Technology · NASDAQ: NBIS
Nebius: how the business works
Nebius rents out AI computing power on NVIDIA chips, with revenue of $529.8 million and an operating loss of $611.7 million in FY2025.
By Hardik Bhandare · Checked against filings:
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Nebius Group N.V. · Amsterdam, Netherlands · Founded 2004
Last updated
- Revenue, FY2025
- $529.8M
- Operating loss, FY2025
- −$611.7M
- Net income, FY2025 (includes a $598.9M non-cash gain)
- $82.5M
- Remaining performance obligations, Jun 30, 2026
- $37.5B
- Arkady Volozh's share of votes, Mar 31, 2026
- 51.62%
The short version
Nebius in 5 points
1 · What it sells
Nebius rents out AI computing power on NVIDIA chips through its AI cloud, which brought in $480.3 million of its $529.8 million of revenue in FY2025; it also owns TripleTen (online courses) and Avride (self-driving).
2 · Who pays it
In Q2 FY2026 three customers the filing does not name paid 24%, 21% and 14% of revenue and all others paid 41%; Microsoft and Meta have the largest contracts named in filings.
3 · What it keeps from $100
Of every $100 that came in during FY2025, $48.3 was a non-cash gain on share stakes and $0.8 was left as net income from continuing operations; the operating loss was $611.7 million.
4 · Where the operating profit comes from
Nebius has no operating profit overall, with a $175.9 million operating loss in Q2 FY2026; its AI cloud, about 98% of revenue, showed $285.7 million on the company's own adjusted EBITDAOperating profit before wear-and-tear charges (depreciation and amortization). As a margin: per $100 of sales. measure, which leaves out depreciation.
5 · The one thing to watch
In the first half of 2026 Nebius's purchases of property, equipment and intangible assets were $8,130.3 million and its cash from operations $4,504.1 million, of which customer prepayments added $4,395.0 million.
Sources: From Nebius's FY2025 20-F, Q2 FY2026 6-K filings and shareholder letter · checked
See the full receipt and the management scorecard below
01Where the money goes · FY2025
Where does $100 of Nebius' money go?
Nebius · FY2025
Receipt for every $100
| Depreciation and amortization | $33.7 |
|---|---|
| Sales, general and administrative | $30.6 |
| Product development | $14.3 |
| Cost of revenues | $13.4 |
| Interest expense | $5.0 |
| Losses at part-owned companies, and tax | $2.3 |
| Net income from continuing operations | $0.8 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
Cityfort calculation from the FY2025 20-F. Of every $100 that came in during FY2025 (revenue $529.8 million + a non-cash gain of $598.9 million + other income $80.6 million + interest income $31.8 million = $1,241.1 million). $48.3 of the $100 is that non-cash gain, and only $42.7 is revenue. Discontinued operations ($72.7 million) are outside this table. Lines add to $100.1 because of rounding.
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02The business in one line
What does Nebius do?
AI companies and large tech firms pay Nebius to rent NVIDIA-powered computing, often in advance; equipment wear and tear and running costs take more than that revenue, leaving an operating loss.
- Nebius's AI cloud brought in $480.3 million of its $529.8 million of revenue in FY2025. Three customers paid 59% of revenue in Q2 FY2026 (Cityfort calculation from the Q2 FY2026 6-K).
- FY2025 net income was $82.5 million, after a $611.7 million operating loss. The main reason is a non-cash $598.9 million gain on share stakes, mostly in ClickHouse, a database company it spun off in 2021.
03Who pays it
Who pays Nebius?
Largest customer
24%
of revenue
Paid 24% of Q2 FY2026 revenue. The filing calls it Customer C and does not name it.
Second-largest customer
21%
of revenue
Paid 21% of Q2 FY2026 revenue. The filing calls it Customer D and does not name it.
Third-largest customer
14%
of revenue
Paid 14% of Q2 FY2026 revenue. The filing calls it Customer E and does not name it.
All other customers
41%
of revenue
The remaining 41% (Cityfort calculation from the Q2 FY2026 6-K). None reached 10%, and the filing does not break them out.
- Largest customer24%
- Second-largest customer21%
- Third-largest customer14%
- All other customers41%
Customer concentration
Three customers paid 59% of Q2 FY2026 revenue (Cityfort calculation from the Q2 FY2026 6-K). The largest paid 39% in Q2 FY2025, and in FY2025 two customers paid 25% and 15%. Customer letters change between filings, and no filing matches a letter to a name. One customer was 83% of receivables at Dec 31, 2025. Named contracts as filed: Microsoft up to about $17.4 billion, Meta about $2.9 billion, and Meta up to about $27 billion, of which up to $15 billion is capacity Nebius intends to sell to others first. These values are never added together. In Q2 FY2026 Nebius also signed four deals averaging above $1 billion, naming Reflection and Cohere.
- Largest customer
- 24%
04Why it makes money
Why does Nebius make money?
Prepayments help pay for the chips, but wear and tear and interest decide what is left.
Depreciation and amortization was $78.9 per $100 of revenue in FY2025 and $44.6 in Q2 FY2026. From January 2026 Nebius depreciates servers over 5 years, not 4, which its FY2025 20-F estimates cuts FY2026 depreciation by about $167.6 million. Interest expense rose from $4.8 million in Q2 FY2025 to $119.1 million in Q2 FY2026.
Operating income per $100 of revenue
−$436.7−$30.2
FY2024 to Q2 FY2026
- Customers sign contracts, often with prepayments
- Prepayments, notes and share sales fund chips and data centers
- New capacity goes live in tranches
- Revenue is recognized as the capacity is delivered
- Depreciation, running costs and interest come out
- New contracts fund the next build
↺ Step 6 feeds back into step 1.
05Business segments · FY2025
Which businesses make up Nebius?
Nebius AI cloud
91%Rented AI computing and the software around it, about 98% of group revenue in Q2 FY2026, as the Q2 2026 letter states. Shares are of total revenue of $529.8 million, after removing $5.9 million of sales between the businesses, so they add to slightly more than 100%.
Revenue $480M
TripleTen
10%Online courses for technology careers. Its revenue fell to $10.0 million in Q2 FY2026 from $12.3 million a year earlier, on lower US student volumes.
Revenue $54.1M
Avride
0%Self-driving cars and delivery robots. Its revenue was $1.0 million in Q2 FY2026.
Revenue $1.3M
How the mix changed
- Nebius AI cloud
- TripleTen
- Avride
Revenue by segment, FY2023 to FY2025.
