olivLaw · US equity research
Nebius Group N.V. NBIS
Services-Computer Programming, Data Processing, Etc. · SIC 7370 · Vertical: Services-Computer Programming, Data Processing, Etc. (SIC 7370)
Nebius Group N.V. is a full-stack AI cloud platform with in-house designed hardware and software, covering everything from compute capacity to inference services at enterprise scale. The company has expanded infrastructure quickly, with approximately 170 MW of active power at December 31, 2025 and more than 2 GW of contracted power in February 2026, as demand for AI capacity remains strong.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Nebius Group N.V. (NBIS) stock was 141.52 USD (−6.67% on the day), with market capitalisation 35.8 bn USD, P/E 428.8 on diluted EPS of 0.33 USD over the last 12 months, beta 2.95, 52-week range 73.87–286.69 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 34.6
- weak (30–45)
- Bollinger (20, 2)
- 127.65 – 221.90
- in the lower half of the band · %B 0.15 · band width 53.9%
- SMA 50 / 200
- 205.35 / 178.11
- mixed trend
- MACD (12, 26, 9)
- -18.00 / -16.00
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −39.1% | −1.1% | −38.1 pp | — |
| 3 months | −35.4% | −0.5% | −34.9 pp | — |
| 6 months | −27.5% | +4.4% | −31.9 pp | — |
| Year to date | +69.1% | +12.3% | +56.8 pp | — |
| 1 year | +28.0% | +13.5% | +14.5 pp | −21.0% |
| 3 years | unavailable | +76.4% | unavailable | +0.8% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 1-quarter history (min 253.7, median 253.7, max 253.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | ⚠ 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.8 bn | 2.2 bn | 3.0 bn | 4.8 bn | 13.5 m | 9.8 m | 91.5 m | 529.8 m |
| Revenue YoY | +12.5% | +21.0% | +32.9% | +62.2% | — | −27.4% | +833.7% | +479.0% |
| Net income | 660.1 m | 142.0 m | 326.9 m | -197.2 m | 745.6 m | 241.3 m | -641.4 m | 82.5 m |
| Net income YoY | +339.2% | −78.5% | +130.2% | −160.3% | — | −67.6% | −365.8% | unavailable |
| Diluted EPS | 2.04 | 0.48 | 0.98 | -0.54 | 1.59 | 0.65 | -2.28 | 0.33 |
| Diluted EPS YoY | +343.5% | −76.5% | +104.2% | −155.1% | — | −59.1% | −450.8% | unavailable |
| net % | 35.9% | 6.4% | 11.1% | -4.1% | 5,523.0% | 2,462.2% | -701.0% | 15.6% |
| Free cash flow | -1.6 m | 302.3 m | 109.0 m | -475.5 m | 682.4 m | 746.9 m | -561.9 m | -3.7 bn |
The series breaks before 2022: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.7 bn USD
- Financial debt
- 4.1 bn USD
- Net debt
- 449.6 m USD
- Equity
- 4.6 bn USD
- Total assets
- 12.4 bn USD
- Debt / equity
- 0.90x
- Current ratio
- 3.08x
- ROE
- 2.1%
- ROA
- 1.0%
- FCF margin
- -694.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 3.0 bn | 4.8 bn | 13.5 m | 9.8 m | 91.5 m | 529.8 m | SEC (XBRL)· 30 Apr 2026verified |
| Cost of revenue | 1.2 bn | 2.3 bn | 28.4 m | 19.6 m | 43.7 m | 166.2 m | SEC (XBRL)· 30 Apr 2026verified |
| Gross profit | 1.8 bn ≈ | 2.5 bn ≈ | -14.9 m ≈ | -9.8 m ≈ | 47.8 m ≈ | 363.6 m ≈ | SEC (XBRL)· 30 Apr 2026derived |
| Research & development | 491.9 m | 652.3 m | 58.3 m | 87.1 m | 114.8 m | 177.3 m | SEC (XBRL)· 30 Apr 2026verified |
| SG&A | 843.8 m | 1.7 bn | 57.3 m | 159.5 m | 255.5 m | 380.1 m | SEC (XBRL)· 30 Apr 2026verified |
| Operating income | 220.0 m | -178.7 m | -158.0 m | -285.7 m | -399.6 m | -611.7 m | SEC (XBRL)· 30 Apr 2026verified |
