TodayToday's edition
Nebius is HUMAIN's first customer for a Saudi giga campus at Oxagon, but the framework is preliminary: no contract value or lease, with phased capacity from Q4 2027.
2 min read
NEOM's rendering of Oxagon on the Red Sea coast. It shows the industrial city, not the data center halls themselves, which the partners have not pictured.
Image: NEOM
Source · Press image from the NEOM newsroom, used for news reporting.
Nebius would take up to 50 MW of data center capacity at Oxagon, NEOM's industrial city on Saudi Arabia's Red Sea coast, under a preliminary framework agreement that HUMAIN and DataVolt said on October 21 they signed.
According to the joint statement published on NEOM's newsroom, the 50 MW is half of the initial 100 MW now under construction. That block sits inside a first phase planned at 360 MW. The proposed allocation is expected to become operational in phases from the fourth quarter of 2027. Arab News, which reported the deal on October 22, describes Nebius as the first customer for HUMAIN's planned giga campus.
The up to 50 MW Nebius share is half of the 100 MW under construction and part of a 360 MW planned first phase, per the NEOM newsroom statement.
Illustration (AI-generated)
Under the proposed terms, Nebius would become an anchor customer for the campus and deploy NVIDIA-powered computing infrastructure to serve its global cloud customers. The statement calls the deal a preliminary framework, and it uses the words proposed and contemplated for the offtake. Nebius is listed on NASDAQ and, per Arab News, is based in the Netherlands.
The agreement was signed on the sidelines of NVIDIA's GTC Berlin conference, the statement said. It came six weeks after the partners announced that construction had started. DataVolt CEO Rajit Nanda said reaching this stage of commercial talks within six weeks showed the developer can convert building work into customer commitments. HUMAIN CEO Tareq Amin called Nebius its first customer and described the deal as a milestone.
The 50 MW figure is capacity the partners say is under construction, not capacity that is energized. Of the 360 MW planned for the first phase, 100 MW is described as being built today, so Nebius's possible share is half of a block that is still a minority of the phase. The statement does not say whether the figures refer to critical IT load or to utility supply, which matters when comparing the site with other campuses.
The statement also gives no power-supply details for the campus beyond a reference to the local energy and time-to-market advantages of Oxagon. It does not name a grid connection, a generation source or a connection date, so the first-phase timeline depends on infrastructure that the partners have not described publicly.
The framework is not a lease. The partners did not disclose a contract value, a price per MW, a term or the number of GPUs Nebius would install. Arab News and the NEOM release both describe the agreement as preliminary, and neither includes a statement from Nebius itself. A binding capacity agreement would be the next step to watch, along with any disclosure of how the 100 MW block is energized ahead of the Q4 2027 start.
The same Arab News report notes a separate announcement in which HUMAIN and NVIDIA said they would collaborate on up to 84 MW of AI infrastructure in Saudi Arabia, starting with 14 MW of NVIDIA Blackwell Ultra systems. That program is distinct from the Oxagon campus and the report does not link the two. Preliminary capacity deals are common in this cycle: Voltgrid News reported earlier on Aolani's LOIs for AI data center capacity in Malaysia.
