Nebius
Amsterdam-headquartered, Nasdaq-listed full-stack AI cloud (formerly Yandex N.V.) that designs its own servers and increasingly builds its own data centers in Europe and the US.
nebius.com · Record collected 25 Sept 2026
Profile from NeoCloud Observatory research (snapshot 2026-09-25); every figure links to its original source.
Business model and differentiation text: NeoCloud Observatory research (analysis, not HYBSIS assessment).
Profile
- Headquarters
- Amsterdam, Netherlands
- Founded
- Not yet recorded
- Ownership
- public · Nasdaq: NBIS
- Operating regions
- Europe, North America, Middle East
- Deployment model
- dedicated clusters, hyperscaler capacity supply, gpu hour rental, inference as a service
- GPU vendors
- NVIDIA
- GPU generations
- NVIDIA Hopper, NVIDIA Blackwell Ultra
- Networking
- NVIDIA Quantum-X800 InfiniBand (800 Gb/s per GPU, B300), InfiniBand NDR400, non-blocking Clos (H100/H200), 800G per GPU (B300)
- Storage
- Nebius Compute Filesystem (shared FS)
- Cooling
- Not yet recorded
- Energy strategy
- third party — Grid power purchased; no owned generation disclosed.
- Platform / control plane
- Soperator (open-source Slurm on Kubernetes), Managed Kubernetes (Aether control plane), Token Factory (OpenAI-compatible model serving), Hardware passthrough / SR-IOV for GPUs and InfiniBand
- Business model
- Full-stack AI cloud: self-designed GPU servers in owned/controlled facilities, managed Kubernetes and Slurm (Soperator), storage, and Token Factory inference.
- Differentiation
- Platinum-rated reliability (ClusterMAX 3.0), strong software layer, and ability to deliver dedicated capacity at >$20M revenue per MW (company-stated deal average).
Sources: Wikipedia — Nebius Group — Wikipedia, Nebius Group — Nebius Group Letter to shareholders Q2 2026, Yahoo Finance / Zacks — Can Nebius' Data Center Expansion Drive Growth Amid Rising Competition?
Capacity register
Each sourced figure with its maturity and MW type. Figures of different types are not added together.
| MW | Maturity | MW type | As of | Status & source |
|---|---|---|---|---|
| 220 | operational | grid connection | 31 Dec 2025 | Operational Confidence: low Connected power at YE2025 as summarised by a third-party earnings review; low confidence. Source: MVC Investing (Substack) — Nebius Group (NBIS): Q2 2026 Earnings Review |
| 100 | operational | active power | 31 Dec 2025 | Operational Confidence: low Active power at YE2025 per third-party review; low confidence. Source: MVC Investing (Substack) — Nebius Group (NBIS): Q2 2026 Earnings Review |
| 5,000 | announced | unspecified | 12 Aug 2026 | Announced Confidence: high YE2026 contracted power target (raised). Source: Nebius Group — Nebius Group Letter to shareholders Q2 2026 |
| 5,000 | potential | unspecified | 11 Mar 2026 | Estimated Confidence: medium Plan to deploy >5 GW of data center capacity by end of 2030. Source: CNBC — Nebius stock pops 16% on Nvidia $2 billion investment announcement |
Projects
| Project | Location | Status | Capacity |
|---|---|---|---|
| Nebius Mäntsälä data center Expansion to up to 75 MW completed March 2026 (reported). Participants: —. Source: NeoCloud Observatory research. Sources: DatacenterDynamics — Nebius expands European presence: Estonia and second data center in Mäntsälä, Yahoo Finance / Zacks — Can Nebius' Data Center Expansion Drive Growth Amid Rising Competition? | Mäntsälä, Uusimaa, Finland | operational | 75 MW (unspecified, operational) |