| Depreciation & amortisation | 239.4 m | 324.5 m | 27.5 m | 29.3 m | 77.1 m | 417.9 m | SEC (XBRL)· 30 Apr 2026verified |
| EBITDA | 459.4 m ≈ | 145.8 m ≈ | -130.5 m ≈ | -256.4 m ≈ | -322.5 m ≈ | -193.8 m ≈ | SEC (XBRL)· 30 Apr 2026derived |
| Interest expense | 32.1 m | 50.0 m | 48.3 m | 121.1 m | 0 | 61.5 m | SEC (XBRL)· 30 Apr 2026verified |
| Pre-tax income | 503.6 m | -97.2 m | -178.9 m | -297.0 m | -353.0 m | 13.8 m | SEC (XBRL)· 30 Apr 2026verified |
| Income tax | 176.7 m | 100.0 m | 1.1 m | 2.0 m | -1.0 m | 4.0 m | SEC (XBRL)· 30 Apr 2026verified |
| Net income | 326.9 m | -197.2 m | 745.6 m | 241.3 m | -641.4 m | 82.5 m | SEC (XBRL)· 30 Apr 2026verified |
| Diluted EPS | 0.98 | -0.54 | 1.59 | 0.65 | -2.28 | 0.33 | SEC (XBRL)· 30 Apr 2026verified |
| Weighted average diluted shares | 353.4 m | 362.4 m | 368.0 m | 370.8 m | 281.0 m | 247.7 m | SEC (XBRL)· 30 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.8 bn | 1.1 bn | 288.5 m | 110.7 m | 2.4 bn | 3.7 bn | SEC (XBRL)· 30 Apr 2026verified |
| Receivables | 344.4 m | 586.4 m | 824.8 m | 4.1 m | 11.2 m | 720.3 m | SEC (XBRL)· 30 Apr 2026verified |
| Inventories | 65.1 m | 129.0 m | 401.2 m | 237.2 m | — | — | SEC (XBRL)· 26 Apr 2024verified |
| Current assets | 3.9 bn | 2.7 bn | 3.4 bn | 3.5 bn | 2.5 bn | 4.7 bn | SEC (XBRL)· 30 Apr 2026verified |
| Property, plant & equipment, net | — | — | — | 128.2 m | 846.7 m | 5.6 bn | SEC (XBRL)· 30 Apr 2026verified |
| Goodwill | 1.4 bn | 1.6 bn | 2.0 bn | 1.6 bn | — | — | SEC (XBRL)· 26 Apr 2024verified |
| Intangibles (excl. goodwill) | 295.7 m | 301.0 m | 451.6 m | 4.2 m | 4.9 m | 19.7 m | SEC (XBRL)· 30 Apr 2026verified |
| Total assets | 7.0 bn | 6.9 bn | 8.8 bn | 8.8 bn | 3.5 bn | 12.4 bn | SEC (XBRL)· 30 Apr 2026verified |
| Accounts payable | 590.6 m | 1.1 bn | 1.7 bn | 56.5 m | 228.0 m | 1.2 bn | SEC (XBRL)· 30 Apr 2026verified |
| Short-term debt | — | — | 302.9 m | 6.8 m | 6.1 m | 24.5 m | SEC (XBRL)· 30 Apr 2026verified |
| Long-term debt | — | — | 424.9 m | 551.2 m | — | 4.1 bn | SEC (XBRL)· 30 Apr 2026verified |
| Current liabilities | 835.4 m | 1.5 bn | 2.7 bn | 3.9 bn | 264.0 m | 1.5 bn | SEC (XBRL)· 30 Apr 2026verified |
| Total liabilities | 2.3 bn | 3.3 bn | 4.0 bn | 5.5 bn | 294.9 m | 7.8 bn | SEC (XBRL)· 30 Apr 2026verified |
| Equity | 4.7 bn | 3.6 bn | 4.8 bn | 3.3 bn | 3.3 bn | 4.6 bn | SEC (XBRL)· 30 Apr 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 441.3 m | 125.1 m | 697.0 m | 829.8 m | 245.6 m | 384.8 m | SEC (XBRL)· 30 Apr 2026verified |
| Capex | 332.3 m | 600.6 m | 14.6 m | 82.9 m | 807.5 m | 4.1 bn | SEC (XBRL)· 30 Apr 2026verified |
| Free cash flow | 109.0 m ≈ | -475.5 m ≈ | 682.4 m ≈ | 746.9 m ≈ | -561.9 m ≈ | -3.7 bn ≈ | SEC (XBRL)· 30 Apr 2026derived |
| Investing cash flow | -1.6 bn | 296.0 m | -403.1 m | -1.2 bn | 311.6 m | -4.2 bn | SEC (XBRL)· 30 Apr 2026verified |
| Financing cash flow | 1.9 bn | -1.1 bn | -100.3 m | 375.6 m | 825.5 m | 5.1 bn | SEC (XBRL)· 30 Apr 2026verified |
| Share repurchases | 137.6 m | 93.8 m | — | — | — | — | SEC (XBRL)· 20 Apr 2022verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 45 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 35.8 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet100
- Growth100