US$
See the numbers
06The numbers · Consolidated · US$
How has Nebius done?
Revenue
$530MFY2025
Revenue from continuing operations, which leave out Toloka and the businesses sold in 2024, rose from $9.8 million in FY2023 to $529.8 million in FY2025, and reached $582.3 million in Q2 FY2026 alone.
US$
See the numbers
Net profit
$82.5MFY2025
Net income of $82.5 million in FY2025 came after a $611.7 million operating loss, because of a $598.9 million non-cash gain on share stakes and $72.7 million from discontinued operations; Q2 FY2025 and Q1 FY2026 were profitable only with such gains.
US$
See the numbers
Profit kept per $100 of revenue
$15.6FY2025
Net income per $100 of revenue was $15.6 in FY2025, against $1.8 from continuing operations and a $115.5 operating loss; stock-based pay was $15.7 per $100.
$ of profit per $100 of revenue (net margin)
See the numbers
Free cash flow
−$3.7BFY2025
Cash from operations was $401.9 million in FY2025, including a $1,565.8 million rise in customer prepayments; purchases of property and equipment were $4,066.0 million.
US$ · cash from operations minus spending on plants and equipment
See the numbers
See all yearly numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (December 31; Nebius's fiscal year is the calendar year, so Q2 FY2026 is April to June 2026). Net profit is the share belonging to the company's owners. Total net income differs from net profit to the company's owners: FY2023 total net income was $265.9 million, of which $24.6 million belonged to noncontrolling holders in businesses since sold. Continuing operations lost $299.0 million that year, so FY2023 is not charted per $100 of revenue.
Learn: Stock-based compensation and dilution: pay that becomes shares
Sources (6)
- Form 20-F, fiscal year 2025 (ended Dec 31, 2025)
- Earnings release, Q3 2025 (Form 6-K, Ex. 99.1)
- Earnings release, Q4 and full-year 2025 (Form 6-K, Ex. 99.1)
- Earnings release, Q1 2026 (Form 6-K, Ex. 99.1)
- Earnings release, Q2 2026 (Form 6-K, Ex. 99.1)
- Form 6-K, unaudited condensed financial statements, Q2 2026 (Ex. 99.2)
07Who runs it
Who runs Nebius, and did they deliver?
Arkady Volozh
Founder, Chief Executive Officer and executive director · since 2024
CEO of the company from 2000 to 2022, then again from August 2024. Pay is reported only as a group: 8 senior managers, $5.9 million cash in 2025, plus 6,350,000 options and 226,312 share units.
Ophir Nave
Chief Operating Officer and executive director · since 2024
Dado Alonso
Chief Financial Officer · since 2025
Marc Boroditsky
Chief Revenue Officer · since 2025
Roman Chernin
Co-founder and Chief Business Officer
Andrey Korolenko
Chief Product and Infrastructure Officer
What they said, and what happened
2 delivered · 6 too early to tell
Said on Nov 12, 2025
Active power of 100 MW by the end of 2025, as stated in the Q3 2025 letter.
DeliveredWhat happened
About 170 MW at the end of 2025.
Said on Feb 12, 2026
Annualized run-rate revenue of $900 million to $1.1 billion at the end of 2025, described as its most recent guidance in the Q4 2025 letter, which does not date it.
DeliveredWhat happened
$1.25 billion at the end of December 2025.
Said on Nov 12, 2025
Connected power of 800 MW to 1 GW by the end of 2026, first in the Q3 2025 letter and repeated on May 13, 2026.
Too early to tellWhat happened
Not yet reported.
Said on May 13, 2026
2026 revenue of $3.0 billion to $3.4 billion and annualized run-rate revenue of $7 billion to $9 billion at year-end; reaffirmed on Aug 12, 2026.
Too early to tellWhat happened
First-half revenue was $981.3 million, and annualized run-rate revenue was $3.0 billion in June.
Said on May 13, 2026
A "trajectory toward 20-30% EBIT margins", in a sentence about its AI cloud business; the letter gives no date.
Too early to tellWhat happened
Filings show no AI cloud operating margin. The group's operating margin was −30.2% in Q2 FY2026.
Said on Aug 12, 2026
Contracted power of 5 GW at the end of 2026, raised from more than 4 GW in May.
Too early to tellWhat happened
The latest stated figure is more than 2 GW, from February 2026.
Said on Aug 12, 2026
Over $9 billion of customer prepayments in 2026.
Too early to tellWhat happened
Deferred revenue added $4,395.0 million in the cash flow statement for the first half.
Said on Aug 12, 2026
Deploying more than 1 GW a year, starting in 2027.
Too early to tellWhat happened
Not yet reported.
Sources (7)
- Form 20-F, fiscal year 2025 (ended Dec 31, 2025)
- Letter to shareholders, Q3 2025 (Form 6-K, Ex. 99.2)
- Letter to shareholders, Q4 2025 (Form 6-K, Ex. 99.2)
- Letter to shareholders, Q1 2026 (Form 6-K, Ex. 99.2)
- Letter to shareholders, Q2 2026 (Form 6-K, Ex. 99.2)
- Earnings release, Q2 2026 (Form 6-K, Ex. 99.1)
- Form 6-K, unaudited condensed financial statements, Q2 2026 (Ex. 99.2)
08What could go wrong
What could go wrong for Nebius?
- Cash and liquidity
Spending is far above cash from operations
The 20-F calls the businesses "not currently profitable and extremely capital intensive". First-half 2026 purchases of property, equipment and intangible assets were $8,130.3 million, against $4,504.1 million of cash from operations. Raising money has also meant selling shares: 12,729,493 from treasury in May and June 2026. About 15.8 million more Class A shares were agreed in note exchanges described in the 6-K filed Aug 24, 2026.
Watch Purchases of property, equipment and intangible assets, prepayments and share counts in each 6-K.
- Concentration
A few customers pay most of the revenue
Three customers paid 59% of Q2 FY2026 revenue (Cityfort calculation from the Q2 FY2026 6-K), and one was 83% of receivables at Dec 31, 2025. Microsoft is also a named competitor. The 20-F says hyperscalers may offer competing solutions.
Watch Customer percentages in the notes to each 6-K and 20-F.
- Execution
Delivering long contracts on time
The 20-F says Nebius has limited experience delivering large long-term contracts. Microsoft can receive service credits or end individual tranches over specified delays. Nebius said on Mar 16, 2026 that dedicated capacity for Meta would start in early 2027. Leases not yet commenced were $12,054.1 million at Jun 30, 2026.
