Investing.com -- Shares of Nebius Group rose sharply on Monday after the company said Meta Platforms Inc. agreed to spend as much as $27 billion over the next five years for access to AI infrastructure.

Nebius stock jumped around 15% by 06:22 ET, while Meta shares rose nearly 3%.

Under the agreement, the Amsterdam-listed cloud provider will supply Meta with $12 billion of dedicated capacity beginning in early 2027, Nebius said in a statement. Meta also committed to purchase up to $15 billion in additional capacity that Nebius is building for third-party customers.

The deal marks one of the largest contracts Meta has signed as it ramps up investment in infrastructure needed to develop AI products. The companies already have an existing relationship, with Meta signing a separate $3 billion agreement with Nebius last year.

"We are pleased to expand our significant partnership with Meta as part of securing more large, long-term capacity contracts to accelerate the build-out and growth of our core AI cloud business. We will continue to deliver," Arkady Volozh, founder and CEO of Nebius, said in a statement.

The deal comes just days after Nvidia said it would invest $2 billion in the Dutch company as part of a strategic partnership focused on developing AI data centers. Nebius said the investment will help it deploy more than 5 gigawatts of Nvidia systems by the end of 2030.

Nebius is among a group of newer “neocloud” operators building data centers designed specifically to train AI models and run services such as ChatGPT. Nvidia has increasingly backed these companies as they compete with large cloud providers like Alphabet’s Google and Amazon, which are also building their own AI accelerators.

Volozh said Nebius primarily relies on Nvidia chips for its systems and described the new investment as a relatively small portion of the company’s overall spending plans. Nebius expects capital expenditures of between $16 billion and $20 billion this year.

The agreement also comes as Meta accelerates spending on AI infrastructure. Major technology companies, including Meta and its peers, are expected to invest about $650 billion in 2026 to build data centers and purchase equipment for AI services.

Meta has made AI its top strategic priority and has signed multibillion-dollar infrastructure agreements with Nvidia and Advanced Micro Devices since the start of the year, while also developing its own chips internally.

Chief Executive Mark Zuckerberg said last year that Meta plans to spend $600 billion on U.S. infrastructure projects by 2028, funded largely by profits from its advertising business as well as external financing.

Over the weekend, Reuters reported that Meta is planning sweeping layoffs that could affect 20% or more of its employees as it seeks to offset costly AI infrastructure spending and prepare for greater efficiency from AI-assisted workers. No timeline for the cuts has been set and the magnitude has not been finalized, the report said.