Nebius Group: European Hyperscaler

GainStreet Research · NBIS · by Today is Tomorrow LLC

AI infrastructure and cloud compute powerhouse — the risk/reward profile of Europe's emerging GPU hyperscaler.

NASDAQ: NBISRESEARCH INITIATED

Nebius Group

Research Report • Aug 31, 2026 • AI Infrastructure

Price at time of report: May 7th 2026 - 116 days ago

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Current Price

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AI recommendation at time of report

OVERWEIGHT

⚠ NOT FINANCIAL ADVICE - JUST AI SLOP

Business Overview & Exposures

Nebius Group (NBIS) emerged following the divestiture of Yandex N.V.'s Russia-based businesses. Now headquartered in Amsterdam, NBIS operates as a pure-play AI infrastructure and cloud computing company. Armed with significant cash reserves post-divestiture, Nebius is aggressively building out GPU clusters in Europe to serve the insatiable demand for generative AI training and inference.

Net Cash Pos.
~$2.1B
Massive runway for CapEx
GPU Fleet Target
50k+
H100/Blackwell eq. by YE26
EV / FY26 Rev (Est)
4.2x
Discount to US hyperscalers
Headcount
~1,500
Elite AI engineering talent

Revenue Breakdown (Projected 2026 Run-Rate)

While NBIS retained several early-stage businesses (Autonomous Driving, EdTech, Data Labeling), the overwhelming driver of future value is Nebius AI, their GPU-as-a-Service cloud infrastructure play.

  • ☁️
    Nebius AI (Cloud Compute)Leasing out high-performance Nvidia clusters to AI startups and enterprises. The core growth engine.
  • 🏷️
    Toloka (Data Solutions)B2B platform for AI data labeling and RLHF (Reinforcement Learning from Human Feedback).
  • 🚗
    Avride (Autonomous Tech)Developing autonomous driving and delivery robotics. High potential, but cash-intensive.