Nebius

Nebius is a full-stack AI cloud company that emerged in 2024 from the restructuring of Yandex, the former Russian internet group, and is headquartered in Amsterdam and listed on Nasdaq under ticker NBIS. Founded and led by Arkady Volozh, who previously built Yandex, the company operates GPU data centers and managed AI services across the US, Europe, the UK, and the Middle East. In September 2025 Nebius signed a five-year contract with Microsoft worth up to $19.4 billion to deliver dedicated capacity from a new data center in Vineland, New Jersey, and in March 2026 expanded a deal with Meta to as much as $27 billion. In June 2026 Nebius was added to the Nasdaq-100 index.

It re-emerged from Yandex with capital and infrastructure engineering depth to become one of the largest independent AI clouds, winning hyperscaler-scale contracts with Microsoft and Meta.

nebius.com AI / GPU Cloud

Netherlandspublic · NASDAQ: NBIS

At a glance

Total raised

Undisclosed

no public funding on record

Headcount

1k-5k

approximate · public range

Headquarters

Amsterdam

Netherlands

Founded

2024

2 years active

Status

Public

Ticker · NASDAQ: NBIS

Subsector

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Bull case

Nebius has converted Yandex's engineering diaspora into the most contracted independent AI cloud in the world. It holds a Microsoft agreement worth $17.4B running through 2031 — signed September 2025 as up to $19.4B for dedicated capacity from Vineland, New Jersey — and a five-year Meta deal announced in March 2026 worth up to $27B, structured as $12B of dedicated NVIDIA Vera Rubin capacity plus up to $15B of additional compute: over $44B of committed demand from the two most sophisticated infrastructure buyers alive. Q1 2026 revenue grew 684% year over year to $399M, the balance sheet holds $9.3B in cash after $4.34B of convertible notes and NVIDIA's $2B equity investment, and 2026 capex guidance was raised to $20–25B — a spend rate only possible because Arkady Volozh's team builds its own servers and data centers at costs hyperscalers envy, the same full-stack discipline that built Yandex against Google. Nasdaq-100 inclusion on June 22, 2026 adds index flows and institutional legitimacy. Unlike GPU landlords, Nebius runs a software layer — managed AI services and its Token Factory inference platform — that captures margin above the metal. If the AI buildout continues, Nebius is the only Microsoft-and-Meta-certified neocloud with a hyperscaler's cost structure and a startup's growth rate.

Bear case

Nebius's $44B backlog is also its concentration problem: essentially two customers, both of which are hyperscalers renting external capacity only because their own data centers are constrained. Microsoft and Meta are spending hundreds of billions on first-party buildouts that land through 2027–28; when that capacity arrives, the marginal renewal case for a third-party landlord weakens precisely as Nebius's own $20–25B of 2026 capex comes online needing tenants. The financial structure amplifies the risk. Quarterly revenue of $399M supports a market capitalization near €57.6B — a multiple that assumes years of flawless compounding — while the capex plan exceeds annualized revenue by an order of magnitude, guaranteeing repeated returns to capital markets through converts and equity, with $4.34B of notes already outstanding. The assets being financed are GPUs that obsolete in two to three years: Vera Rubin deployments depreciate against whatever NVIDIA ships next, and if GPU rental prices normalize as supply floods in from CoreWeave, Nscale, Lambda, Crusoe, and the hyperscalers themselves, contracted floors get renegotiated — CoreWeave's history shows anchor tenants adjust commitments when leverage shifts. Add residual governance discount from the Yandex unwind and index-driven momentum ownership that reverses as mechanically as it arrived, and Nebius is a leveraged bet on AI capex never pausing.

Generated by editorial-sourced · July 1, 2026Refreshes quarterly · see disclosures