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 Q1Rev growth
+684% YoYQ1 FY26Gross margin
~74%cost of revenue 26% of revOp margin
negative — operating loss -$128.0MQ1 FY26); adj EBITDA margin 32% group / 45% AI CloudCapex intensity
extreme — FY26 capex guide $20-25B vs $3.0-3.4B revenue~6-7x revenueMarket cap
~$57-66BJun 26 2026; intraday range across sources, ~$61B midpointPrice · 1-year trend
real · weekly$216+370% 1yUSD
52-week range
$44 – $287
52w lowas of 2026-07-08 · 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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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
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