| Nebius Lappeenranta AI factory Participants: —. Source: NeoCloud Observatory research. Source: Yahoo Finance / Zacks — Can Nebius' Data Center Expansion Drive Growth Amid Rising Competition? | Lappeenranta, South Karelia, Finland | announced | 310 MW (unspecified, announced) |
| Nebius Vineland (New Jersey) AI data center Phase 2 approved by Vineland Planning Board (unverified social post); Phase 1 serving Microsoft contract. Participants: Microsoft (tenant), DataOne (developer). Source: NeoCloud Observatory research. Sources: Nebius — Nebius accelerates US expansion, adding up to 300 MW capacity at new data center in New Jersey, Markets Today (X) — Vineland Planning Board approves Phase 2 of Nebius-linked data center | Vineland, New Jersey, United States | partially operational | 300 MW (unspecified, announced) |
| Nebius Kansas City / Independence AI factory Approval secured for first gigawatt-scale AI factory (reported). Participants: —. Source: NeoCloud Observatory research. Sources: BeBeez International — Nebius plans 800MW data center campus in Kansas City, Missouri, Yahoo Finance / Zacks — Can Nebius' Data Center Expansion Drive Growth Amid Rising Competition? | Independence, Missouri, United States | planned | 800 MW (unspecified, announced) |
| Nebius Keflavik (Iceland) colocation Expected operational by end of Q1 2025 (reported plan). Participants: —. Source: NeoCloud Observatory research. Source: Yahoo Finance / Zacks — Can Nebius' Data Center Expansion Drive Growth Amid Rising Competition? | Keflavik, Iceland | operational | Not sourced |
Disclosed customer contracts
| Customer | Value | Basis | Term | Date | Status & source |
|---|---|---|---|---|---|
| Microsofthyperscaler | $17.4B | Total contract value | 5 yr | 8 Sept 2025 | signed Up to ~$19.4B if Microsoft acquires additional services/capacity. Source: Nebius — Nebius announces multi-billion dollar agreement with Microsoft for AI infrastructure |
| Metahyperscaler | $3.0B | Total contract value | 5 yr | 11 Nov 2025 | signed ~$2.9-3.0B over five years for two dedicated GPU clusters. Source: AI Business — Nebius Reveals $3B Deal With Meta |
Financing & M&A
| Date | Type | Amount | Detail |
|---|---|---|---|
| 11 Mar 2026 | equity | $2.0B | Nebius — NVIDIA strategic investment (~8.3% at $94.94/share) (announced) Announced; closing status not captured. Investors: NVIDIA Source: NVIDIA Newsroom — NVIDIA and Nebius Partner to Scale Full-Stack AI Cloud |
| 15 Sept 2025 | debt | $3.2B | Nebius — Convertible senior notes due 2030 (1.00%) and 2032 (2.75%) $2.75B priced, ~$3.2B after over-allotment; rates 1.00% and 2.75%. Source: SEC EDGAR — Nebius Group 6-K — closing of convertible notes and Class A share offerings |
| 15 Sept 2025 | equity | $1.0B | Nebius — Underwritten Class A share offering Source: SEC EDGAR — Nebius Group 6-K — closing of convertible notes and Class A share offerings |
| 12 Dec 2024 | equity | $700.0M | Nebius — Private placement ($21.00/share) Investors: Accel, NVIDIA, Orbis Investments Source: SEC EDGAR — Nebius Group 6-K Ex.99.1 — $700M private placement |
Neocloud Observatory
Evidence-scored analysis
Category B · Vertically Integrated AI Infrastructure · data quality 68.2/100 · snapshot 25 Sept 2026
Capacity by maturity (MW)
Each stage is reported separately and never added together. Announced GPUs never count as operational.
