On May 27, 2026, a prominent AI-focused investment firm, Situational Awareness LP, officially disclosed a significant 5.6% stake in the AI cloud company Nebius.
This wasn't an aggressive takeover attempt but a passive investment, signaled by the Schedule 13G filing. Valued at roughly $2.58 billion, it's a strong vote of confidence in Nebius's future, fitting perfectly within the massive investment trend known as the 'AI infrastructure supercycle'. This trend is all about the race to build the data centers, secure the power, and acquire the GPUs needed for advanced AI, and companies like Nebius are at the heart of it.
So, what led to this major investment? The decision appears to be the result of a series of confidence-building events. First, the immediate triggers were Nebius's excellent Q1 2026 earnings report and the official share count data filed in May. These reports confirmed the company's rapid growth and provided the exact numbers needed for the 13G filing, essentially giving the final green light.
Second, looking back a bit further to March 2026, Nebius received a powerful endorsement from the king of AI chips, Nvidia, which announced a $2 billion strategic partnership. This, combined with a massive $27 billion infrastructure deal with Meta announced in May, transformed Nebius's growth prospects from a hopeful story into a highly probable reality. The company also successfully raised over $4.3 billion in capital, securing the funds to execute its ambitious plans.
And third, the foundation for all this was laid back in late 2025. A multi-billion dollar agreement with Microsoft was the first major signal that established Nebius as a credible 'neocloud' provider capable of serving the biggest names in tech. This initial deal catalyzed the financing and growth that made today's success possible. Essentially, Situational Awareness's investment isn't a sudden bet but a logical conclusion to a year of stellar execution and strategic validation.
- Schedule 13G: A form filed with the U.S. Securities and Exchange Commission (SEC) by investors who acquire more than 5% of a company's stock with passive intent, meaning they do not seek to control the company.
- AI infrastructure supercycle: A term describing a prolonged period of massive investment in the foundational hardware (like GPUs, data centers, and power grids) required to support the rapid growth of artificial intelligence.
- Neocloud: A new generation of cloud computing providers specializing in high-performance infrastructure tailored for AI workloads, often supplementing or competing with established hyperscalers.