- Valuation0
- Quality30
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.06 – 12.10 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/Sales0.06 – 12.10 (Mid 1.84)14 companies used · median multiple 1.7x · quartiles 0.9x – 6.6xAPP, BMBL, DOCN, FLUT, GOOGL, HCAT, LGCL, MTCH, NIQ, RXT, SIFY, SNAP, TEAD, WB
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 45/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 68.6% | 72 (on a fixed band) | 12% |
| EBIT margin · Quality | -115.5% | 8 (vs peers) | 10% |
| FCF margin · Quality | -694.8% | 0 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 239.8% | 100 (on a fixed band) | 19% |
| Revenue growth (YoY) · Growth | 479.0% | 100 (vs peers) | 10% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 3.1x | 100 (on a fixed band) | 7% |
| EV/Sales · Valuation | 68.4x | 0 (vs peers) | 19% |
| FCF yield · Valuation | -10.3% | 0 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/2 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality30/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation0/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
NEBIUS GROUP N.V. (NBIS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 529.8 m USD in 2025; YoY growth 479.0%; net margin 15.6%; ROE 2.1%.
The estimated value range is 0.06–12.10 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1.84 USD, the price of 141.52 USD leaves a potential of -98.7% (value / price − 1) and a margin of safety of -7,593.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 45/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Gross margin: 68.6%
- Revenue CAGR 3Y: 239.8%
- Revenue growth (YoY): 479.0%
- Current ratio: 3.1x
What contradicts it
- EBIT margin: -115.5%
- FCF margin: -694.8%
- EV/Sales: 68.4x
- FCF yield: -10.3%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, Shareholder yield (distributions).
Versus the vertical median
Services-Computer Programming, Data Processing, Etc. (SIC 7370) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| GOOGLAlphabet Inc. | 3,552.1 bn | 15.1 | 44.3% | 50.0% | +15.1% | −10% / +118% |
| APPAppLovin Corporation | 90.0 bn | 18.3 | 210.1% | 65.9% | +70.0% | −55% / +625% |
| NBISNebius Group N.V. | 35.8 bn | 428.8 | 2.1% | 15.6% | +479.0% | +28% / unavailable |
| FLUTFlutter Entertainment plc | 14.2 bn | — | -14.3% | -7.1% | +16.6% | −61% / −48% |
| SNAPSnap Inc | 10.2 bn | — | -15.6% | -4.9% | +10.6% | −23% / −57% |
| DOCNDigitalOcean Holdings, Inc. | 9.9 bn | 281.3 | 5.1% | 3.1% | +15.5% | +89% / +184% |
| MTCHMatch Group, Inc. | 9.1 bn | 13.7 | — | 20.7% | +0.2% | +21% / +24% |
| NIQNIQ Global Intelligence plc | 6.0 bn | — | -65.3% | -8.0% | +5.7% | +29% / unavailable |
| SIFYSify Technologies Ltd | 5.8 bn | — | -4.1% | -2.0% | +9.0% | +20% / +53% |
| WIXWix.com Ltd. | 4.4 bn | 91.5 | — | 2.5% | +13.2% | −16% / −21% |
| DVDoubleVerify Holdings, Inc. | 2.1 bn | 34.0 | 5.8% | 8.2% | +13.9% | +29% / −59% |
| BZKanzhun Limited | 1.7 bn | 41.6 | 16.0% | 33.1% | +17.3% | −21% / +6% |
| WBWeibo Corporation | 1.6 bn | 3.8 | 12.1% | 25.6% | +0.1% | −35% / −36% |
| HSTMHealthstream Inc | 949.7 m | 45.4 | 6.0% | 6.6% | +4.3% | +29% / +30% |
| NXDRNextdoor Holdings, Inc | 934.4 m | — | -7.2% | -11.1% | +4.2% | unavailable / unavailable |
| CEVACeva, Inc. | 788.9 m | — | -3.6% | -9.5% | +2.5% | +30% / +29% |