Watch Delivery updates in the shareholder letters, and leases not yet commenced in each 6-K.
- Concentration
Dependence on a few chip suppliers
The 20-F says Nebius depends on a limited number of suppliers for hardware, and supply delays could hurt its growth plans. NVIDIA is also a shareholder, reporting 9.3% of Class A at Jul 13, 2026.
Watch Supplier concentration in the notes, and later Schedule 13GA filing by anyone who owns more than 5% of a company's shares and does not seek control. Learn more filings.
- Demand
AI spending could slow
The 20-F lists a slowdown in AI spending or excess capacity as a risk. At Jun 30, 2026 Nebius had $12,054.1 million of leases not yet commenced and $5,324.1 million of energy and power commitments (Cityfort calculation from the Q2 FY2026 6-K). The 20-F says the largest cloud companies buy differently from its primary customer base.
Watch Remaining performance obligationsSigned contracts with customers that have not been billed yet. and commitments in each 6-K.
- Technology
Equipment may wear out or date faster than assumed
Nebius moved servers and network equipment from a 4-year to a 5-year life in January 2026. Its FY2025 20-F estimates this cuts FY2026 depreciation by about $167.6 million, so margins before and after that date are not on the same basis. The 20-F says these estimates may change.
Watch Useful-life notes and depreciation in each 6-K and 20-F.
- Governance
The founder holds most of the votes
Arkady Volozh had 51.62% of votes on 11.33% of shares at Mar 31, 2026, through Class B shares with 10 votes each. Nebius's FY2025 20-F says it is a controlled company under Nasdaq rules. The share count has risen since Mar 31, 2026, which affects these figures, and no filing states a later percentage.
Watch The ownership table in the next 20-F, and vote totals in annual meeting results.
- Governance
Material weaknesses in financial controls
Internal control was not effective at Dec 31, 2025, and the auditor gave an adverse opinion on it. The weaknesses cover fixed-asset controls, including depreciation start dates, and TripleTen revenue. Management says it cannot assure full remediation in 2026.
Watch Item 15 of the next 20-F, from the new auditor's first year.
Sources (8)
- Form 20-F, fiscal year 2025 (ended Dec 31, 2025)
- Form 6-K, unaudited condensed financial statements, Q2 2026 (Ex. 99.2)
- Form 6-K, operating and financial review, Q2 2026 (Ex. 99.1)
- Form 6-K, closing of convertible notes, about $5.75 billion, and note exchanges (Ex. 99.1)
- Letter to shareholders, Q2 2026 (Form 6-K, Ex. 99.2)
- Form 6-K, Meta agreement announcement (Ex. 99.1)
- Schedule 13G, NVIDIA Corporation (event Jul 13, 2026)
- Form 6-K, results of the Annual General Meeting held Aug 25, 2026 (Ex. 99.1)
09Both sides
What do supporters and critics point to?
What supporters point to
- Revenue rose from $91.5 million in FY2024 to $529.8 million in FY2025, and first-half 2026 revenue rose 529% to $981.3 million.
- Remaining performance obligations rose from $21,333.0 million at Dec 31, 2025 to $37,490.6 million at Jun 30, 2026.
- The operating loss per $100 of revenue narrowed from $115.5 in FY2025 to $30.2 in Q2 FY2026.
- The largest customer's share of revenue fell from 39% in Q2 FY2025 to 24% in Q2 FY2026.
- NVIDIA paid $2.0 billion for a warrant in March 2026, and Microsoft and Meta signed five-year contracts.
What critics point to
- FY2025 pre-tax income without the $598.9 million gain would have been a $585.1 million loss (Cityfort calculation from the FY2025 20-F).
- First-half 2026 purchases of property, equipment and intangible assets were $8,130.3 million, against $4,504.1 million of cash from operations, of which $4,395.0 million was customer prepayments.
- Debt was $8,545.7 million at Jun 30, 2026, before about $775 million of secured loans and $5.75 billion of convertible notes that followed.
- Arkady Volozh had 51.62% of votes on 11.33% of shares at Mar 31, 2026, and the auditor gave an adverse opinion on internal control at Dec 31, 2025.
- Three customers paid 59% of Q2 FY2026 revenue (Cityfort calculation from the Q2 FY2026 6-K), and Microsoft can end tranches over specified delays.
10What to watch next
What should you watch next at Nebius?
Next event
Q3 FY2026 results
Date not announced yet.
Spending against prepayments
First-half 2026 purchases of property, equipment and intangible assets were $8,130.3 million, and deferred revenue added $4,395.0 million. The company said on Aug 12, 2026 that it expects over $9 billion of prepayments in 2026.
Debt after June
Debt was $8,545.7 million at Jun 30, 2026. The August notes and any drawing on the October facility would first show in the Q3 balance sheet.
Remaining performance obligations and customer shares
They were $37,490.6 million at Jun 30, 2026, with three customers paying 24%, 21% and 14% of Q2 revenue. Customer letters can change between filings.
11Key facts
Key facts about Nebius
- What does Nebius do?
- Nebius Group rents out computing power for AI, built on NVIDIA graphics chips, from data centers in the US, Europe and Israel. Nebius had revenue of $529.8 million in FY2025, of which its AI cloud brought in $480.3 million. It had 1,543 employees at Dec 31, 2025.
- How does Nebius make money?
- Nebius charges customers for AI computing under contracts of different lengths, for on-demand use and, on Token Factory, per token. In FY2025 Nebius's AI cloud revenue was $480.3 million, TripleTen's course revenue $54.1 million and Avride's $1.3 million, before $5.9 million of sales between the businesses.
- What is Nebius's business model?
- Nebius uses convertible notes, share sales and customer prepayments to buy chips and data center capacity, then rents that capacity out. In FY2025 Nebius spent $4,066.0 million on property and equipment, against revenue of $529.8 million. Its remaining performance obligations, contracted revenue not yet recognized, were $37,490.6 million at Jun 30, 2026.
- Is Nebius profitable?
- Nebius makes an operating loss. The operating loss was $611.7 million in FY2025 and $175.9 million in Q2 FY2026. Nebius's FY2025 net income of $82.5 million includes a non-cash $598.9 million gain on share stakes, and its Q2 FY2026 net loss was $190.4 million.
- What is Nebius's revenue by segment?
- In FY2025 Nebius's AI cloud segment had revenue of $480.3 million, TripleTen $54.1 million and Avride $1.3 million. After removing $5.9 million of sales between them, total revenue was $529.8 million. In Q2 FY2026 the three segments had $574.9 million, $10.0 million and $1.0 million.
