Nebius Group (NBIS) Company Report

Nebius Group, an emerging cloud infrastructure player with a EUR 25 billion market cap, was founded by Arkady Volozh, who brought 1,000 experienced engineers from Yandex.
The company is experiencing significant demand acceleration, reporting a 70% quarter-on-quarter pipeline increase and generating $4 billion in Q3, with demand currently exceeding supply.
Nebius secured a five-year, $19 billion agreement (with options) with Microsoft for a massive compute cluster.
Financially, Nebius has raised $8.5 billion of capital to date and expanded its connected capacity by almost 9x from 2 MW by year-end. The core business achieved EBITDA profitability in Q2 and 19% EBITDA margins in Q3, with the entire group projected to be EBITDA break-even by year-end.
The company targets 20%-30% EBIT margins in the medium term, supported by scale efficiencies, operating leverage, and a 20% lower total cost of operations through in-house infrastructure development.

9 hours ago

Transcript

Nebius Reports Strong Demand, Microsoft Deal, and Path to Profitability

NBIS

Revenue Acceleration/Inflection

New Projects/Investments

Guidance Update

Nebius reported its pipeline accelerated by 70% quarter on quarter and generated $4 billion in pipeline in Q3, indicating demand beyond its current supply.
The company secured a five-year agreement with Microsoft, potentially valued at $19 billion with options, for a large-scale cluster to support Microsoft's AI initiatives.
Nebius's core business achieved 19% EBITDA margins in Q3, with the entire group projected to reach EBITDA break-even by the end of this year. The company targets medium-term EBIT margins in the 20%-30% range.
Nebius has raised approximately $8.5 billion in capital to date, facilitating an almost 9x expansion of its connected capacity from 25 megawatts by the end of this year.

9 hours ago

Transcript

Nebius discusses strong demand, Microsoft partnership, and profitability milestones

NBIS

New Projects/Investments

Revenue Acceleration/Inflection

Guidance Update

Nebius, with a $25 billion market cap, was founded by Yandex's founder and started with 1,000 engineers from Yandex, giving it a significant head start in building a hyperscaler for AI.
The company secured a five-year, $19 billion agreement (with options) with Microsoft and reported a 70% quarter-on-quarter acceleration in pipeline production in Q3, generating $4 billion worth of pipe.
Nebius has raised approximately $8.5 billion of capital to date, enabling a nearly 9x expansion in connected capacity by the end of this year from 25 megawatts at the end of last year.
The core business achieved EBITDA profitability in Q2 and posted 19% EBITDA margins in Q3, with the entire group projected to be EBITDA break-even by the end of this year.

10 hours ago

Transcript

Nebius Group N.V. Reports Strong Revenue Growth and Secures Major AI Infrastructure Contracts

NBIS

Earnings

Debt Issuance

New Projects/Investments

Nebius Group N.V. reported a 355% increase in total revenues to $146.1 million for the third quarter ended September 30, 2025, and a 437% increase to $302.1 million for the nine months ended September 30, 2025, primarily driven by its core AI infrastructure business.
The company secured significant AI infrastructure agreements, including a $17.4 billion multi-year deal with Microsoft in September 2025 and a $2.9 billion commercial agreement with Meta in November 2025, with services commencing later this year.
For the nine months ended September 30, 2025, Nebius Group N.V. reported a net income of $351.3 million, a substantial improvement from a net loss of $(508.2) million in the prior year period.
The company raised significant capital, including $3.2 billion from convertible notes in September 2025, $1.0 billion from convertible notes in June 2025, and $1.15 billion from a follow-on public offering of Class A shares in September 2025.

Nov 13, 2025, 12:01 PM

6-K

Nebius Group N.V. Enters Equity Distribution Agreement for Class A Ordinary Shares

NBIS

Nebius Group N.V. entered into an Equity Distribution Agreement on November 12, 2025, with Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, BofA Securities, Inc., and Citigroup Global Markets Inc..
Under this agreement, the company proposes to sell up to 25,000,000 Class A Ordinary Shares from time to time through these managers as sales agent and/or principal.
The company's Class A Shares are listed on the Nasdaq Global Select Market.

Nov 12, 2025, 4:07 PM

6-K

Nebius Group N.V. Announces Q3 2025 Results, New Meta Agreement, and Increased Guidance

NBIS

Earnings

Guidance Update

New Projects/Investments

Nebius Group N.V. reported Q3 2025 revenues of $146.1 million, marking a 355% year-over-year increase, and an Adjusted EBITDA loss of $5.2 million.
The company announced a new agreement to deliver AI infrastructure to Meta, valued at approximately $3 billion over 5 years.
Nebius significantly raised its connected power guidance to 800 MW - 1 GW by the end of 2025 and over 2.5 GW by the end of 2026.
The company expects to achieve annualized run-rate revenue (ARR) of $7 billion to $9 billion by the end of 2026.
Nebius plans to implement an at-the-market (ATM) equity program for up to 25 million Class A shares, with a prospectus supplement filing planned for November 12, 2025.

Nov 12, 2025, 1:01 PM

6-K

Nebius Group N.V. enters commercial agreement with Meta

NBIS

New Projects/Investments

Revenue Acceleration/Inflection

Nebius Group N.V., through its wholly owned subsidiary Nebius, Inc., has entered into a five-year commercial agreement with Meta Platforms, Inc. as of November 1, 2025.
Under the agreement, Nebius will provide Meta access to two dedicated GPU infrastructure capacity clusters.
The order has a total contract value of approximately $2.9 billion.
The GPU services are scheduled for deployment in two tranches during December 2025 and February 2026.

Nov 12, 2025, 1:00 PM

6-K

Nebius Group Announces Strong Q3 2025 Results, New Meta Deal, and Increased Capacity Plans

NBIS

Earnings

Guidance Update

New Projects/Investments

Nebius Group reported Q3 2025 revenue of $146 million, representing a 355% year-over-year increase and 39% quarter-over-quarter growth. The annualized run rate revenue for the core business reached $551 million by the end of September.
The company announced a new major deal with Meta for approximately $3 billion over five years, complementing a previously announced deal with Microsoft.
Nebius has significantly accelerated its capacity plans, now expecting 2.5 gigawatts of contracted power and 800 megawatt to 1 gigawatt of connected power by the end of 2026.
The full-year 2025 group revenue guidance was tightened to $500-$550 million, and 2025 CapEx guidance was raised to approximately $5 billion. The company also projects an annualized run rate revenue of $7 billion-$9 billion by the end of 2026.
To support its aggressive growth, Nebius plans to utilize corporate debt, asset-backed financing, and will put in place an at-the-market equity program for up to 25 million Class A shares starting November 12, 2025.

Nov 11, 2025, 1:00 PM

Transcript

Nebius B.V. Reports Strong Q3 2025 Revenue, Announces Meta Deal, and Raises 2025 CapEx Guidance

NBIS

Earnings

Guidance Update

New Projects/Investments

Nebius B.V. reported Q3 2025 group revenue of $146 million, an increase of 355% year-over-year and 39% quarter-over-quarter. The annualized run rate revenue for the core business was $551 million at the end of September.
The company announced a new major deal with Meta for approximately $3 billion over the next five years, in addition to the previously announced Microsoft deal valued between $17.4 billion and $19.4 billion. Revenue from these deals is expected to primarily ramp up during 2026.
Nebius B.V. tightened its full-year 2025 group revenue guidance to $500-$550 million and maintained its 2025 annualized run rate revenue (ARR) guidance of $900 million-$1.1 billion. The company also projects achieving an ARR of $7 billion-$9 billion by the end of 2026, with more than half already booked.
To support accelerated growth, 2025 CapEx guidance was raised to circa $5 billion from approximately $2 billion, with plans to expand contracted power to 2.5 gigawatts by the end of 2026.

Nov 11, 2025, 1:00 PM

Transcript

NBIS Reports Strong Q3 2025 Results, Raises CapEx, and Secures New Meta Deal

NBIS

Earnings

Guidance Update

New Projects/Investments

NBIS reported Q3 2025 group revenue of $146 million, marking a 355% year-over-year increase, with the core infrastructure business's adjusted EBITDA margin expanding to nearly 19%. The annualized run rate revenue for the core business at the end of September was $551 million.
The company tightened its full-year 2025 group revenue guidance to a range of $500-$550 million and significantly raised its 2025 CapEx guidance from approximately $2 billion to circa $5 billion to secure critical infrastructure.
NBIS announced a new $3 billion deal with Meta, with revenue expected to mostly reach a full run rate in 2026, and reiterated its 2026 annualized run rate revenue outlook of $7 billion-$9 billion, with more than half already booked. To support growth, the company is pursuing corporate debt, asset-backed financing, and an at-the-market equity program for up to 25 million Class A shares.

Nov 11, 2025, 1:00 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for Nebius Group.