Nebius Group N.V. trades on Nasdaq as NBIS and is the renamed Yandex N.V., an Amsterdam AI cloud company that rents GPU capacity. It sold its Russian operations in 2024, so nebius stock carries roughly two years of comparable history.
The divestment removed more than 95% of the old company
In July 2024 the group completed the divestment of all its businesses in Russia and related businesses in certain international markets.
Those businesses represented more than 95% of consolidated revenues, assets and employees at the time, per the FY2025 annual report on Form 20-F. Trading in the shares resumed on October 21, 2024.
Almost all the revenue is now one segment
Total revenues reached $582.3 million in the second quarter of 2026, up 454% from $105.1 million a year earlier, per the Q2 2026 6-K. The Nebius AI cloud segment supplied $574.9 million of it.
TripleTen, the edtech unit, fell 19% to $10.0 million. Avride, the autonomous vehicle unit, contributed $1.0 million.
Adjusted EBITDA turned positive at $236.2 million against a $21.0 million loss a year earlier. The GAAP line went the other way, to a net loss from continuing operations of $190.4 million.
Q2 2025 net income of $502.5 million had included a $597.4 million gain on revaluation of the ClickHouse stake. Depreciation ran at 45% of revenue this quarter, which is what a GPU buildout costs once hardware reaches the balance sheet.
Two hyperscaler contracts carry the forward story
A Microsoft agreement named in the 20-F, effective September 7, 2025 covers dedicated GPU capacity at Vineland, New Jersey over five years, with total contract value estimated at up to about $17.4 billion through 2031.
A March 13, 2026 Infrastructure Services Agreement with Meta Platforms carries total contract value of up to approximately $27 billion across five-year orders, delivered in tranches through the first half of 2027.
Both let the customer claim service credits or terminate individual tranches for delivery delays, which puts execution risk on Nebius rather than the hyperscalers signing the orders.
The same filing says most customer engagements to date have been relatively short-term.
The operating cash is prepaid, not earned
Operating activities generated $4,504.1 million in the first half of 2026, against an outflow of $352.0 million a year earlier. The 6-K attributes that mainly to a $4,395.0 million increase in deferred revenue.
Customers paid ahead of delivery. Capital expenditure over the same six months was $8,130.3 million, about eight times the $1,054.5 million spent in H1 2025.
Cash stood at $8,042.1 million on June 30, 2026. On August 19, 2026 the company priced $5.0 billion of convertible notes for estimated net proceeds of about $4.94 billion.
The 20-F reports roughly 170 MW of active power as of December 31, 2025 against more than 2 GW contracted as of February 2026, the same signed-versus-energised gap facing TeraWulf.
What the filing admits that the growth rate hides
Management disclosed material weaknesses in internal control, covering IT general controls and documentation of revenue recognition controls at TripleTen, which the 20-F puts at roughly 10% of that year’s total revenues.
The company relies on Nvidia for its GPU chips. Nvidia is also a shareholder, having bought a pre-funded warrant for 21,065,936 Class A shares in a roughly $2 billion private placement on March 11, 2026.
Is Nebius the same company as Yandex?
Legally yes, commercially no. It is the renamed Yandex N.V. with the same SEC filer identity, but the Russian businesses were sold in July 2024 and are reported as discontinued operations.
Why can I not find a Nebius 10-Q?
Nebius is a Dutch foreign private issuer. It files an annual 20-F and furnishes quarterly results on Form 6-K, so the numbers sit in a 6-K exhibit.
Which customers does Nebius disclose by name?
The FY2025 20-F names Microsoft and Meta Platforms as counterparties to its two largest disclosed agreements. It publishes no customer concentration table.