- Who are Nebius's customers?
- In Q2 FY2026 Nebius's three largest customers, not named in the filing, paid 24%, 21% and 14% of revenue. Nebius's filings name Microsoft, with a contract of up to about $17.4 billion. They also name Meta, with one contract of about $2.9 billion and an agreement of up to about $27 billion.
- What is the Nebius AI cloud?
- The Nebius AI cloud rents out graphics chips, storage and networking over the internet, with software to train and run AI models. Its Token Factory service, released in November 2025, runs AI models for customers and charges per token. The AI cloud segment's revenue was $574.9 million in Q2 FY2026.
- What are Avride and TripleTen?
- Avride is Nebius's self-driving business, making technology for cars and delivery robots, with $1.3 million of revenue in FY2025. TripleTen is Nebius's online school that retrains people for technology careers, with $54.1 million of revenue in FY2025.
- Is Nebius the former Yandex?
- Yes. Nebius Group N.V. was named Yandex N.V. until Aug 16, 2024, according to the SEC's EDGAR records. In July 2024 it completed the sale of all its businesses in Russia, which were more than 95% of its revenue, assets and employees. Nebius's FY2025 20-F says it has no customers, suppliers or business partners in Russia.
- Who owns Nebius?
- Arkady Volozh, Nebius's founder and CEO, had 51.62% of votes and 11.33% of shares at Mar 31, 2026. Most are Class B shares held by a trust whose beneficiaries include him or his family. NVIDIA reported 9.3% of Nebius's Class A shares at Jul 13, 2026, including shares it can acquire under a warrant.
Sources (8)
- Form 20-F, fiscal year 2025 (ended Dec 31, 2025)
- Letter to shareholders, Q2 2026 (Form 6-K, Ex. 99.2)
- Form 6-K, unaudited condensed financial statements, Q2 2026 (Ex. 99.2)
- Earnings release, Q2 2026 (Form 6-K, Ex. 99.1)
- Form 6-K, Meta agreement announcement (Ex. 99.1)
- EDGAR filing index, Nebius Group N.V. (CIK 0001513845)
- Form 20-F, fiscal year 2023 (filed as Yandex N.V., in Russian rubles)
- Schedule 13G, NVIDIA Corporation (event Jul 13, 2026)
Go deeper
More detail from the same filings. Open any section.
12What it sells
12What it sells
What does Nebius sell?
Nebius AI cloud: rented computing
Clusters of NVIDIA graphics chips (GPUs) with storage and networking, in Nebius's data centers. This segment had $480.3 million of revenue in FY2025 and $574.9 million in Q2 FY2026.
Dedicated capacity for large customers
Five-year contracts for reserved GPU clusters. Microsoft's is up to about $17.4 billion through 2031, and Meta's are about $2.9 billion and up to about $27 billion.
Token Factory and AI software
Token Factory, released in November 2025, runs AI models for customers and charges per token, not per GPU hour. Tools for building and running models sit on the same platform.
TripleTen
Online courses that retrain people for technology careers, mainly in the US and Latin America. Revenue was $54.1 million in FY2025.
Avride
Self-driving technology for cars and delivery robots, working with Uber among others. Revenue was $1.3 million in FY2025.
Think of it like this
Like an equipment rental company: it buys costly machines, places them in data centers and rents them to clients, some of whom pay in advance.
What it does
- Does: Designs its own servers and racks, and fits them in data centers it owns, builds to order or rents from others
- Does: Sells contracts of three to six months, one to three years, and longer, as its Q2 2026 letter describes them
- Does: Takes prepayments: deferred revenue, money received before the service is delivered, was $5,975.2 million at Jun 30, 2026
- Does: Holds stakes in ClickHouse and Toloka, carried at $1,517.7 million and $86.5 million at Jun 30, 2026
What it does not do
- Does not: Does not make the graphics chips: it depends on a limited number of suppliers, and names NVIDIA as a partner
- Does not: Does not run the Russian businesses it had as Yandex N.V.: it sold them all in 2024
- Does not: Does not intend to pay dividends, according to its FY2025 20-F
13How the money flows
13How the money flows · FY2025
How does money flow through Nebius?
Money in
- Revenue$530M
- Non-cash gain on share stakes ($598.9M), other income ($80.6M) and interest income ($31.8M)$711M
The company
Nebius
$1.2B came in
Money out
- Depreciation and amortization: wear and tear on servers and other assets$418M
- Sales, general and administrative$380M
- Product development$177M
- Cost of revenues: data center rent, power and staff$166M
- Interest expense$61.5M
- Losses at part-owned companies ($24.3M) and tax ($4.0M)$28.3M
- Net income from continuing operations$9.8M
- Customers paid $529.8 million in FY2025. Non-cash gains, other income and interest added $711.3 million.
- Operating costs took $1,141.5 million, led by $417.9 million of wear and tear and $380.1 million of selling and administration.
- That left an operating loss of $611.7 million, before any of the non-operating items.
- The $598.9 million gain, mostly on ClickHouse, covered most of that loss. It is not cash from customers.
- Net income from continuing operations was $9.8 million. A $72.7 million gain from discontinued operations took total net income to $82.5 million.
14What it needs to run
14What it needs to run
What does Nebius need to run?
Graphics chips
Nebius's 20-F says it depends on a limited number of suppliers. Three suppliers passed the filing's concentration threshold by capital spending at Jun 30, 2026, up from two at Dec 31, 2025.
Data centers and power
Leases not yet commenced were $12,054.1 million undiscounted at Jun 30, 2026, and energy and power commitments $5,324.1 million (Cityfort calculation from the Q2 FY2026 6-K). Nebius's power figures are its own measures, shown in the section on them.
Machines
Property and equipment was $13,045.2 million at Jun 30, 2026, up from $5,553.3 million at Dec 31, 2025.
Outside money
Convertible notes, which can turn into shares, had principal of $10,041.8 million at Jun 30, 2026. Customers had also paid $5,975.2 million ahead of the service.
People
1,543 employees at Dec 31, 2025, up from 1,195 a year earlier: 584 in the Netherlands, 351 in the US, 185 in Israel and 423 elsewhere.
15Where it sells
15Where it sells · FY2025
Where does Nebius sell?
- United States64%
- United Kingdom26%
- Rest of the world10%
16Competitors and what protects it
16Competitors and what protects it
Who does Nebius compete with?
CoreWeave
Named in Nebius's 20-F as a specialized cloud provider focused on AI.