- Operational 100 MW
- Under construction Unknown
- Contracted Unknown
- Secured Unknown
- Announced 1,410 MW
- Stated pipeline 5,000 MW
- Company target 5,000 MW
- GPUs operational
- Unknown
- GPUs contracted
- Unknown
- GPUs announced
- Unknown
GPU platforms: NVIDIA HGX B300 · NVIDIA HGX H100 / H200
Financial position
- Annualised revenuereported run-rate
- $3B
- Revenue growth (YoY)
- 454%
- Backlog
- Unknown
- Disclosed contract value
- $20.4B
- Valuationmarket capitalization
- $59.5B
- Equity raised (captured)
- $1.7B
- Debt raised (captured)
- $3.2B
- Total debt (reported)
- Unknown
- Hyperscaler credit supportnot cash raised
- Unknown
Largest disclosed customer: microsoft · 85% of disclosed contract value
Scorecard
score-v1.0 · 0–100 · scores with under 34% evidence coverage stay empty
Business Model Quality 81 evidence coverage 75%
- contracted revenue model: 80 (weight 0.4) — long-term contracted model
- model diversity: 88 (weight 0.2) — dedicated_clusters, hyperscaler_capacity_supply, gpu_hour_rental, inference_as_a_service
- margin: unknown (weight 0.25) — no margin data
- software upside: 75 (weight 0.15) — 5 software layers
Capital Access 84 evidence coverage 75%
- total capital raised: 70 (weight 0.3) — $4.90B equity+debt captured
- raised last 12m: unknown (weight 0.25) — UNKNOWN in 12m
- valuation: 93 (weight 0.2) — market_capitalization valuation $59.48B
- strategic backers: 90 (weight 0.15) — NVIDIA/AMD investor or hyperscaler credit support
- cost of debt: 100 (weight 0.1) — lowest disclosed rate 1.0%
Competitive Moat 80 evidence coverage 100%
- physical control: 68 (weight 0.3) — power/land/DC control
- software depth: 80 (weight 0.25) — 5 software layers
- contracted lock in: 77 (weight 0.25) — backlog/contract value $20.40B
- operational reputation: 100 (weight 0.2) — Platinum (ClusterMAX 3.0)
Concentration Risk (higher = riskier) 80 evidence coverage 100%
- top customer share: 85 (weight 0.8) — top customer ≈85%
- few customers: 60 (weight 0.2) — 2 disclosed customers
Customer Diversification 28 evidence coverage 100%
- top customer share: 21 (weight 0.6) — top customer ≈85% of disclosed value
- distinct customers: 40 (weight 0.4) — 2 disclosed customer relationships
Customer Quality 81 evidence coverage 100%
- hyperscaler or lab: 85 (weight 0.5) — hyperscaler or AI-lab customer
- contracted value: 77 (weight 0.5) — disclosed contract value $20.40B
Execution Risk (higher = riskier) 35 evidence coverage 70%
- build to operating ratio: 0 (weight 0.45) — 0 MW to build vs 100 MW operating
- soft pipeline share: 99 (weight 0.25) — 6,410 MW secured/announced/speculative
- organisational youth: unknown (weight 0.3) — founded UNKNOWN
Financial Durability 78 evidence coverage 80%
- revenue scale: 75 (weight 0.3) — annualised revenue $3.00B (reported run-rate)
- net margin: unknown (weight 0.2) — no margin data
- cash: 85 (weight 0.2) — cash $8.00B
- backlog coverage: 74 (weight 0.2) — backlog/revenue 6.8x
- public disclosure: 80 (weight 0.1) — public company (audited)
Financial Risk (higher = riskier) 17 evidence coverage 70%
- losses: unknown (weight 0.3) — no margin data
- debt to revenue: 26 (weight 0.3) — captured debt / annualised revenue 1.1x
- reliance on new capital: 0 (weight 0.25) — 12m capital raised / revenue 0.0x
- revenue scale inverse: 25 (weight 0.15) — revenue $3.00B
Geographic Position 78 evidence coverage 100%
- countries: 100 (weight 0.6) — Finland, France, Iceland, Israel, Netherlands, United Kingdom, United States
- sovereign positioning: 45 (weight 0.4) — no sovereign positioning
GPU Supply Position 93 evidence coverage 60%
- gpu fleet and contracted: unknown (weight 0.4) — 0 GPUs operational+contracted
- vendor relationship: 95 (weight 0.3) — NVIDIA investor/Exemplar
- latest generation: 90 (weight 0.3) — NVIDIA HGX B300, NVIDIA HGX H100 / H200
Growth Momentum 62 evidence coverage 60%
- revenue growth yoy: 80 (weight 0.4) — YoY growth 454%
- capacity momentum: unknown (weight 0.25) — 0 MW contracted/under construction
- recent major events: 25 (weight 0.2) — 1 major confirmed events in 180d
- capital raised 12m: unknown (weight 0.15) — raised UNKNOWN in 12m
Infrastructure Execution 72 evidence coverage 100%
- delivered projects: 60 (weight 0.4) — 3/5 tracked projects (partially) operational
- operational share of hard mw: 100 (weight 0.4) — 100 of 100 hard MW operational
