Nebius Group (NBIS) shares saw a remarkable increase of 47% in pre-market trading after announcing an agreement to supply Microsoft (MSFT) with graphic processing units (GPUs), a deal appraised at $17.4 billion over a duration of five years.

The contract exceeds the market capitalization of the Amsterdam-based company, which is currently valued at $15.29 billion. Microsoft might potentially escalate the contract’s total to $19.4 billion by adding further service capacity.

In addition, shares of other AI computing companies, such as Cipher Mining (CIFR) and IREN (IREN), rose by about 9% amid speculation of more AI infrastructure partnerships taking place, similar to trends seen with CoreWeave (CRWV) and TerraWulf (WULF).

Nebius provides GPU infrastructure powered by Nvidia, along with cloud services and AI development tools built on their proprietary hardware and software.