NBIS · US
NBIS.US: AI cloud infrastructure (post-reorg entity)
Nebius AI cloud infrastructure.
Cite a section with a deep link, e.g. /en/r/nbis-us-research#thesis
Snapshot
- Price
- USD 190
- Mkt cap
- USD 48.3B
- Revenue
- USD 1.5B
- GPU capacity narrative
- 1.3
Thesis
Nebius Group AI cloud/compute infrastructure listing (post Yandex-related reorg history); pricing hinges on capacity delivery, utilization, contracts—read disclosures carefully.
Business
Model: AI cloud compute + platform services. Flagships: GPU cloud; AI infra for builders. Edge: capacity/price (to prove). Strategy: cluster expansion + Western customers.
Value chain
AI compute cloud mid; upstream NVIDIA/power/DC; downstream model labs/enterprises. Risks: GPU supply; power; concentration; geopolitics/compliance.
Valuation
Thematic growth; sensitive to capacity/utilization narrative.
Financial trend (~24 months)
Illustrative 8Q with YoY/QoQ (reconstructed from public disclosures; not audit-line):
Revenue · last 8Q
Interactive chart available in the reader.
Gross margin · last 8Q
Interactive chart available in the reader.
Operations
Volume: GPU-hours; price: $/GPU-hour; cost: depreciation/power/rent.
Key financials
| Item | Value | YoY | Note |
|---|---|---|---|
| Revenue stage | Ramping | High YoY possible | Check filings |
| GPU capacity | Key KPI | — | Delivery risk |
| Gross margin | Volatile | — | Utilization |
| CapEx | Heavy | — | Financing need |
Competition
Peer strengths/weaknesses:
Peer map
| Company | Share/role | Margin | Strength | Weakness |
|---|---|---|---|---|
| Nebius (self) | AI cloud | Early/mid GM | Capacity story | Disclosure complexity |
| Azure | Hyperscaler | Scale | Ecosystem | Different |
| AWS | Hyperscaler | Scale | Breadth | Different |
| CoreWeave (peer) | GPU cloud | Growth | GPU focus | Leverage |
Management
Management (24m)
| Role | Name | Since | 24m change |
|---|---|---|---|
| CEO | Leadership (see filings) | post-reorg | Verify current officers |
| CFO | CFO office | post-reorg | New reporting perimeter |
| Ops / infra | Infra leads | ongoing | Capacity build |
Stability: Post-reorg entity—verify officers and reporting perimeter in latest filings; transitional.
Outlook
Track capacity online, utilization, large contracts, cash flow.
Scenarios
| Scenario | Condition | Implication |
|---|---|---|
| Bull | Demand/execution beats | Upside |
| Base | Trend continues | Hold/watch |
| Bear | Cycle/competition worsens | Drawdown/reassess |
Risks
Not investment advice; defer to latest company filings.