- building now: 40 (weight 0.2) — 0 under construction
Management Execution 49 evidence coverage 100%
- delivered capacity: 50 (weight 0.5) — 100 MW delivered to date
- milestones 180d: 25 (weight 0.3) — 1 confirmed major milestones (180d)
- disclosure discipline: 80 (weight 0.2) — public reporting cadence
Operational Capacity 47 evidence coverage 65%
- operational mw: 47 (weight 0.65) — 100 MW operational (company-level (active_power))
- operational gpus: unknown (weight 0.35) — operational GPUs UNKNOWN
Power Pipeline Quality 48 evidence coverage 100%
- weighted pipeline mw: 68 (weight 0.5) — ladder-weighted 773 MW
- hard share: 2 (weight 0.3) — 2% of stated MW is operational/under construction/contracted
- physical power control: 68 (weight 0.2) — physical-layer control 68/100
Software Platform Maturity 90 evidence coverage 100%
- software layers: 80 (weight 0.5) — bare_metal, inference, kubernetes, scheduler, storage
- software control: 100 (weight 0.25) — software-layer control 100/100
- independent rating: 100 (weight 0.25) — Platinum (ClusterMAX 3.0)
Strategic Partnerships 92 evidence coverage 100%
- vendor equity: 95 (weight 0.4) — NVIDIA investor
- hyperscaler ties: 90 (weight 0.4) — hyperscaler customer or credit backstop
- exemplar or rating: 90 (weight 0.2) — NVIDIA Exemplar / top ClusterMAX
Technical Differentiation 65 evidence coverage 100%
- differentiators: 50 (weight 0.7) — deep software stack, top-rated operations
- independent rating: 100 (weight 0.3) — Platinum (ClusterMAX 3.0)
Technical Strength 97 evidence coverage 85%
- independent rating: 100 (weight 0.45) — Platinum (ClusterMAX 3.0)
- exemplar cloud: unknown (weight 0.15) — n/a
- fabric evidence: 80 (weight 0.15) — InfiniBand fabric evidenced
- stack documentation: 100 (weight 0.25) — 10 technology layers evidenced
Vertical Integration 89 evidence coverage 100%
- stack control: 89 (weight 1) — 12 of 12 layers evidenced; 0 UNKNOWN
Career Opportunity 78 evidence coverage 93%
- growth momentum: 62 (weight 0.2) — Growth Momentum
- capital access: 84 (weight 0.15) — Capital Access
- technical strength: 97 (weight 0.12) — Technical Strength
- software platform maturity: 90 (weight 0.12) — Software Platform Maturity
- power pipeline quality: 48 (weight 0.1) — Power Pipeline Quality
- geographic position: 78 (weight 0.06) — Geographic Position
- strategic partnerships: 92 (weight 0.08) — Strategic Partnerships
- hiring: unknown (weight 0.07) — open roles (public boards)
- inv financial risk: 83 (weight 0.1) — 100 - financial risk
Data Quality 68 evidence coverage 77%
- dq coverage: unknown (weight 0) — 0.765
- dq avg confidence: unknown (weight 0) — 0.668
- dq primary source pct: unknown (weight 0) — 0.394
- dq freshness days: unknown (weight 0) — 0
- dq conflicts: unknown (weight 0) — 1
- dq missing count: unknown (weight 0) — 4
Worth Investigating? (not investment advice) 71 evidence coverage 100%
- growth momentum: 62 (weight 0.18) — Growth Momentum
- technical differentiation: 65 (weight 0.12) — Technical Differentiation
- customer quality: 81 (weight 0.12) — Customer Quality
- power pipeline quality: 48 (weight 0.12) — Power Pipeline Quality
- capital access: 84 (weight 0.12) — Capital Access
- strategic partnerships: 92 (weight 0.1) — Strategic Partnerships
- technical strength: 97 (weight 0.08) — Technical Strength
- infrastructure execution: 72 (weight 0.08) — Infrastructure Execution
- operational capacity: 47 (weight 0.08) — Operational Capacity
- novelty bonus: 0 (weight 0.3) — company ≤3 years old
Overall Scale Potential 68 evidence coverage 100%
- power pipeline quality: 48 (weight 0.3)
- capital access: 84 (weight 0.25)
- customer quality: 81 (weight 0.2)
- operational capacity: 47 (weight 0.15)
- vertical integration: 89 (weight 0.1)
Overall Survival Probability (5y, %) 95 evidence coverage 75%
- model: unknown (weight 1) — logistic(durability, capital access, customer quality, risks)
Forecasts (rule-based, P10–P90)
| Horizon | Operational MW | Annualised revenue |
|---|---|---|
| 12 months | 171 MW (100 MW–362 MW) | $10.8B ($7.1B–$13B) |
| 24 months | 432 MW (171 MW–864 MW) | $25.9B ($11.7B–$31.1B) |
| 36 months | 744 MW (241 MW–1,346 MW) | $40.4B ($15.7B–$48.5B) |
| 60 months | 1,035 MW (362 MW–1,908 MW) | $57.2B ($21.6B–$68.7B) |
Stored in an immutable prediction ledger and scored against reported outcomes when they fall due. Predictions, not facts.
