backlog the same as revenue?
No, and the difference matters. Backlog is what customers have contracted to spend over several years. Revenue is what gets recognized as the service is actually delivered. Nebius guides to $3.0–3.4 billion of revenue in 2026 against that $46 billion of contracted commitments. Converting backlog into revenue depends on building the data centres on schedule, on customers using the capacity they reserved, and on the contracts not being renegotiated.
Who are Nebius's largest customers?
Microsoft signed a five-year agreement in September 2025 worth up to $19.4 billion. Meta signed a $3 billion agreement in December 2025 and expanded it in March 2026 to as much as $27 billion, covering $12 billion of dedicated capacity plus additional available capacity. Both are contracted commitments rather than recognized revenue.