Europe's largest AI-native cloud — full-stack AI infrastructure spanning GPU cloud, inference, and sovereign AI factories
HQ: Amsterdam, Netherlands | Founded: 2024 | Employees: ~1,500 (2026, est.) | Stage: Public (NASDAQ: NBIS) | Website: https://nebius.com
Nebius traces its roots to Yandex, the Russian internet giant founded in 1997 by Arkady Volozh and Ilya Segalovich. Its Dutch parent (Yandex N.V.) listed on Nasdaq in 2011 and grew to a peak market cap near $31B in 2021. Following Russia's 2022 invasion of Ukraine, Nasdaq trading was suspended in February 2022 and Volozh placed on EU sanctions (removed March 2024). In July 2024 the company sold all of its Russian assets to a Russian consortium for $5.4B — the largest corporate exit from Russia since the invasion — and renamed itself Nebius Group N.V. with trading resuming on October 21, 2024 under the ticker NBIS.
Nebius pivoted entirely to AI infrastructure: GPU cloud (Nebius AI Cloud, with a proprietary software stack and in-house-designed servers, racks, and data centers), and deductive inference-as-a-service (Nebius AI Studio, renamed Nebius Token Factory in November 2025 and offering production inference over 60+ open models at prices up to 50% below large providers). It operates a growing chain of AI factories — Mäntsälä, Finland (Europe's first live NVIDIA GB300 NVL72 deployment), Vineland, New Jersey, Paris, Kansas City, Lille (240 MW), Lappeenranta, Finland (310 MW, ~$10B+), and a 1.2 GW Missouri site — and is validated by NVIDIA as an Exemplar Cloud across multiple GPU generations while winning first-place MLPerf results.
The financial trajectory is steep: Q1 2025 revenue of $55.3M grew to $582.3M in Q2 2026 (+454% YoY), with ARR reaching $1.25B at end-2025 and $1.92B by March 2026, and guidance of $3.0–3.4B revenue and $7–9B exit ARR for 2026. Marquee contracts include Microsoft (up to a $19.4B deal with $17.4B committed through 2031), Meta (a $3B initial deal in November 2025 plus an up-to-$27B expansion in March 2026), Palantir (the preferred sovereign AI infrastructure partner, September 2026), and a $1B compute deal with Reflection AI. NVIDIA invested $700M in December 2024 and a further $2B in March 2026 to help scale 5+ GW of NVIDIA systems by 2030. Nebius also owns a ~28% stake in ClickHouse (valued ~$4.2B after its January 2026 round) and acquired Tavily, Eigen AI, and Clarifai's core team in 2026.
Nebius is one of the most consequential AI-infrastructure companies in the world: it re-emerged from the historic Yandex divestment with ~$2.5B of cash and no debt, then converted that balance sheet into fast-ramping revenue ($529.8M in FY2025, +479% YoY) and an ARR that more than tripled in a year to $1.92B by March 2026. The bull case rests on engineering depth (1,000+ top-tier AI engineers, self-built data centers and proprietary software), execution credibility (Microsoft, Meta, Palantir and Reflection AI all signed multi-billion-dollar capacity deals), and position as Europe's scale AI-cloud champion in an era of sovereign AI demand. The bear case is the sheer scale of the capex treadmill ($20–25B planned for 2026 alone) and valuation risk — the stock trades at a forward P/E near 45 with tens of billions of convertible-debt overhang, and its Yandex/Russia legacy remains a reputational and perception risk.
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