Nebius Group ( NBIS ) shares soared 47% in pre-market trading after the company said it signed an agreement to supply Microsoft ( MSFT ) with graphic processing units (GPUs) in a deal Reuters valued at $17.4 billion over five years.

The contract is worth more than the Amsterdam-based company's entire market capitalization, currently $15.29 billion. According to Reuters, Microsoft ( MSFT ) may increase the contract value to $19.4 billion by acquiring additional services capacity.

Shares of other companies involved in artificial intelligence (AI) computing, also advanced. Cipher Mining ( CIFR ) and IREN (IREN) both climbed 9% on speculation of further AI infrastructure partnerships, echoing similar moves seen earlier this year with CoreWeave ( CRWV ) and TerraWulf (WULF).

Nebius ( NBIS ) provides Nvidia ( NVDA )-powered GPUs, cloud services and AI developer tools built on its proprietary hardware and software.