Nebius is an Amsterdam company, formerly Yandex’s parent, that rents out NVIDIA’s AI chips. On October 23 it was worth $43.5 billion, more than CoreWeave, the biggest listed company of its kind by revenue and power.
Yet at the last count, Nebius had about a ninth of CoreWeave’s power actually running. Its shares also lost a third of their value in October, as investors questioned how such companies fund their growth.
What Does Nebius Do?
Nebius rents out time on NVIDIA chips in its own data centres, either by the hour or on multi-year contracts. That makes it a neocloud, one of the newer companies selling AI computing power in competition with Amazon, Microsoft and Google. In our ranking of the biggest neocloud companies by power actually running, it came fifth.
Its customers range from Microsoft and Meta to European AI firms. For example, Black Forest Labs, the German image-model maker co-founded by Robin Rombach, used Nebius chips for its FLUX 3 research. Photoroom in Paris and Prosus in Amsterdam are customers too. Its sites span Finland, France, the UK, Spain, Estonia, Iceland, Israel and the US.
Beyond the cloud, Nebius owns the robotaxi maker Avride and the online school TripleTen. It also holds stakes in the database company ClickHouse and the AI data firm Toloka.
Who Owns Nebius?
Arkady Volozh, who co-founded Yandex and now runs Nebius, controls the company. He held about 52% of the votes on March 31, but only about 11% of the shares, because his Class B shares carry extra votes. As a result, Nebius counts as a “controlled company” under Nasdaq rules.
NVIDIA is the other big name on the register. In March it paid $2 billion for the right to about 21 million new shares. By July it had disclosed a 9.3% stake. Nebius, in turn, buys its chips from NVIDIA.
The company used to be Yandex N.V., the Dutch parent of Russia’s biggest search engine. It agreed to sell the Russian business for about $5.4 billion in February 2024, a month before the EU lifted its sanctions on Volozh. After the sale closed in July, it returned to Nasdaq as Nebius that October.
NVIDIA’s chief executive is a public fan as well. At Nvidia’s GTC conference in Berlin in October, Jensen Huang wrote “Love Nebius. No tagline needed!” on the wall of the Nebius stand and signed it. He also said that “all of Europe needs more neocloud service providers”.
How Much of Nebius Is Actually Built?
Nebius last published a live power figure of about 170MW at the end of 2025. Its letters for the first and second quarters of 2026 gave no new number. Instead, the company says it will have 800MW to 1GW of power connected to its sites by December, ready for chips.
Signed capacity is far larger. By May it had contracted more than 3.5GW, and it expects 5GW by December, mostly at sites it owns. Its two biggest sites, at Independence, Missouri, and in Pennsylvania, are planned at about 1.2GW each and should start in 2027.
Who Pays Nebius?
Microsoft and Meta are the two biggest customers. Microsoft signed a five-year deal worth $17.4 billion to $19.4 billion in September 2025, for a new site at Vineland, New Jersey. Nebius has since delivered all of it. Meta then added a $3 billion contract in November 2025.
The Vineland site has drawn legal trouble. In September, New Jersey fined its owner, DataOne, about $1 million over 62 gas generators running without permits. On October 21, a local group gave notice that it plans to sue DataOne and Nebius under the Clean Air Act.
In March 2026, Meta went much further and agreed to a deal worth up to $27 billion over five years. Under it, Nebius will provide $12bn of capacity on Vera Rubin, NVIDIA’s next generation of chips, from early 2027. Meta will also buy up to $15 billion more if Nebius cannot sell that capacity to other customers.
Altogether, Nebius counts more than $40bn of customer commitments. Its revenue in the first half of 2026 was $981m. By December, it expects annual revenue running at $7bn to $9bn, up from $3bn in June.
How Much Debt Does Nebius Have?
Nebius had $8.5 billion of debt at the end of June, against $8 billion in cash. Since then it has borrowed more, mostly through bonds that can turn into shares. That is because it plans to spend $20 billion to $25 billion in 2026.
| When | New money since June |
|---|---|
| July 2026 | $775 million loan secured on its chips and a customer contract |
| August 2026 | $5.75 billion of convertible bonds, due 2030 and 2034 |
| October 2026 | $3.5 billion loan from Citi, due within a year |
The Citi loan, announced on October 22, costs 2.75 to 3.5 percentage points above SOFR, the US benchmark rate. Nebius also expects customers to pay it more than $9 billion in advance in 2026.