Amazon (AWS)
Named in Nebius's 20-F as a general-purpose cloud provider scaling AI offerings.
Google (Google Cloud Platform)
Named in Nebius's 20-F as a general-purpose cloud provider scaling AI offerings.
Microsoft (Azure)
Named in Nebius's 20-F as a general-purpose cloud competitor. Microsoft is also a Nebius customer.
Oracle
Named in Nebius's 20-F as a general-purpose cloud provider scaling AI offerings.
What protects the business
Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.
- Signed contracts3 of 5
Remaining performance obligations were $37,490.6 million at Jun 30, 2026, with 36% expected within 24 months. Microsoft can end individual tranches over specified delays.
- Access to NVIDIA chips3 of 5
NVIDIA paid $2.0 billion for a Nebius warrant in March 2026. The 20-F still lists dependence on a limited number of suppliers as a risk.
- Own hardware and software2 of 5
The 20-F says Nebius designs its servers and racks and writes its cloud software. Filings give no measured cost advantage against rivals.
- Financial size against rivals2 of 5
The 20-F says many competitors have greater financial, technical and other resources. Nebius had a $611.7 million operating loss in FY2025.
Weak spot
Few customers, some of them rivals
Three customers paid 59% of Q2 FY2026 revenue (Cityfort calculation from the Q2 FY2026 6-K). Microsoft is both a customer and a named competitor, and the 20-F says hyperscalers may offer competing solutions.
17Where growth could come from
17Where growth could come from
Where could Nebius' growth come from?
Nebius said in its Q1 2026 shareholder letter (May 13, 2026) that it expects 2026 revenue of $3.0 billion to $3.4 billion. It also expects annualized run-rate revenue of $7 billion to $9 billion at year-end. Its Q2 2026 letter (Aug 12, 2026) reaffirmed this. First-half revenue was $981.3 million.
Contracted revenue not yet recognized
Working$37.5B at Jun 30, 2026
Remaining performance obligations rose from $21,333.0 million at Dec 31, 2025 to $33,585.3 million at Mar 31, 2026 and $37,490.6 million at Jun 30, 2026. At Jun 30, 36% was expected within 24 months.
Status: Working, on track against what the company said.
AI cloud revenue
Working$574.9M, Q2 FY2026
AI cloud revenue rose from $93.7 million in Q2 FY2025 to $389.7 million in Q1 FY2026 and $574.9 million in Q2 FY2026.
Status: Working, on track against what the company said.
More machines in service
Working$13.0B of property and equipment
Property and equipment rose from $5,553.3 million at Dec 31, 2025 to $13,045.2 million at Jun 30, 2026. Nebius said on Aug 12, 2026 that it had delivered all Microsoft tranches to date.
Status: Working, on track against what the company said.
A wider customer base
WorkingLargest customer 24%, Q2 FY2026
The largest customer's share fell from 39% in Q2 FY2025 to 24% in Q2 FY2026. Reflection and Cohere were among four Q2 deals averaging above $1 billion.
Status: Working, on track against what the company said.
Second Meta contract
EarlyAbout $12B, from early 2027
Nebius said on Mar 16, 2026 that dedicated capacity for Meta would start in early 2027. Up to a further $15 billion is capacity Nebius intends to sell to others first, with Meta buying what remains.
Status: Early, too early to judge.
Software above the chips
Early$251.6M net cash on three deals
Nebius bought Tavily, Clarifai and Eigen AI in 2026, then Inferize. Filings show no separate revenue for Token Factory or these software lines.
Status: Early, too early to judge.
Avride
Early$1.0M revenue, Q2 FY2026
Uber and Nebius agreed investments and other commitments of up to $375 million in Avride in October 2025. The 20-F says Nebius may give up control in a future deal.
Status: Early, too early to judge.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
Sources (10)
- Letter to shareholders, Q1 2026 (Form 6-K, Ex. 99.2)
- Letter to shareholders, Q2 2026 (Form 6-K, Ex. 99.2)
- Form 20-F, fiscal year 2025 (ended Dec 31, 2025)
- Form 6-K, unaudited condensed financial statements, Q1 2026 (Ex. 99.2)
- Form 6-K, unaudited condensed financial statements, Q2 2026 (Ex. 99.2)
- Form 6-K, Meta agreement announcement (Ex. 99.1)
- Form 6-K, agreement to acquire Tavily (Ex. 99.1)
- Form 6-K, agreement to acquire Eigen AI (Ex. 99.1)
- Form 6-K, acquisition of Inferize (Ex. 99.1)
- Form 6-K, Avride investment with Uber, up to $375 million (Ex. 99.1)
18The company's own measures (non-GAAP)
18The company's own measures · FY2025 and Q2 FY2026
What do Nebius' own measures show?
Official (GAAP): Net loss, Q2 FY2026
−$190M
Company's own measure: Adjusted EBITDA, Q2 FY2026
$236M
Net income or loss before depreciation and amortization, stock-based payPay given as shares instead of cash, which spreads ownership more thinly. Learn more, deal costs, interest, equity-method results, revaluation gains, other income and tax.
Official (GAAP): Net income from continuing operations, FY2025
$9.8M
Company's own measure: Adjusted EBITDA, FY2025
−$64.9M
Same definition. By segment: AI cloud $59.0 million, Avride −$82.7 million and TripleTen −$41.2 million.
Official (GAAP): Group loss from operations, Q2 FY2026
−$176M
Company's own measure: AI cloud adjusted EBITDA, Q2 FY2026
$286M
The company's profit measure for this segment: $285.7 million in Q2 FY2026. It leaves out depreciation and amortization, which was $259.7 million for the group in Q2 FY2026.
Official (GAAP): Group operating margin, Q2 FY2026
−30.2%
Company's own measure: AI cloud adjusted EBITDA margin, Q2 FY2026
49.7%
Adjusted EBITDA per $100 of AI cloud revenue, as stated in the Q2 2026 letter.
Official (GAAP): AI cloud revenue, Q2 FY2026
$575M
Company's own measure: Annualized run-rate revenue (ARR), Jun 2026
3 US$ billion
AI cloud revenue of the quarter's last month × 12, as Nebius defines it. It was about $551 million in Sep 2025, $1.25 billion in Dec 2025 and $1.92 billion in Mar 2026. ARR is not revenue.
Official (GAAP): Remaining performance obligations, Jun 30, 2026
$37.5B
Company's own measure: Customer commitments, as the company words them
40 US$ billion (more than)
Nebius's words for long-term contracts with investment-grade customers (Oct 22, 2026 filing). This is not the same as remaining performance obligations, and the two are never added.
