The company this week announced that it has entered into definitive agreements for a $700 million private placement financing from a group of institutional and accredited investors, including participation from private equity firm Accel, Nvidia, and certain accounts managed by Orbis Investments.

The funding is expected to aid Nebius in expanding the clusters of GPUs, cloud platforms and other tools for AI developers.

Nebius Group is raising $700 million in a private placement from investors, including Nvidia, to build the infrastructure underpinning AI.