Outcome probabilities
| Outcome | 12 mo | 24 mo | 36 mo | 60 mo |
|---|---|---|---|---|
| Remain independent | 95% | 91% | 86% | 77% |
| Acquired | 3% | 6% | 9% | 14% |
| Merge | 1% | 2% | 3% | 5% |
| Fail | 1% | 2% | 2% | 4% |
| Acquire another company | 16% | 29% | 41% | 58% |
| Financial distress | 1% | 2% | 3% | 5% |
| Major cloud scale (≥2 GW operational or ≥$10B revenue) | 64% | 98% | 99% | 100% |
| Remain niche | 35% | 0% | 0% | 0% |
| Strategic pivot | 5% | 10% | 15% | 25% |
| Exit AI infrastructure | 1% | 2% | 3% | 5% |
Ownership outcomes (independent, acquired, merge, fail) sum to 100% at each horizon; the others are independent events.
Vertical-integration stack
- energy THIRD PARTY Grid power purchased; no owned generation disclosed. (inferred)
- land OWNED Owns Finnish site; builds own AI factories (Kansas City, Lappeenranta). (inferred)
- data center CONTROLLED Mix of owned DC, build-to-suit (Vineland via DataOne) and colocation. (inferred)
- power cooling CONTROLLED Designs own facilities in Finland. (inferred)
- gpu hardware OWNED Designs own servers/racks around NVIDIA GPUs. (inferred)
- network OWNED Operates InfiniBand fabrics. (inferred)
- storage OWNED Own filesystem and object storage services. (inferred)
- bare metal OWNED Own virtualization with passthrough. (inferred)
- orchestration OWNED Soperator, managed Kubernetes. (inferred)
- cloud api OWNED Own cloud console/APIs. (inferred)
- ai platform OWNED Token Factory. (inferred)
- managed ai OWNED Managed inference. (inferred)
Conflicting sources kept side by side: 1. Not yet sourced: power mw.contracted, gpu count, employees, profile.founded year.
Timeline
-
12 Aug 2026 · fact
Nebius Q2 2026: revenue $582.3M (+454%), ARR $3B; YE contracted power guidance raised to 5 GW
Source: Nebius Group — Nebius Group Letter to shareholders Q2 2026 -
31 Mar 2026 · project
Nebius Lappeenranta AI factory (announced)
Source: Yahoo Finance / Zacks — Can Nebius' Data Center Expansion Drive Growth Amid Rising Competition? -
31 Mar 2026 · announcement
Nebius announces 310 MW AI factory in Lappeenranta, Finland
Source: Yahoo Finance / Zacks — Can Nebius' Data Center Expansion Drive Growth Amid Rising Competition? -
11 Mar 2026 · equity
Nebius — NVIDIA strategic investment (~8.3% at $94.94/share) (announced) Announced; closing status not captured.