Official (GAAP): Property and equipment, Dec 31, 2025
$5.6B
Company's own measure: Contracted power, Feb 2026
2 GW (more than)
Power secured by contracted land and power commitments, as Nebius states it. On Aug 12, 2026 it raised its end-2026 target to 5 GW.
Official (GAAP): Property and equipment, Dec 31, 2025
$5.6B
Company's own measure: Active power, Dec 31, 2025
170 MW (about)
Power being consumed by IT equipment, as Nebius states it. Its target for end-2025 was 100 MW.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out · Stock-based compensation and dilution: pay that becomes shares
Sources (9)
- Earnings release, Q2 2026 (Form 6-K, Ex. 99.1)
- Form 6-K, operating and financial review, Q2 2026 (Ex. 99.1)
- Form 20-F, fiscal year 2025 (ended Dec 31, 2025)
- Form 6-K, unaudited condensed financial statements, Q2 2026 (Ex. 99.2)
- Letter to shareholders, Q2 2026 (Form 6-K, Ex. 99.2)
- Letter to shareholders, Q3 2025 (Form 6-K, Ex. 99.2)
- Letter to shareholders, Q4 2025 (Form 6-K, Ex. 99.2)
- Letter to shareholders, Q1 2026 (Form 6-K, Ex. 99.2)
- Form 6-K, $3.5 billion secured facility with Citi (Ex. 99.1)
19Financial strength and debt
19Financial strength · Jun 30, 2026
How much debt does Nebius have?
- Total debt$8.5B
- Cash and investments$8.0B
- Net debt (debt minus cash)$504M
- Net worth (shareholders' money)$10.3B
- Debt to equity
- 0.83×
- $ of debt for every $1 of shareholders' money
- Net debt is a Cityfort calculation from the Q2 FY2026 6-K. It leaves out restricted cash of $1,056.0 million. Debt was $4,127.7 million at Dec 31, 2025, when net debt was $449.6 million.
- Debt is the balance-sheet figure. Convertible notes had principal of $10,041.8 million and a carrying value of $8,499.0 million at Jun 30, 2026. Principal on the March 2026 notes grows to 120% at maturity.
- Leases are not counted as debt here. Leases not yet commenced were $12,054.1 million undiscounted, and energy and power commitments $5,324.1 million (Cityfort calculation from the Q2 FY2026 6-K), both off the balance sheet.
- After Jun 30, 2026: a secured loan of about $775 million (July), $5.75 billion of convertible notes (August), and a $3.5 billion Citi facility (October), whose drawn amount is not stated. Nebius also agreed to exchange $800 million of older notes for about 15.8 million Class A shares.
Sources (5)
- Form 6-K, unaudited condensed financial statements, Q2 2026 (Ex. 99.2)
- Form 20-F, fiscal year 2025 (ended Dec 31, 2025)
- Form 6-K/A, $775 million secured debt financing (Ex. 99.1)
- Form 6-K, closing of convertible notes, about $5.75 billion, and note exchanges (Ex. 99.1)
- Form 6-K, $3.5 billion secured facility with Citi (Ex. 99.1)
20Who owns it
20Who owns it · ownership as of Mar 31, 2026
Who owns Nebius?
- Officers and directors (as a group), shares
- 12.9%
- Officers and directors (as a group), votes
- 52.3%
Shares vs votes by class
Nebius has more than one class of shares, and the classes carry different votes. The share of votes a class holds can differ a lot from its share of the shares.
- Class A ordinary shares: share of all votes41.6%
- Class B ordinary shares: share of all votes58.4%
Each class's part of all votes = its shares outstanding × votes per share ÷ the total for all classes.
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Learn: Dual-class shares: when votes and ownership don't match · How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes
Sources (7)
- Form 6-K, results of the Annual General Meeting held Aug 25, 2026 (Ex. 99.1)
- Form 6-K, notice and materials for the 2026 Annual General Meeting (Ex. 99.1)
- Form 6-K, closing of convertible notes, about $5.75 billion, and note exchanges (Ex. 99.1)
- Form 20-F, fiscal year 2025 (ended Dec 31, 2025)
- Schedule 13G, NVIDIA Corporation (event Jul 13, 2026)
- Schedule 13G, Situational Awareness LP and related filers (event May 19, 2026)
- Schedule 13G/A, The Goldman Sachs Group, Inc. (event Sep 30, 2026)
21What it does with profit
21What it does with profit
What does Nebius do with its profit?
Money raised · Mar 11, 2026
NVIDIA paid $2.0 billion for a pre-funded warrant on 21,065,936 Class A shares, with an exercise price of $0.0001.
$2.0B
Money raised · Mar 20, 2026
Convertible notes of about $4.34 billion: 1.25% due 2031 and 2.625% due 2033.
$4.3B
Money raised · Jun 30, 2026
Share sales in May and June 2026: 12,729,493 Class A shares at a weighted average of $223.60, net $2,811.1 million. 12,270,507 shares remained under the program.
$2.8B
Money raised · Jul 10, 2026
First secured facility, about $775 million at SOFR + 2.50%, maturing Oct 31, 2030, backed by GPUs and a customer contract.
$775M
Money raised · Aug 24, 2026
Convertible notes of $5.75 billion: 0.50% due 2030 ($3.45 billion) and 4.50% due 2034 ($2.3 billion). It also agreed to exchange $800 million of older notes for about 15.8 million Class A shares.
$5.8B
Money raised · Oct 22, 2026
A $3.5 billion senior secured facility with Citi, for 364 days, at Term SOFR + 2.75%, rising up to 3.50%. The drawn amount is not stated.
$3.5B
Sources (7)
- Form 6-K, unaudited condensed financial statements, Q2 2026 (Ex. 99.2)
- Form 6-K, NVIDIA partnership and $2 billion investment (Ex. 99.1)
- Form 6-K, closing of convertible notes, about $4.3 billion (Ex. 99.1)
- Form 6-K, operating and financial review, Q2 2026 (Ex. 99.1)
- Form 6-K/A, $775 million secured debt financing (Ex. 99.1)
- Form 6-K, closing of convertible notes, about $5.75 billion, and note exchanges (Ex. 99.1)
- Form 6-K, $3.5 billion secured facility with Citi (Ex. 99.1)
22Governance signals
22Governance signals
What do Nebius' governance filings show?
