Nebius Group, the AI cloud infrastructure company that emerged from the ashes of Yandex, has agreed to sell more than $1 billion in computing power to Reflection AI. The deal adds yet another billion-dollar contract to a backlog that’s starting to look like a who’s who of companies hungry for GPUs.

For a company that most people outside of tech circles have never heard of, Nebius is quietly assembling one of the more impressive client rosters in the AI infrastructure game. This latest agreement with Reflection AI slots into a contracted backlog that has reportedly reached $50 billion.

The players involved

Reflection AI isn’t some random startup burning through venture capital on vibes. The US-based AI research lab was founded in 2024 by Misha Laskin and Ioannis Antonoglou, both former Google DeepMind researchers. By late 2025, the company had raised $2 billion at a valuation of $8 billion, with investors including NVIDIA and Sequoia.

Reflection AI is focused on building open foundation models and AI agents. Nebius trades on the NASDAQ under the ticker NBIS. The company received a $2 billion investment from NVIDIA in March 2026.

The specifics of the Reflection AI deal, including GPU quantities and payment structure, haven’t been disclosed. What we do know is that it crosses the billion-dollar threshold, placing it among the larger individual compute agreements in the market.

Nebius’s growing empire of compute contracts

Here’s the thing about this deal: it’s actually not even close to Nebius’s biggest. The company has a five-year contract with Meta worth up to $27 billion. That single engagement dwarfs the Reflection AI agreement by an order of magnitude.

Nebius has been expanding its infrastructure footprint across both Europe and the US, positioning itself to serve clients on both sides of the Atlantic. The company’s origins in Yandex, Russia’s dominant tech conglomerate, gave it deep technical expertise.

What this means for investors

For NBIS shareholders, the Reflection AI deal validates the thesis that demand for dedicated AI compute isn’t concentrated among just a handful of hyperscalers. Younger AI labs with serious funding, like Reflection AI with its $2 billion war chest, are willing to commit enormous sums for access to GPU resources.

NVIDIA’s $2 billion investment in Nebius effectively makes Nebius both a customer and a strategic partner of the chipmaker that dominates the GPU market.