Source: NVIDIA Newsroom — NVIDIA and Nebius Partner to Scale Full-Stack AI Cloud -
12 Jan 2026 · project
Nebius Kansas City / Independence AI factory (planned)
Sources: BeBeez International — Nebius plans 800MW data center campus in Kansas City, Missouri, Yahoo Finance / Zacks — Can Nebius' Data Center Expansion Drive Growth Amid Rising Competition? -
11 Nov 2025 · fact
Nebius discloses ~$3B five-year Meta agreement
Source: AI Business — Nebius Reveals $3B Deal With Meta -
15 Sept 2025 · debt
Nebius — Convertible senior notes due 2030 (1.00%) and 2032 (2.75%) $2.75B priced, ~$3.2B after over-allotment; rates 1.00% and 2.75%.
Source: SEC EDGAR — Nebius Group 6-K — closing of convertible notes and Class A share offerings -
15 Sept 2025 · equity
Nebius — Underwritten Class A share offering
Source: SEC EDGAR — Nebius Group 6-K — closing of convertible notes and Class A share offerings -
8 Sept 2025 · fact
Nebius signs $17.4B (up to $19.4B) five-year Microsoft agreement for Vineland, NJ capacity
Source: Nebius — Nebius announces multi-billion dollar agreement with Microsoft for AI infrastructure -
1 Mar 2025 · project
Nebius Vineland (New Jersey) AI data center (partially operational)
Sources: Nebius — Nebius accelerates US expansion, adding up to 300 MW capacity at new data center in New Jersey, Markets Today (X) — Vineland Planning Board approves Phase 2 of Nebius-linked data center -
12 Dec 2024 · equity
Nebius — Private placement ($21.00/share)
Source: SEC EDGAR — Nebius Group 6-K Ex.99.1 — $700M private placement -
2 Dec 2024 · fact
Nebius raises $700M private placement from Accel, NVIDIA, Orbis
Source: Nebius — Nebius announces oversubscribed strategic equity financing of USD 700 million
Recent coverage
Updated 1 Nov 2026, 11:54 UTC
- 30 Oct 2026 Data Centre
Nebius and AIB sign 12 year agreement for 50 MW AI data center capacity
Nebius, an AI infrastructure provider, has agreed to lease 50 MW of IT capacity from AIB Data Centers Ltd (AIB), a digital infrastructure developer and operator, under a 12 year contract, adding infrastructure in the southeastern United States for its AI cloud operations. The agreement addresses a key…
W.Media
- 29 Oct 2026 Data Centre
AIB plans 50MW AI data center at former Spartanburg cryptomine to serve Nebius
South Carolina mine closed over the summer, conversion project allowed despite local data center moratorium
DatacenterDynamics
- 23 Oct 2026 Data Centre
Nebius Group secures multi billion loan to fund AI infrastructure expansion
Nebius Group (Nebius), an AI cloud company, has entered into a US$ 3.5 billion senior secured credit facility provided by Citi, an American multinational investment bank and financial services corporation, to help finance its data center expansion and GPU procurement to increase its global infrastructure capacity.…
W.Media
- 22 Oct 2026 Data Centre
HUMAIN and DataVolt sign framework agreement with Nebius for large-scale campus in Saudi Arabia
HUMAIN, an artificial intelligence company owned by Saudi Arabia’s Public Investment Fund (PIF), and DataVolt, a Saudi Arabia-based large-scale data center infrastructure developer, owner and operator, have announced a preliminary framework agreement with Nebius, an AI cloud company, for data center capacity at…
W.Media
- 12 Oct 2026 Data Centre
Nebius lined up as first customer for VOLT’s Rotterdam AI gigafactory
VOLT, an AI infrastructure developer and operator, has announced that Nebius, an AI infrastructure and cloud computing company, has signed a letter of intent (LOI) to become the first off-taker at VOLT’s Dutch AI Gigafactory in Rotterdam, Netherlands. The AI Gigafactory is planned as one campus with six buildings…
W.Media
- 2 Oct 2026 Data Centre
Nebius takes 50 MW at AIB Data Centers’ southeastern US facility
AIB Data Centers, an AI and high-performance computing data center developer and operator, has entered into a binding 12-year agreement with AI cloud company Nebius for 50 MW of critical IT capacity at AIB’s facility in the southeastern US. AIB wrote in a press release that the customer prepayments under the…
W.Media