- Auditor
- Deloitte & Touche LLP, for FY2026, since 2026
- Auditor changes
- Aug 25, 2026: Reanda Audit & Assurance B.V. → Deloitte & Touche LLP (Item 12 of the meeting notice filed Jul 27, 2026 named Deloitte & Touche LLP as independent registered public accounting firm and Deloitte Accountants B.V. as statutory auditor for FY2026. Shareholders approved the appointment at the Aug 25, 2026 annual meeting. The 20-F says Reanda's reports on the FY2024 and FY2025 financial statements were not qualified, and it reports no disagreement on accounting matters.)
- Audit qualifications
- FY2025: Reanda gave an adverse opinion on internal control over financial reporting at Dec 31, 2025. Its report on the financial statements themselves was not qualified.
- Related-party dealings
- After Toloka left the group in May 2025, Nebius kept significant influence over it. From May 2 to Dec 31, 2025 it paid Toloka $0.6 million for data labeling and earned $0.8 million for transitional services and $0.1 million for cloud services. All of it was settled by Dec 31, 2025.
- Credit rating
- No public credit rating found
Flags to know about
disclosure
Internal controls not effective
Management concluded that internal control was not effective at Dec 31, 2025. The material weaknesses cover fixed-asset controls and TripleTen revenue. Management says no misstatement resulted, and that it cannot assure full remediation in 2026.
disclosure
The FY2025 20-F differs from the February release
The February 2026 release showed an operating loss of $596.2 million and net income of $101.7 million. The audited 20-F shows $611.7 million and $82.5 million, and this page uses the 20-F. Revenue is the same in both. The filings used here do not explain the difference.
disclosure
Foreign filer, with fewer US filings
Nebius files a 20-F and 6-Ks, not a 10-K, 10-Qs or a proxy statementThe yearly filing about shareholder votes, the board and executive pay. Learn more. Dutch home-country practice replaces Nasdaq's quorum and proxy rules. Nebius's FY2025 20-F says it is a controlled company, so it can use Nasdaq's related exemptions.
disclosure
Detailed guidance is given on calls
Nebius's letter says it shares a detailed view of guidance on its earnings call. Transcripts are not filed with the SEC, and this page uses only the figures in the filed letters.
disclosure
No credit rating stated
The filings used here state no credit rating from S&P, Moody's or Fitch.
auditor
Earlier auditor
Technologies of Trust – Audit, based in Moscow, audited FY2023 and the divested group. Reanda audited FY2024 and FY2025.
auditor
Critical audit matters
The auditor's FY2025 report lists three critical audit matters: revenue recognition on certain large customer contracts, the valuation of the ClickHouse investment, and property and equipment. The ClickHouse stake was carried at $1,517.7 million at Jun 30, 2026.
Sources (7)
- Form 6-K, proposed change of auditor
- Form 6-K, results of the Annual General Meeting held Aug 25, 2026 (Ex. 99.1)
- Form 6-K, notice and materials for the 2026 Annual General Meeting (Ex. 99.1)
- Form 20-F, fiscal year 2025 (ended Dec 31, 2025)
- Earnings release, Q4 and full-year 2025 (Form 6-K, Ex. 99.1)
- Letter to shareholders, Q2 2026 (Form 6-K, Ex. 99.2)
- Form 6-K, unaudited condensed financial statements, Q2 2026 (Ex. 99.2)
23What the market paid
23What the market paid · price as of Nov 4, 2026
What did the market pay for Nebius on Nov 4, 2026?
Price as of Nov 4, 2026 (shown for education; prices change daily).
Price as of Nov 4, 2026: Nebius Class A shares closed at $141.52 on Nasdaq. Market value = $141.52 × 271.9 million Class A and Class B shares at the Jul 28, 2026 record date = about $38,473 million (Cityfort calculation from the Nov 4, 2026 Nasdaq closing price and the 6-K filed Aug 26, 2026). Class B shares do not trade, so this counts them at the Class A price. Adding the about 15.8 million Class A shares agreed in note exchanges described in the 6-K filed Aug 24, 2026 gives about $40,709 million (Cityfort calculation from the same price and the 6-Ks filed Aug 26 and Aug 24, 2026). NVIDIA's warrant shares are not counted. Price ÷ book value per share ($38.04, from equity of $10,340.5 million at Jun 30, 2026) = 3.72. P/E is not shown: net income over the last four quarters was $42.4 million, including $782.1 million of non-cash gains (Cityfort calculation from the FY2025 20-F and the Q2 FY2026 6-K).
- Share price
- $141.52
- Market value (market cap)
- $38.5B
- P/B
- 3.7×
Source: NBIS historical daily prices (close on Nov 4, 2026); Form 6-K, results of the Annual General Meeting held Aug 25, 2026 (Ex. 99.1); Form 6-K, notice and materials for the 2026 Annual General Meeting (Ex. 99.1) and 5 more
Sources (8)
- NBIS historical daily prices (close on Nov 4, 2026)
- Form 6-K, results of the Annual General Meeting held Aug 25, 2026 (Ex. 99.1)
- Form 6-K, notice and materials for the 2026 Annual General Meeting (Ex. 99.1)
- Form 6-K, closing of convertible notes, about $5.75 billion, and note exchanges (Ex. 99.1)
- Form 6-K, unaudited condensed financial statements, Q2 2026 (Ex. 99.2)
- Form 20-F, fiscal year 2025 (ended Dec 31, 2025)
- Earnings release, Q1 2026 (Form 6-K, Ex. 99.1)
- Earnings release, Q3 2025 (Form 6-K, Ex. 99.1)
24How it got here
24How it got here
How did Nebius get here?
2004
Milestone
Incorporated in the Netherlands
The company was incorporated in 2004. As Yandex N.V. it held Russian businesses.
2021
Milestone
ClickHouse spun off
ClickHouse, a database company built in-house, was spun off in September 2021. Nebius kept a minority stake.
2024
Business-model change
Sale of the Russian businesses
The sale, completed in July 2024, covered more than 95% of revenue, assets and employees. The group stayed headquartered in Amsterdam, with principal operations in Europe, the US and Israel.
2024
Milestone
New name, trading again
The name Yandex N.V. ended on Aug 16, 2024, according to EDGAR. Trading in the shares resumed on Oct 21, 2024.
2025
Milestone
Toloka leaves the group
Toloka left the consolidated accounts in May 2025. In the same period a revaluation of ClickHouse produced a gain of $597.4 million.
2025
Business-model change
Microsoft and Meta contracts
Microsoft signed in September 2025 for up to about $17.4 billion through 2031. Meta signed in November 2025 for about $2.9 billion.