| BMBLBumble Inc. | 718.8 m | — | -85.9% | -61.8% | −9.9% | +69% / −57% |
| RXTRackspace Technology, Inc. | 716.2 m | — | — | -5.9% | −1.9% | +165% / +123% |
| HUYAHUYA Inc. | 470.7 m | — | -1.9% | -1.7% | +11.6% | −27% / −38% |
| BLNDBlend Labs, Inc. | 302.7 m | — | — | -3.3% | +6.8% | −59% / +1% |
| HCATHealth Catalyst, Inc. | 119.7 m | — | -118.1% | -90.6% | +1.5% | −47% / −78% |
| JFJ & Friends Holdings Ltd | 68.4 m | — | — | -82.9% | −66.8% | −3% / −17% |
| GOAIEva Live Inc | 31.8 m | — | -58.5% | -39.3% | +82.6% | unavailable / unavailable |
| HOLOMicroCloud Hologram Inc. | 27.2 m | — | -2.3% | -12.4% | +38.6% | −66% / −100% |
| TEADTeads Holding Co. | 27.0 m | — | -196.2% | -43.3% | +46.1% | −61% / −93% |
1- and 3-year price returns: for NBIS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 91.38 Total return -35% · Per year -35% | 160.81 Total return 14% · Per year 14% | 241.21 Total return 70% · Per year 70% |
| 3 years | 108.39 Total return -23% · Per year -9% | 212.67 Total return 50% · Per year 15% | 347.34 Total return 145% · Per year 35% |
| 5 years | 128.56 Total return -9% · Per year -2% | 281.25 Total return 99% · Per year 15% | 500.18 Total return 253% · Per year 29% |
- Exit P/E± 53.17
- Net margin± 37.22
- Annual revenue growth± 27.76
- Annual dilution± 3.13
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Apr 2026; since then the company filed 6-K (22 Oct 2026), 6-K (01 Oct 2026), 6-K (08 Sept 2026), 6-K (26 Aug 2026), 6-K (24 Aug 2026), 6-K (20 Aug 2026).
In brief
Nebius Group N.V. is a full-stack AI cloud platform with in-house designed hardware and software, covering everything from compute capacity to inference services at enterprise scale. The company has expanded infrastructure quickly, with approximately 170 MW of active power at December 31, 2025 and more than 2 GW of contracted power in February 2026, as demand for AI capacity remains strong 1.
SWOT
Strengths
- Integrated platform from in-house hardware design through MLOps software and inference services, with a data center design focused on energy efficiency 1.
- Close partnerships with chipmakers and OEMs and a record of being among the first to deploy new GPU generations 1.
- Global presence across Europe, the United States and the Middle East, with contracted capacity growing rapidly 1.
Weaknesses
- The core business is capital-intensive and not currently profitable, making the company dependent on continued access to financing 1.
- Reliance on a limited number of suppliers for sophisticated hardware creates risk of delays and cost increases 1.
- Limited experience managing long-term customer contracts, and two material weaknesses in internal control over financial reporting 1.
Opportunities
- Enterprise demand for secure AI infrastructure and purpose-built cloud could grow if AI adoption accelerates 1.
- Expansion into new geographic markets and technology acquisitions, such as agentic search services, could broaden the customer base 1.
- Growth potential in the Avride and TripleTen units within autonomous vehicles and online education 1.
Risks
- Dependence on external financinghigh
The company has raised capital through equity and convertible notes and may need new sources if capital costs rise or markets tighten 1.
