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Nebius shares were up about 13% in early trading, extending a rally that has seen the stock gain nearly 250% over the past 12 months.

Shares of Nebius climbed sharply on Tuesday after a regulatory filing revealed that Nvidia holds a significant stake in the Amsterdam-based cloud infrastructure company, underscoring the chipmaker's growing investments across the artificial intelligence ecosystem.

Nebius shares were up more than 15%, extending a rally that has seen the stock gain nearly 250% over the past 12 months. The company, which is listed on the Nasdaq, had a market capitalization of roughly $46 billion as of Tuesday morning.

Nvidia disclosed in a filing with the U.S. Securities and Exchange Commission that it owns a 9.3% stake in Nebius, according to to CNBC.

The disclosure comes as spending on AI infrastructure continues to accelerate globally. Governments and technology companies have committed hundreds of billions of dollars to data centers and computing capacity in recent years, including projects linked to national competitiveness and defense priorities. The push has intensified amid geopolitical tensions involving the United States, China and Europe over semiconductors and access to advanced computing technologies.

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Nebius has emerged as one of Europe's largest providers of AI computing services, offering cloud infrastructure designed to support the training and deployment of large-scale models. Nvidia previously announced plans to invest $2 billion in the company as part of a broader partnership involving AI infrastructure deployment, fleet management, inference services, and AI factory design, according to CNBC.

The company has also secured major commercial agreements this year. In March, Meta entered into a long-term arrangement to spend up to $27 billion on Nebius' infrastructure services, a deal that significantly expanded the Dutch firm's customer base.

Last week, Nebius announced that it had raised $775 million through its first senior secured debt facility. The financing is backed by deployed graphics processing unit (GPU) infrastructure and contracted cash flows associated with an investment-grade customer, according to a company statement and coverage by Reuters. Freedom Capital Markets described the financing as a "positive catalyst" for the business in a research note.

Nvidia has steadily expanded its portfolio of strategic investments in companies tied to the AI sector. Earlier this year, the chipmaker participated in OpenAI's $110 billion funding round and joined Anthropic's $30 billion fundraising effort, according to CNBC.

The growing interest in AI infrastructure companies has coincided with increasing government attention on computing resources. The United States has maintained export restrictions on some advanced chips destined for China, while European policymakers have sought to increase domestic computing capacity through public and private investment initiatives, according to Reuters.

Nebius traces its origins to the restructuring of Yandex's international assets. The company completed its separation from the Russian technology giant last year and has since focused exclusively on AI infrastructure and cloud services, according to The Wall Street Journal.

Tuesday's stock move follows a series of milestones for the company, including new financing arrangements, expanded partnerships, and continued demand for computing capacity as businesses increase spending on AI-related services. Freedom Capital Markets upgraded Nebius to a "buy" rating on Monday, citing the company's position in the growing AI infrastructure market.