Technology company Nebius has entered into artificial intelligence infrastructure agreements with Meta that could be worth up to $27 billion over five years, the companies announced.

The deals involve Nebius providing AI infrastructure services to Meta, though specific details about the nature of the infrastructure or services were not disclosed in the initial announcements.

Following news of the agreement, Nebius shares rose 14% in trading, reflecting investor optimism about the significant contract value and the company's positioning in the AI infrastructure market.

The five-year timeframe suggests a long-term partnership between the two companies, with the $27 billion figure representing the maximum potential value of the contracts over that period.

The agreement comes as technology companies continue to make substantial investments in artificial intelligence infrastructure to support their AI development and deployment efforts. Meta has been expanding its AI capabilities across its social media platforms and other products.