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.
