Added to YB: 2026-07-23
Pitch date: 2026-07-20
NBIS [neutral]
Nebius Group N.V.
+13.01%
current return
Author Info
Gus Wisanggeni is a financial analyst breaking down the AI buildout and tracing where the money actually flows. Sign up for the newsletter.
Company Info
Nebius Group N.V., a technology company, engages in building full-stack infrastructure to service the global AI industry in the United States, the United Kingdom, and internationally.
Market Cap
$55.5B
Pitch Price
$193.05
Price Target
N/A
Dividend
N/A
EV/EBITDA
-1.8K
P/E
75.00
EV/Sales
63.51
Sector
Software
Category
growth
What the Neoclouds Actually own - Nebius
NBIS (overview): Neocloud renting GPUs. Q1'26 rev $399M (+684% YoY), AI segment 45% adj EBITDA margin, sold out capacity. Net income $621M but flattered by $780M ClickHouse revaluation; adj net loss $100M, op income -$128M. Funded via 1.25% converts (dilution not debt), ~$850M net cash, no pledged hardware. 2026 capex $20-25B needs repeated raises. 4yr depreciation aggressive vs asset halving every 3yrs. Sector risk: rates fell $8 to ~$2/hr, Nvidia backstop enabling oversupply, Meta turning competitor. No durable moat—only shortage timing.
Read full article (11 min)