- Customer concentrationmedium
Most customers are concentrated in the United States, and contracts with a few large customers make revenue sensitive to their decisions 1.
- Data center execution riskhigh
Site identification, power procurement and construction could be delayed, which could reduce expected revenue from new capacity 1.
- Weak internal controlsmedium
Two material weaknesses in internal control over financial reporting could lead to delayed or inaccurate reporting if not remediated 1.
- Share price volatility and dilutionmedium
The Class A share price has been volatile, and future equity issuances could dilute existing shareholders 1.
Investment thesis
What would need to be true (bull case)
- If demand for AI cloud stays strong, the company's in-house infrastructure and long-term contracts could support revenue growth over several years 1.
- Rapidly contracted capacity could convert into recurring revenue if construction projects finish on schedule 1.
- Diversification into software, inference and the Avride and TripleTen units could add further revenue sources 1.
What would break the thesis
- The company is currently unprofitable and depends on continued external financing, which could limit its ability to reach growth targets 1.
- If customers reduce or defer AI spending, industry overcapacity could pressure prices and margins 1.
- Geopolitical, regulatory and security risks could disrupt operations and raise compliance costs 1.
What to watch
- Pace at which contracted capacity in new data centers is brought online2026
- Trajectory of capital expenditures and financing needsQ1 2027
- Progress in remediating the material weaknesses in internal controlnext 10-K
- Adoption of the Token Factory service and token-based revenue2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Apr 2026; since then the company filed 6-K (22 Oct 2026), 6-K (01 Oct 2026), 6-K (08 Sept 2026), 6-K (26 Aug 2026), 6-K (24 Aug 2026), 6-K (20 Aug 2026).
The business
Nebius builds and operates a multi-tenant AI cloud offering high-performance GPU clusters, storage, managed services and tools for model training and inference. The company designs servers, racks and data center architecture in-house, which it says reduces total cost of ownership for customers 1. Headquartered in Amsterdam, its Class A shares are listed on Nasdaq 1.
Segments
Nebius AI Cloud
This is the main segment, generating revenue from GPU compute (IaaS), storage, networking and MLOps and AIOps software layers, including Token Factory, an inference service priced per token 1. Customers can choose pay-as-you-go pricing or reserved capacity contracts, and the company signed five-year contracts with Microsoft and Meta 1.
Avride
The unit develops autonomous driving technology for vehicles and delivery robots. According to the filing, its contribution to revenue has been limited so far, and the business is capital-intensive and at an early stage 1.
TripleTen
This unit provides online educational services and boot camp programs for career transition into technology, with revenue generated from student tuition 1.
Market context
The company operates in the AI-specialized cloud market, where demand for GPUs currently exceeds supply and enterprise AI adoption is accelerating. The filing describes the market as immature and rapidly changing, and the company's growth forecasts could prove inaccurate 1.
Trends
- Strong demand for AI capacitytailwind
Growing AI workloads raise demand for high-performance computing, which could support growth for specialized cloud providers if demand stays high 1.
- GPU and component shortagesheadwind
The imbalance between GPU demand and supply, along with supply chain constraints, could delay capacity expansion and raise costs 1.
- Competition for power and talentheadwind
Competition for electrical power, engineering talent and data center staff could slow construction and raise operating costs 1.
- More efficient AI modelsmixed
Development of models requiring less computation could reduce or change demand for the company's offerings, although it may also expand overall AI adoption 1.
Competitive position
The filing points to significant and evolving competition, including from other AI-specialized cloud providers and large cloud platforms, and the company says it aims to differentiate through integrated software and value-added services 1. Pricing pressure could reduce margins if it becomes sustained 1.
- MicrosoftMSFT
Major customer with a five-year contracted capacity arrangement, as noted in the filing 1.
- Meta PlatformsMETA
Major customer with a five-year contracted capacity arrangement, as noted in the filing 1.
- NVIDIANVDA
Strategic GPU partner and essential hardware supplier, not described in the filing as a direct competitor 1.