2026
Business-model change
NVIDIA invests, Meta expands
In March 2026 NVIDIA paid $2.0 billion for a warrant, and Meta agreed to up to about $27 billion. ClickHouse's January round produced a $780.6 million gain in Q1.
2026
Milestone
More debt
From March to October 2026 Nebius arranged convertible notes of about $4.34 billion and $5.75 billion, a loan of about $775 million and a $3.5 billion Citi facility.
Sources (11)
- Form 6-K, unaudited condensed financial statements, Q2 2026 (Ex. 99.2)
- Form 20-F, fiscal year 2025 (ended Dec 31, 2025)
- EDGAR filing index, Nebius Group N.V. (CIK 0001513845)
- Form 6-K, Microsoft agreement announcement (Ex. 99.1)
- Form 6-K, NVIDIA partnership and $2 billion investment (Ex. 99.1)
- Form 6-K, Meta agreement announcement (Ex. 99.1)
- Form 6-K, operating and financial review, Q2 2026 (Ex. 99.1)
- Form 6-K, closing of convertible notes, about $4.3 billion (Ex. 99.1)
- Form 6-K, closing of convertible notes, about $5.75 billion, and note exchanges (Ex. 99.1)
- Form 6-K/A, $775 million secured debt financing (Ex. 99.1)
- Form 6-K, $3.5 billion secured facility with Citi (Ex. 99.1)
25Sources and changes
Where every number on this page comes from
Sources (32 documents)
- S1Form 20-F, fiscal year 2025 (ended Dec 31, 2025) · Nebius Group N.V. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 30, 2026
- S4Form 20-F, fiscal year 2023 (filed as Yandex N.V., in Russian rubles) · Nebius Group N.V. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 26, 2024
- S5Form 6-K, unaudited condensed financial statements, Q2 2026 (Ex. 99.2) · Nebius Group N.V. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 12, 2026
- S6Form 6-K, operating and financial review, Q2 2026 (Ex. 99.1) · Nebius Group N.V. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 12, 2026
- S7Earnings release, Q2 2026 (Form 6-K, Ex. 99.1) · Nebius Group N.V. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 12, 2026
- S8Letter to shareholders, Q2 2026 (Form 6-K, Ex. 99.2) · Nebius Group N.V. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 12, 2026
- S9Form 6-K, unaudited condensed financial statements, Q1 2026 (Ex. 99.2) · Nebius Group N.V. (SEC EDGAR) · Tier 1: company or exchange filing · May 20, 2026
- S10Earnings release, Q1 2026 (Form 6-K, Ex. 99.1) · Nebius Group N.V. (SEC EDGAR) · Tier 1: company or exchange filing · May 13, 2026
- S11Letter to shareholders, Q1 2026 (Form 6-K, Ex. 99.2) · Nebius Group N.V. (SEC EDGAR) · Tier 1: company or exchange filing · May 13, 2026
- S12Earnings release, Q4 and full-year 2025 (Form 6-K, Ex. 99.1) · Nebius Group N.V. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 12, 2026
- S13Letter to shareholders, Q4 2025 (Form 6-K, Ex. 99.2) · Nebius Group N.V. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 12, 2026
- S14Earnings release, Q3 2025 (Form 6-K, Ex. 99.1) · Nebius Group N.V. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 12, 2025
- S15Letter to shareholders, Q3 2025 (Form 6-K, Ex. 99.2) · Nebius Group N.V. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 12, 2025
- S20Form 6-K, Microsoft agreement announcement (Ex. 99.1) · Nebius Group N.V. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 8, 2025
- S21Form 6-K, Meta agreement announcement (Ex. 99.1) · Nebius Group N.V. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 16, 2026
- S22Form 6-K, NVIDIA partnership and $2 billion investment (Ex. 99.1) · Nebius Group N.V. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 11, 2026
- S23Form 6-K, closing of convertible notes, about $4.3 billion (Ex. 99.1) · Nebius Group N.V. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 20, 2026
- S24Form 6-K, closing of convertible notes, about $5.75 billion, and note exchanges (Ex. 99.1) · Nebius Group N.V. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 24, 2026
- S25Form 6-K/A, $775 million secured debt financing (Ex. 99.1) · Nebius Group N.V. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 17, 2026
- S26Form 6-K, $3.5 billion secured facility with Citi (Ex. 99.1) · Nebius Group N.V. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 22, 2026
- S27Form 6-K, results of the Annual General Meeting held Aug 25, 2026 (Ex. 99.1) · Nebius Group N.V. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 26, 2026
- S28Form 6-K, notice and materials for the 2026 Annual General Meeting (Ex. 99.1) · Nebius Group N.V. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 27, 2026
- S29Schedule 13G, NVIDIA Corporation (event Jul 13, 2026) · Filer named in the title (SEC EDGAR) · Tier 1: company or exchange filing · Jul 20, 2026
- S30Schedule 13G, Situational Awareness LP and related filers (event May 19, 2026) · Filer named in the title (SEC EDGAR) · Tier 1: company or exchange filing · May 27, 2026
- S31Schedule 13G/A, The Goldman Sachs Group, Inc. (event Sep 30, 2026) · Filer named in the title (SEC EDGAR) · Tier 1: company or exchange filing · Oct 7, 2026
- S32Form 6-K, proposed change of auditor · Nebius Group N.V. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 12, 2026
- S33Form 6-K, agreement to acquire Eigen AI (Ex. 99.1) · Nebius Group N.V. (SEC EDGAR) · Tier 1: company or exchange filing · May 1, 2026
- S34Form 6-K, agreement to acquire Tavily (Ex. 99.1) · Nebius Group N.V. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 10, 2026
- S35Form 6-K, Avride investment with Uber, up to $375 million (Ex. 99.1) · Nebius Group N.V. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 22, 2025
- S37Form 6-K, acquisition of Inferize (Ex. 99.1) · Nebius Group N.V. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 1, 2026
- S38NBIS historical daily prices (close on Nov 4, 2026) · Nasdaq, Inc. (nasdaq.com) · Tier 1: company or exchange filing · Nov 4, 2026
- S39EDGAR filing index, Nebius Group N.V. (CIK 0001513845) · U.S. Securities and Exchange Commission · Tier 1: company or exchange filing · Nov 5, 2026
Changes to this page (v1 · Nov 5, 2026)
- v1 · Nov 5, 2026First version, through Q2 FY2026 (quarter ended Jun 30, 2026). (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
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