That matters, because borrowing has become harder. Speaking in Berlin on the day of the Citi loan, Volozh said “some of the capital sources are temporarily closed, like asset-backed or debt market”.
$NBIS CEO Arkady Volozh Says Debt Markets Closed for Neoclouds Since Last Week
— Daniel Romero (@HyperTechInvest) October 25, 2026
“We have a pretty healthy balance sheet. We always thought about being more conservative here. We used all kinds of instruments. From last week, probably some of the capital sources are temporarily closed, like the asset-backed or debt market. But we’re working now with customer advances and several other instruments, which will probably provide us enough finance to build this gigawatt at least.”
How Is Nebius Different From CoreWeave?
Nebius is smaller than CoreWeave on revenue and on power running, yet worth more. It took in about a fifth of CoreWeave’s revenue in the first half of 2026. At the last count, it also had about a ninth of the power running. Even so, investors valued it 45% higher on October 23.
Two differences stand out. First, Nebius owns most of the sites it has signed, while CoreWeave leases many of its buildings from landlords such as Galaxy and Applied Digital. Second, CoreWeave’s bonds yielded about 15% in mid-October, a sign that lenders see more risk there.
Other rivals include Nscale, Crusoe and Lambda, which are still private but heading for the stock market. Then there are Amazon, Microsoft and Google.
Are AI Computing Prices Really Rising?
Nebius says they are. On October 20, an auction of its capacity showed prices rising faster than expected, its revenue chief, Marc Boroditsky, said the next day. He added that Nebius could sell all its 2027 capacity if it were ready.
Its second-quarter letter put prices for older chips more than 30% above their first-quarter level. Nebius also sees room to charge $40 million to $50 million per megawatt on contracts of a few months, and signed the first in August. Since October 21, it has published live prices for its spare chips.
Crusoe, a private rival, sees the same thing. “We’re seeing higher pricing today for A100s than we saw in 2020 or 2021,” said its chief executive, Chase Lochmiller. The A100 is an NVIDIA chip from 2020.
The risk lies in funding, not demand. In Berlin, Huang said the missing piece is “the working capital needed to fuel the growth of these companies”. On October 25, Elon Musk went further, warning that “the 200+ neoclouds are going to see guppy-level death and consolidation”.
What Should Nebius’s Q3 Results Show?
Nebius has not confirmed the date yet, but its third-quarter results are expected around November 10. Three numbers matter most:
- Power running: the first figure since December, against a target of 800MW to 1GW connected by year end.
- Annual revenue run rate: how far it has moved from $3bn in June toward $7bn to $9bn.
- Funding: how much of the $20bn to $25bn of spending customers pay for up front, and how much is borrowed.
For a yardstick, Bank of America’s analyst Tal Liani expects about 525MW running at the end of September, with 675MW connected and third-quarter revenue of $906 million.
We will update this page after the results.
Author: Akos Szima
See Also:
The 10 Biggest Neocloud Companies, Ranked by Power Actually Live
Neocloud IPO Tracker: Who Has Filed, Who Pulled Out, Who Is Next
Nscale IPO: $103 Billion of Contracts, Only 55MW Live
How We Checked This:
Sources: Nebius’s letters to shareholders, annual report and SEC filings, company announcements to October 22, 2026, and closing prices on October 23. The CoreWeave comparison is our arithmetic, using each company’s latest power figure. The full dataset has a source for every number. Change log: October 26, 2026, first published.
Frequently Asked Questions:
Yes. It rents out AI computing power on Nvidia chips in its own data centres, competing with Amazon, Microsoft and Google. It ranked fifth among the biggest neoclouds by latest disclosed power running.
Yes. Nvidia paid $2bn in March 2026 for the right to about 21 million new shares. In July it disclosed a 9.3% stake. Nebius also buys its chips from Nvidia.
Nebius had not confirmed a date by October 26. Its third-quarter results are expected around November 10, 2026, in line with last year’s timing.
This article is based on company filings, announcements, market data and news reports and is not investment advice. MRKT 3.0 has no commercial relationship with any company named above.
