NBIS·AI Cloud Infrastructure (neocloud / GPU-as-a-service)

Nebius Group

ConvictionModerate

Capital-intensive GPU compute rental: builds/leases data-center power, fills it with Nvidia GPUs, sells AI training+inference cloud capacity on long-term contracts + on-demand. Plus minority AI bets (ClickHouse stake) and consolidated units Avride (AV) + TripleTen (edtech).

Revenue

$399.0MQ1 FY26); ARR $1.92B exiting Q1

Rev growth

+684% YoYQ1 FY26

Gross margin

~74%cost of revenue 26% of rev

Op margin

negative — operating loss -$128.0MQ1 FY26); adj EBITDA margin 32% group / 45% AI Cloud

Capex intensity

extreme — FY26 capex guide $20-25B vs $3.0-3.4B revenue~6-7x revenue

Market cap

~$57-66BJun 26 2026; intraday range across sources, ~$61B midpoint

Price · 1-year trend

real · weekly

$236+355% 1yUSD

52-week range

$44 – $300

52w lowas of 2026-06-26 · Yahoo Finance52w high

Across the boards

The thesis on this name

opportunity

AI Compute Value-Chain

Full context

The read

Where our coverage leans

Coverage leans bullish

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Full financial intelligence for Nebius Group

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

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Not investment advice — analyst work product for a qualified professional.· intel vintage Jun 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence