Nebius Group N.V. is an Amsterdam-headquartered provider of AI infrastructure — servers, data centers, and cloud capacity rented to AI developers. It is the renamed successor to Yandex N.V., the Dutch parent of the Russian search company: in July 2024 Yandex N.V. sold all of its Russian assets to a consortium of Russian investors, retained the businesses operating outside Russia, and took the Nebius name. It trades on Nasdaq as NBIS and is a Nasdaq-100 component, having resumed trading in October 2024 after the suspension that followed international sanctions imposed during Russia's 2022 invasion of Ukraine. Arkady Volozh, Yandex's co-founder, is chief executive (Source: en.wikipedia.org).
Nebius is one of the neocloud operators — companies that rent GPU capacity to AI developers rather than operating a general-purpose hyperscale cloud — alongside CoreWeave, Crusoe, and Lambda Labs. Its reported growth rates are among the steepest in that group, and its capital expenditure has run well ahead of its revenue.
Snapshot
Revenue and financials
| Date | Metric | Value | Source |
|---|---|---|---|
| 2026-Q2 | Revenue | $582M, reported August 12, 2026, described as a 454% expansion | (Source: theinformation.com) |
| 2026-Q2 | Cash burn | $3.4B, against $678M a year earlier | (Source: theinformation.com) |
| 2026-Q2 | Capital expenditure | $5.657B, against $510.6M a year earlier | (Source: theinformation.com) |
| 2026-Q1 | Revenue | $399M, +684% year over year | (Source: theinformation.com) |
Share moves
| Date | Move | Context | Source | |
|---|---|---|---|---|
| 2026-08-12 | +17% | Intraday, on the second-quarter results | (Source: theinformation.com) | |
| 2026-07-01 | −12% | With CoreWeave, on [[companies/meta | Meta]]'s disclosure of the Meta Compute business selling excess AI capacity | (Source: cnbc.com) |
| 2026-06-05 | fell more than the Dow's −1.35% | With CoreWeave, [[companies/oracle | Oracle]], Microsoft and Meta in the AI-stock selloff following a Broadcom forecast | (Source: garymarcus.substack.com) |
Business and customers
Nebius sells computing capacity on multi-year contracts. On July 14, 2026 it signed an agreement worth more than $1 billion with Reflection AI for capacity through 2029, including access to Nvidia GB300 chips — a deal that followed Reflection's earlier arrangement with SpaceX (Source: reuters.com; bloomberg.com).
Reporting its second-quarter results on August 12, 2026, Volozh told analysts that "demand for what we are building continues to be enormous," adding that Nebius could "sell today our entire 2027 capacity…if we wanted" (Source: theinformation.com).
The gap between the company's revenue and its capital expenditure — $582 million against $5.657 billion in the same quarter — places it on the demand side of the question examined at AI Bubble vs. Buildout — Synthesis and AI Bubble Debate: neocloud operators fund capacity ahead of contracted revenue, and their share prices have moved sharply on news bearing on whether hyperscalers will supply competing capacity themselves.
In the week ending August 16, 2026, Nebius and CoreWeave each pitched investors on shorter-term compute contracts, arguing that the structure would let them capture rising prices for AI compute during a GPU shortage; shares in both companies moved sharply higher. The posture is the opposite of the one Amazon Web Services set out on its July 30 earnings call, where chief executive Andy Jassy said the company sells most of its AI capacity on five-year deals because the longer terms ensure it generates enough revenue to make money on its data-center build-out. Only the article's opening was retrievable, so the specific contract lengths the two companies described are not recorded here (Source: theinformation.com).
Policy positions
Nebius is a signatory to the open letter on open weights and American AI leadership, which argues that open-weight model development serves US competitiveness (Open Weights and American AI Leadership (industry letter, July 2026)).
Relationships
- related: CoreWeave, Crusoe, Lambda Labs — peer neocloud operators
- deploys-in: AI Data Centers — operates data-center capacity for AI training and inference
- related: Reflection AI — customer under a compute agreement worth more than $1 billion through 2029
- related: AI Bubble Debate — capital expenditure running ahead of revenue is a recurring datapoint in that debate
- supports: Open Weights and American AI Leadership (industry letter, July 2026) — signatory
Sources
- (Source: en.wikipedia.org) — corporate history, headquarters, listing, chief executive
- (Source: theinformation.com) — second-quarter 2026 revenue, cash burn, capital expenditure, Volozh quotes, share move (abstract only)
- (Source: theinformation.com) — first-quarter 2026 revenue
- (Source: reuters.com; bloomberg.com) — Reflection AI compute agreement
- (Source: cnbc.com) — share move on the Meta Compute disclosure
- (Source: garymarcus.substack.com) — June 5, 2026 selloff