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Nebius signs preliminary deal for up to 50MW at NEOM
The News
On October 21, 2026, HUMAIN, the Saudi Public Investment Fund's AI company, and digital-infrastructure developer DataVolt announced a preliminary framework under which Nebius, an Amsterdam-based AI cloud company, would take up to 50MW at a planned AI campus in Oxagon, NEOM. The proposed allocation is expected to become operational in phases from Q4 2027. No value was disclosed.
Chandni Melwani
Founder & Editor
Oct 29, 2026 · 1 MIN READ
Know More
- — Scale: up to half of the first 100MW under construction, in a first phase planned at 360MW.
- — Timing: the release says the framework came 'just six weeks after announcing the commencement of construction'.
- — Hardware: Nebius is expected to deploy Nvidia-powered computing infrastructure under the agreement.
Rajit Nanda, DataVolt’s chief executive, says it is building at Oxagon “with a clear focus on delivering highly competitive infrastructure costs”, helping create a platform for Saudi Arabia to compete globally in AI compute “not just as an energy powerhouse, but as an exporter of digital capacity.” Under the preliminary framework announced on October 21, the would-be anchor customer is headquartered in Amsterdam.
The agreement was signed on the sidelines of Nvidia’s GTC Berlin conference. HUMAIN’s partnerships with Canada’s Cohere in July and France’s Mistral in August were both announced around leaders’ visits, Canada’s prime minister to Saudi Arabia and Saudi Arabia’s crown prince to Paris.
The release quotes HUMAIN, DataVolt and NEOM, whose chief executive, Aiman Al-Mudaifer, says NEOM is creating, through Oxagon, an ecosystem that brings together “the key elements global technology companies need to accelerate capacity deployment and scale.” It quotes no one from Nebius.
The Read
HUMAIN's Tareq Amin measures AI infrastructure by 'the demand you can secure and the value you can deliver', and the release says the deal represents an expansion of capacity for Nebius's growing AI cloud. With DataVolt building 'aligned with identified customer demand', more of the planned 360MW first phase will probably be allocated to international customers before it is built.
Room for Disagreement
The release names one customer, under a preliminary framework with no price or duration, and none for the rest of the 360MW. HUMAIN also wants an AI ecosystem spanning 'computing platforms, AI models and applications', and the remaining capacity could serve its own platforms rather than international customers.
Related
Frequently Asked Questions
What is Oxagon?
NEOM describes Oxagon as its advanced industrial city on Saudi Arabia's Red Sea coast. The release says Oxagon offers the potential to combine low-latency digital connectivity, developed land and scalable energy within a purpose-built environment, and points to 'the local competitive energy and time-to-market advantages available in NEOM's Oxagon'.
Is the Nebius agreement binding?
The release does not describe it as binding. It calls the deal a 'preliminary framework agreement' and says that under the 'proposed framework' Nebius 'would become an anchor customer', with a 'contemplated offtake' and a 'proposed capacity allocation'. DataVolt's Rajit Nanda calls it 'this advanced stage of commercial engagement'.
Who is Nebius?
Nebius calls itself 'the AI cloud company' and says it is headquartered in Amsterdam and listed on Nasdaq, under the ticker NBIS. The listed company, Nebius Group N.V., is incorporated in the Netherlands, and SEC records give its former name as Yandex N.V., used until August 2024.
Sources
- NEOM newsroom, 'HUMAIN and DataVolt advance AI infrastructure framework with Nebius for planned giga campus in NEOM's Oxagon,' Riyadh, October 21, 2026. Primary source for the preliminary framework agreement, HUMAIN and DataVolt's descriptions, the up to 50MW contemplated offtake as half of the initial 100MW under construction in a planned 360MW first phase, operation in phases from Q4 2027, the six-week timing, Nvidia-powered infrastructure, signing at GTC Berlin, Oxagon's description, and the quotes from Tareq Amin, Rajit Nanda and Aiman Al-Mudaifer.
- Nebius, 'About' page. Nebius describing itself as 'the AI cloud company', headquartered in Amsterdam and listed on Nasdaq (NBIS).
- US Securities and Exchange Commission, EDGAR filer record for Nebius Group N.V. (CIK 1513845). Incorporation in the Netherlands, business address in Amsterdam, and former name Yandex N.V. (2011 to August 16, 2024).
- TradeArabia, 'Humain, DataVolt join forces with Nebius for giga AI campus in NEOM,' Riyadh, dated October 22, 2026. Describes HUMAIN as 'a company of Saudi sovereign wealth fund PIF'. This post uses NEOM's October 21 date for the announcement.
Chandni Melwani
Chandni Melwani is the founder and editor of New in AI, covering AI agents, M&A, and enterprise adoption. She holds a Master's in Management of Artificial Intelligence from Queen's University and brings a practitioner's perspective from her work in Data and AI leadership.
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