NBIS
Nebius Group N.V.
Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for Nebius Group N.V.
Nebius Group N.V. is a technology company that builds full-stack infrastructure for the AI industry, including large-scale GPU clusters, an AI cloud platform, and developer tools. It also holds interests in data-for-AI services, the TripleTen edtech platform, and Avride autonomous-driving technology.
Coverage
A Nebius Notice Lifts On-Demand GPU Prices Up to 21%. Its Shareholder Letter Never Says On-Demand.
A reshared Nebius notice lifts on-demand GPU-hour rates 16.9% to 21.0% from 1 October. Nebius has never said what share of its revenue is billed on-demand.
Microsoft's Code of Conduct Contains No Capex Number. The Market Repriced Capacity Prices Anyway.
Microsoft's MAI Code of Conduct runs 15,203 words and never says compute. The capacity sellers fell 5-7% on it; flat prices cost our bases 19.5% to 41.7%.
Microsoft Already Told You It Builds a Gigawatt a Quarter. The 26-Gigawatt Leak Is Six More Years of It.
Microsoft discloses a gigawatt a quarter and $41bn of capex behind it, never a fleet total. The leaked 26 GW is that rate continued, and costs about $1.07tn.
Palantir's Nebius Deal Names No Dollars and No Megawatts, and Lands on Its Only Vertical With Published Units
Palantir named Nebius its preferred sovereign AI partner — no value, megawatts or term disclosed. It lands on 653 US commercial customers at $1.17M each.
Meta Is Building Toward 14 GW. Its Rentable Compute Is Still a Thin Slice.
Meta targets 14 GW by 2027 while remaining a major compute buyer. This deep dive maps its Titans, silicon, workloads, utilization and rentable capacity.
Nebius Sold Stock at $223.60 and Its Newest Converts Strike From $313.46. The Shares Sit Between Them.
Nebius sold $2.8bn of shares at $223.60 and struck $3.45bn of converts at $313.46. IREN trades 36% below NVIDIA's $70 rights; CoreWeave publishes no mark.
Capital expenditure and cash flow are too large relative to current revenue for the combined Rule of 40 score to be meaningful.
Quarter contextWhere the revenue goes next
Latest: $582M (2026Q2)
| Period | Value |
|---|---|
| 2024Q3 | $32M |
| 2024Q4 | $35M |
| 2025Q1 | $51M |
| 2025Q2 | $105M |
| 2025Q3 | $146M |
| 2025Q4 | $228M |
| 2026Q1 | $399M |
| 2026Q2 | $582M |
Latest: −$0.68 (2026Q2)
| Period | Value |
|---|---|
| 2024Q3 | −$0.16 |
| 2024Q4 | −$0.44 |
| 2025Q1 | −$0.44 |
| 2025Q2 | $2.05 |
| 2025Q3 | −$0.49 |
| 2025Q4 | −$1.03 |
| 2026Q1 | $2.11 |
| 2026Q2 | −$0.68 |
Latest: n/m (2026Q2)
| Period | Value |
|---|---|
| 2025Q2 | 54.8 |
| 2025Q3 | 165.1 |
| 2025Q4 | 930.1 |
| 2026Q1 | 39.3 |
| 2026Q2 | n/m |
Latest: −$3.41B (2026Q2)
| Period | Value |
|---|---|
| 2024Q3 | −$207M |
| 2024Q4 | −$528M |
| 2025Q1 | −$728M |
| 2025Q2 | −$678M |
| 2025Q3 | −$1.04B |
| 2025Q4 | −$1.22B |
| 2026Q1 | −$215M |
| 2026Q2 | −$3.41B |
Latest: 280M (2026Q2)
| Period | Value |
|---|---|
| 2026Q2 | 280M |
Latest: −$8.03B (2026Q2)
| Period | Value |
|---|---|
| 2024Q3 | −$207M |
| 2024Q4 | −$735M |
| 2025Q1 | −$1.46B |
| 2025Q2 | −$2.14B |
| 2025Q3 | −$3.18B |
| 2025Q4 | −$4.40B |
| 2026Q1 | −$4.61B |
| 2026Q2 | −$8.03B |
Latest earnings
Company History
Completed rebranding from Yandex N.V. to Nebius Group N.V.; focused on AI cloud/infrastructure, divested Russia ops
Peak euphoria on AI tailwinds, capacity expansion, and market share gains in GPU cloud
Launched Nebius AI Cloud updates (Blackwell Ultra), multi-billion ARR projections, government contracts
Stock exploded on AI hype, GPU cluster builds, Blackwell announcements, and explosive demand for AI compute
Focus on capacity ramp, order conversion, Blackwell GPU deployment, and multi-billion ARR guidance
~20-30%+ decline from peak on valuation concerns, broader AI/tech rotation, and profit-taking
Surged back to ~$86 on volume; narrative refocus on fundamentals (700% ARR growth, earnings catalyst)
Fell sharply to ~$74 amid market pressure; sparked buy-the-dip talk given undervaluation signals
Key Players
The CEO view — 3 podcasts, interviews & articles →
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Funds we follow holding NBIS
By latest reported 13F position value. Market value at quarter-end, not cost basis.
