AI Infrastructure / Cloud Computing
$107.80 (as of Sep 23, 2025)
NBIS
Nebius Group N.V. is a technology company dedicated to building full-stack infrastructure for the global Artificial Intelligence (AI) industry. Formerly known as Yandex N.V., the company rebranded to Nebius Group N.V. in August 2024. Headquartered in Amsterdam, Netherlands, Nebius operates with a global footprint, featuring research and development hubs across Europe, North America, and Israel. The company is publicly listed on Nasdaq.
Nebius Group N.V. provides essential infrastructure and services for AI developers worldwide. Its flagship offering, Nebius AI, is an AI-centric cloud platform providing comprehensive full-stack infrastructure. This includes large-scale GPU clusters, advanced cloud services, and a suite of developer tools designed to facilitate AI model development and deployment.
Beyond its core AI infrastructure business, Nebius operates through several key divisions:
- Toloka: A data partner crucial for various stages of generative AI development.
- TripleTen: An edtech platform focused on re-skilling individuals for careers in technology.
- Avride: A subsidiary developing autonomous driving technology for self-driving cars and delivery robotics.
A significant milestone for Nebius Group N.V. was the announcement of a landmark multi-year agreement with Microsoft, valued at up to $19.4 billion. This deal is set to provide substantial cloud computing power for AI workloads, with an initial value of $17.4 billion through 2031. Microsoft may also acquire additional computing capacity, potentially increasing the total contract value.
Under this agreement, Nebius will deliver dedicated capacity from its new data center in Vineland, New Jersey, to Microsoft. This partnership is a transformative development for Nebius, offering multi-year revenue visibility and solidifying its position as a credible hyperscale infrastructure provider in the AI ecosystem.
The Group reported a substantial revenue increase of 462% year-over-year, reaching $117.5 million for the full year 2024. This growth demonstrates strong momentum, even as the company invests heavily in scaling its infrastructure.
- Key Financial Metrics:
- Full year 2024 adjusted EBITDA loss: $266.4 million
- Net loss from continuing operations (FY 2024): $396.9 million
- Cash and cash equivalents (as of Dec 31, 2024): $2,449.6 million
- Capital expenditures (12 months ended Dec 31, 2024): $808.1 million
In the fourth quarter of 2024, the Group's revenue grew by 466% year-over-year to $37.9 million. The core AI infrastructure business was the primary driver, experiencing a 602% year-over-year increase.
- Q4 2024 Highlights:
- Adjusted EBITDA loss: $75.5 million
- Net loss from continuing operations: $136.6 million
Nebius Group N.V. (NBIS) is positioned as a significant player in the rapidly expanding AI infrastructure market, with a market capitalization of $26.898 billion as of September 23, 2025.
The company is aggressively expanding its infrastructure capacity:
- In November 2024, Nebius announced the launch of its first U.S. NVIDIA GPU cluster in Kansas City, with an initial phase of 5MW scheduled to go live at the end of Q1 2025. This facility will house thousands of NVIDIA Hopper GPUs and is expandable to 40MW.
- December 2024 Annual Recurring Revenue (ARR) was $90 million, below initial guidance.
- Based on existing contracts, March ARR is projected to be at least $220 million, with additional deals in the pipeline.
- Management expresses confidence in achieving ambitious growth targets, with a projected December 2025 ARR of $750 million to $1 billion.
Nebius Group's shares resumed trading on Nasdaq in October. In December, the company successfully raised $700 million in an over-subscribed capital raise from prominent investors, including NVIDIA, Accel, and Orbis.
The Microsoft deal has also secured additional financing capabilities. Nebius expects to fund the capital expenditures associated with the contract through a combination of cash flow generated by the deal and the issuance of debt, secured against the contract and enhanced by the counterparty's credit quality.
TripleTen's revenue growth in Q4 2024 was bolstered by a 100% year-over-year increase in student enrollments for its bootcamp programs in the U.S. and Latin America. For the twelve months ending December 31, 2024, over 14,000 new students enrolled in TripleTen's reskilling programs, representing a 149% increase compared to 2023.
As of September 24, 2025, Nebius Group N.V. employs approximately 1.37K individuals. The company operates within the dynamic AI infrastructure market, competing against established cloud providers and emerging AI-focused infrastructure firms.
Nebius' core business model revolves around providing NVIDIA (NVDA) graphic processing units and AI cloud services. It equips AI developers with the necessary computing power, storage, managed services, and tools to build, tune, and run AI models, supported by its cloud software architecture and proprietary hardware designs.
Nebius Group N.V. represents a significant opportunity in the AI infrastructure space, underpinned by substantial partnerships, robust financial backing, and aggressive expansion plans. The strategic Microsoft partnership provides a foundation for sustained growth and market validation, as the company continues to build out its global AI infrastructure capabilities to meet the escalating demand for AI computing resources.
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