- ClickHouse
Company in which Nebius holds a significant stake after being spun out of the group, as mentioned in the filing 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Industria AI se resimte după după tsunamiul albastru din alegeri: Acţiunile companiilor de Inteligenţă a - Ziarul FinanciarSurge — Google News · 05 Nov 2026 · RO
- US midterm 'blue wave' puts pressure on memory chip demandKorea Times — Business · 05 Nov 2026 · EN
- US midterm 'blue wave' puts pressure on memory chip demandsKorea Times — Business · 05 Nov 2026 · EN
- Industria AI se resimte după după tsunamiul albvastru din alegeri: Acţiunile companiilor de Inteligenţă artificială şi ale SpaceX scad după victoria democratei Gina Hinojosa în Texas. Noul guvernator promite reguli mai stricte pentru centrele de date - BusinessMagazinSurge — Google News · 04 Nov 2026 · RO
- Alegerea democratei Hinojosa in funcția de guvernator de Texas lovește companiile de IA și SpaceX - Flux24.roSurge — Google News · 04 Nov 2026 · RO
- Temerile legate de politica privind centrele de date afectează acțiunile din domeniul IA după victoria Hinojosa în Texas - Unite.AISurge — Google News · 04 Nov 2026 · RO
- CNBC: Acţiunile din inteligenţa artificială scad după victoria democratei Gina Hinojosa în Texas - Ziarul BursaBURSA.ro · 04 Nov 2026 · RO
- CoreWeave și alte acțiuni AI scot în urmă după victoria democrată în Texas - www.goldring.roSurge — Google News · 04 Nov 2026 · RO
- Объем торгов неоактивами на СПБ Бирже вырос на 6,1% в октябре // Объем торгов неоактивами на СПБ Бирже составил 800,72 млрд рублей в октябреKommersant (RU) · 03 Nov 2026 · RU
- Apple снова стала самой дорогой компанией мира с капитализацией более $5 трлнKommersant (RU) · 31 Oct 2026 · RU
- Nasdaq scade 2,8% pe fondul rezultatelor Intel și Amazon, care amplifică vânzările în AI - InvezzSurge — Google News · 30 Oct 2026 · RO
- Prime Intellect Releases Prime Mega MoE: Trainable Fused MoE Kernel, 3.11x Faster Forward PassMarkTechPost (Asia AI) · 29 Oct 2026 · EN
- Anthropic is asking Wall Street to believe in AGIThe Verge · 29 Oct 2026 · EN
- CoreWeave and other neocloud stocks drop after Microsoft capex comes in below expectationsCNBC — Top News · 29 Oct 2026 · EN
- Elon Musk susține că peste 200 de furnizori de servicii cloud pentru AI riscă să intre în faliment sau să fie forțați să fuzioneze, din cauza dificultăților de finanțare. Miliardarul consideră că sumele uriașe investite în centre de date și cipuri AI ar putea să nu genereze venituri suficiente pentru a acoperi costurile și datoriile acumulate. Acțiunile mai multor companii din sector înregistrează deja scăderi puternice.Biziday.ro · 27 Oct 2026 · RO
- Acțiunile On scad 4%: Gluma lui Mbappé despre Mao a declanșat scăderea de marți - InvezzSurge — Google News · 27 Oct 2026 · RO
- Anthropic se pregătește de IPO: evaluare record sau bulă AI? - Traders UnionSurge — Google News · 27 Oct 2026 · RO
- Nasdaq urcă 0.8% după depunerea IPO-ului Anthropic, impuls pentru acțiunile AI - InvezzSurge — Google News · 26 Oct 2026 · RO
- Prospectul IPO al Anthropic publicat: 7 cifre pe care investitorii trebuie să le știe - InvezzSurge — Google News · 26 Oct 2026 · RO
- Riscurile IPO-ului Anthropic: ce spune prospectul - InvezzSurge — Google News · 26 Oct 2026 · RO
SEC filings
- Current report (foreign issuer)22 Oct 2026
- Current report (foreign issuer)01 Oct 2026
- Current report (foreign issuer)08 Sept 2026
- Current report (foreign issuer)26 Aug 2026
- Current report (foreign issuer)24 Aug 2026
- Current report (foreign issuer)20 Aug 2026
- Current report (foreign issuer)19 Aug 2026
- Current report (foreign issuer)12 Aug 2026
- Current report (foreign issuer)12 Aug 2026
- Current report (foreign issuer)27 Jul 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Nebius Group N.V. · 30 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.