Nebius Group N.V.
NBIS · Vertically Integrated · Amsterdam, Netherlands
$240.30
-6.4% today
Market Thesis
Nebius is a vertically integrated AI cloud that owns and builds its own data centers (targeting ~3 GW of owned capacity across five sites) and sells GPU compute on top, so it controls the power, not just the racks. The investable angle is the gap between rapidly contracted/secured grid power (>3.5 GW) and the much smaller connected/operating base (year-end-2026 connected target is only 800 MW-1 GW).
Power Position
Operational · energized0.22 GW
Contracted · not operational3.50 GW
Announced · pipeline0.50 GW
Operational power is energized and earning today. Contracted is signed but not yet drawing load. Announced is pipeline — grid agreements and stated intent. The gap between them is where the risk, and the re-rating, live.
Key Sites & Contracts
Recent News
Jun 27
Q1 2026 results (reported May 13, 2026): group revenue +684% YoY to $399.0M, ARR $1.92B; contracted power surpassed 3.5 GW (owned >75%) with year-end-2026 guidance raised to >4 GW; announced a second US gigawatt-scale owned site in Pennsylvania (up to 1.2 GW) and broke ground on the 1.2 GW Independence, Missouri AI factory; landed a second Meta agreement worth up to $27B and a $2B NVIDIA equity investment.