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Nebius Group
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$53.2B
Market Cap
253.7
P/E
0.70
PEG
-13.0%
ROCE
0.2%
ROE
1.06
D/E
-115.5%
OPM
-25.4%
% from 52W High
94
α RS
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🌏 Global Investor Returns
Currency-adjusted total returns for NBIS including FX impact
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📈 Price History
Ratio Health
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By Category
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About

Nebius Group N.V., a technology company, engages in building full-stack infrastructure to service the global AI industry in the United States, the United Kingdom, and internationally.

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📈 Growth Pattern
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Manager Shares Value % of Fund Period
Steve Cohen Point72 Asset Management 373.9K $38.8M 0.05% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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Good quarter Investor Presentation One-Pager? Q2 2026
Revenue
$582.3M
+454% YoY
Adjusted EBITDA
$236.2M
vs -$21.0M YoY
Adjusted EBITDA Margin
41%
+41pp YoY
Net Income from Continuing Operations
-$190.4M
vs $502.5M YoY
What Went Right
  • Revenue grew 454% YoY to $582M, with AI cloud revenue up 514% to $575M.
  • Closed four landmark AI cloud deals averaging over $1B each at $20-25M per MW with prepayments covering 50-60% of CapEx.
  • Adjusted EBITDA swung to $236M positive from -$21M a year ago; margin expanded to 41% from 32% QoQ.
What to Watch
  • Net loss from continuing operations was -$190.4M for Q2, despite strong operating gains.
  • CapEx jumped to $5.7B in Q2; full-year guidance of $20-25B remains large for balance sheet.
  • Vineland, NJ public hearing adjourned without a vote, though management remains confident and on track.
Management Guidance
  • FY2026 annualized run-rate revenue reaffirmed at $7B-$9B.
  • FY2026 group revenue reaffirmed at $3B-$3.4B.
  • FY2026 adjusted EBITDA margin reaffirmed at ~40%; CapEx at $20B-$25B.
Investor Lens
The thesis is stronger after this call. Demand is accelerating, pricing power is visible (auction cleared 15% above prior high), and the asset-light model plus $40B of contracted backlog open new capital-efficient growth paths. Capacity targets were raised to 5GW contracted power, and management says 2027 capacity could be sold out today but is deliberately holding back for higher-value deals. The main offset is significant CapEx and a GAAP net loss, though prepayments and asset-backed financing mitigate funding risk.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Strong beat: revenue up 454%, adjusted EBITDA positive at $236M
Revenue
Group revenue reached $582.3M in Q2 2026, up 454% YoY and 46% QoQ. Nebius AI contributed $575M, up 514% YoY and 98% of group revenue. Annualized run-rate revenue hit $3B at June 30.
Profitability
Net loss from continuing operations was -$190.4M versus income of $502.5M in Q2 2025. Adjusted EBITDA swung positive to $236.2M from -$21.0M, with adjusted net loss improving 64% to -$33.2M.
Margins
Group adjusted EBITDA margin was 41%, up from 32% in Q1 and versus -20% a year ago. Nebius AI segment margin was 50%; group margin reflects investments in Avride and TripleTen. Cost of revenues rose 344% YoY, but as a percentage of revenue fell to 23% from 29%.
Balance Sheet
Cash and equivalents ended June at $8B. Operating cash flow was $2.3B in Q2, supported by customer prepayments expected to exceed $9B in 2026. CapEx was $5.7B in Q2; ATM raised $2.8B, and a $775M asset-backed debt facility was added in July.
Key Risks
Management flagged continued execution risk on gigawatt-scale builds and dependence on beating capacity deployment timelines. Vineland approval is still pending a vote, though Bloom fuel-cell switch is expected to aid approvals. Large GAAP net losses and elevated CapEx remain a watch item, but funding is diversified.
Outlook
FY2026 guidance reaffirmed: ARR $7-9B, group revenue $3-3.4B, adjusted EBITDA margin ~40%, CapEx $20-25B. Capacity of 800MW-1GW connected power is still expected by year-end, with revenue contribution from late-Q2 capacity beginning in Q3 and formal 2027 guidance expected later this year.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-12
Q2 2026 saw 454% revenue growth and a 41% adjusted EBITDA margin, driven by landmark AI cloud deals, premium short-term contracts, and a successful capacity auction. The company reaffirmed 2026 guidance and raised its contracted power target to 5 GW, with strong funding and capacity plans for 2027.
Q1 2026 Q1 2026 2026-05-13
Q1 2026 saw explosive revenue and margin growth, driven by surging AI cloud demand and major contracts with Meta and NVIDIA. CapEx guidance was raised to $20–$25B to support future capacity, with most funding already secured.
Q4 2025 Q4 2025 2026-02-12
2025 saw explosive growth, with revenue and ARR far exceeding targets, driven by strong AI cloud demand and full capacity sell-outs. 2026 guidance calls for $3–$3.4B revenue and $7–$9B ARR, with major CapEx and continued expansion, supported by robust financing and a strong customer pipeline.
Q3 2025 Q3 2025 2025-11-11
Q3 revenue surged 355% year-over-year, driven by strong AI infrastructure demand and major long-term deals with Meta and Microsoft. Capacity remains the main growth constraint, prompting a significant CapEx increase and aggressive expansion plans to meet a $7B–$9B ARR target for 2026.
Q2 2025 Q2 2025 2025-08-07
Revenue surged 625% year-over-year to $105.1 million, with ARR guidance raised to $900M–$1.1B amid strong AI demand and rapid capacity expansion. Core AI infrastructure turned EBITDA positive, and major partnerships and customer wins position the group for accelerated growth.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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