Nebius Group

Sources - 38

Every claim above cites one of these, or states the reasoning that derived it. The quote is frozen at the date it was read: a link can rot, and an agent fetch returns a reading of a page rather than the page. Backs counts the whole claim ledger, so it can name a claim this page does not surface.

1. S01primarycompany filing2026-04-30
   Nebius Group Form 20-F for the fiscal year ended December 31, 2025
   Item 4 business description, site models and server design; the competition risk factor naming CoreWeave, Crusoe, Lambda and the four general clouds; the Microsoft and Meta contract notes; customer concentration; the two material weaknesses; the four-year depreciation policy and the planned change; Class B voting control
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2. S02primarycompany release2026-08-12
   Nebius Q2 2026 results release, Form 6-K Exhibit 99.1
   revenue, adjusted EBITDA, net loss, capex, the balance sheet and the share count at June 30, 2026
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3. S03primarycompany release2026-08-12
   Nebius Q2 2026 shareholder letter, Form 6-K Exhibit 99.2
   ARR, the four Q2 deals and their yield per megawatt, prepayment cover, payback, the 5 GW contracted-power target, the five-year depreciation life, older-generation GPU pricing against Q1
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4. S04primarycompany filing2026-08-12
   Nebius unaudited interim financial statements for the six months to June 30, 2026, Form 6-K exhibit
   remaining performance obligations and their timing, customer concentration by quarter, property and equipment including assets not yet in use, the convertible notes table, the ATM sales, the depreciation change's effect, uncommenced lease commitments
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5. S05primarycompany filing2026-08-12
   Nebius operating and financial review for the six months to June 30, 2026, Form 6-K exhibit
   the drivers of the Q2 loss (Eigen AI compensation, deal fees), operating cash flow driven by deferred revenue, pricing models
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6. S06primarytranscript2026-08-12
   Nebius Q2 2026 earnings call transcript (FMP, via scripts/transcript_fetch.py)
   guidance reaffirmed across all metrics, the $9B prepayment figure, connected power active only through the first half of 2027, the claim that all of 2027 could be sold on Q2 terms. Questions were read by investor relations from a portal, so there were no follow-ups and the company chose which were read

   that's true about the connected, but I would think that about being active in -- throughout the first half of 2027.

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7. S07primarycompany release2026-05-13
   Nebius Q1 2026 shareholder letter, Form 6-K Exhibit 99.2
   2026 revenue and margin guidance, owned share of contracted power, the cost-of-revenue basis, contracted power raised to more than 4 GW
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8. S08primarytranscript2026-05-13
   Nebius Q1 2026 earnings call transcript
   capex guidance raised to $20B to $25B, the Meta option explained, the demand anecdote

   we are typically seeing 4 or more customers competing for every GPU we bring online.

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9. S09primarycompany release2026-02-12
   Nebius Q4 and full-year 2025 results release and letter, Form 6-K Exhibits 99.1 and 99.2
   full-year 2025 revenue, year-end ARR of $1.25B against $0.9B to $1.1B guided, about 170 MW active against a 100 MW target, the 2026 targets
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10. S10primarycompany filing2025-09-08
    Nebius Form 6-K on the Microsoft agreement
    contract value through 2031, the financing condition precedent, Microsoft's termination right for late delivery
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11. S11primarycompany filing2026-03-16
    Nebius Form 6-K Exhibit 99.1 on the second Meta agreement
    $12B of dedicated capacity from early 2027 and up to $15B of optional capacity Nebius intends to sell to others first
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12. S12primarycompany filing2026-08-24
    Nebius Form 6-Ks on the August 2026 convertible notes (pricing 2026-08-20, closing 2026-08-24)
    $3.45B of 0.50% notes due 2030 convertible near $313.46 and $2.3B of 4.50% notes due 2034 near $324.65; $800M of older notes exchanged for about 15.8M shares
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13. S13primarycompany filing2026-07-17
    Nebius Form 6-K Exhibit 99.1 on the $775M secured facility
    SOFR plus 2.50% to October 31, 2030, secured on deployed GPUs and an investment-grade customer's contracted cash flows
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14. S14primarycompany filing2026-07-20
    NVIDIA Corporation Schedule 13G on Nebius Group NVDA
    22,256,412 Class A shares or 9.3%, of which 21,065,936 sit under a pre-funded warrant bought on March 11, 2026
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15. S15primarycompany filing2026-08-26
    Nebius Form 6-K on the 2026 annual general meeting results
    authority to issue up to a further 20% of share capital for five years, and to buy back up to 20%
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16. S16primarycompany filing2026-08-12
    CoreWeave Form 10-Q for the quarter ended June 30, 2026 CRWV
    revenue, $103.7B of remaining performance obligations, customer concentration, $35.6B of debt principal; its 10-K names only the general clouds as competitors and never Nebius
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17. S17primarycompany release2026-08-11
    CoreWeave Q2 2026 results release, Form 8-K Exhibit 99.1 CRWV
    1.5 GW active and about 3.7 GW contracted power; adjusted operating margin of 5% against 16% a year earlier
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18. S18primaryindustry data2026-09-23
    SemiAnalysis, ClusterMAX 3.0 rating of GPU clouds SemiAnalysis
    Nebius and CoreWeave the only Platinum-rated clouds; Google and Oracle Gold, Azure Silver, Crusoe Bronze; Nebius asking prepayments of up to 100% on one-year commitments. SemiAnalysis sells consulting to clouds and buyers, so it is independent of Nebius but not of the market

    Nebius joins CoreWeave in the Platinum tier. While CoreWeave still sets the technical bar for others to follow, Nebius is now established as a provider that consistently commands a premium pricing over others.

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19. S19primaryindustry data2026-10-01
    Silicon Data, H100 rental index (SDH100RT) and its December 2025 commentary Silicon Data
    $2.77 per GPU-hour on October 1, 2026 (index page: 'As of Oct 1, 2026 2.77 USD / GPU-hour'), against $2.00 in December 2025 (blog at silicondata.com/blog/h100-price-spike)

    H100 cloud rates plummeted from around $8/hr in early 2024 to the $1.50-$3.00/hr range by late 2025 across specialist providers.

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20. S20primaryindustry data2026-04-02
    SemiAnalysis, The Great GPU Shortage SemiAnalysis
    the one-year contract price series, a different measure from the on-demand index

    H100 1-year GPU rental contract pricing has shot up almost 40% from a low of $1.70/hr/GPU in October 2025 to $2.35/hr/GPU by March 2026.

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21. S21primaryindustry data2026-04-02
    Synergy Research Group, neocloud market forecast Synergy Research Group
    the measured size of the specialised AI cloud market in 2025, and Synergy's forecast of close to $400B by 2031

    neocloud revenues are scaling at an unprecedented pace, reaching $9 billion in Q4-up 223% year-over-year-and exceeding $25 billion for full-year 2025.

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22. S22primaryindustry data2026-07-30
    Synergy Research Group, Q2 2026 cloud market Synergy Research Group
    total cloud infrastructure of $143.4B in Q2 2026 and $500B trailing twelve months; GenAI-specific cloud services growing 165% a year

    Among the tier two cloud providers, those with the highest growth rates include CoreWeave, OpenAI, Oracle, Crusoe, Nebius, Anthropic and Nscale.

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23. S23primarygovernment data2025-04-10
    International Energy Agency, Energy and AI (World Energy Outlook special report) IEA
    data-centre electricity more than doubling to about 945 TWh by 2030; accelerated-server capacity growing almost five times. The iea.org page refused (403); the PDF was read from the IEA's own file host

    Electricity consumption in accelerated servers, which is mainly driven by AI technology adoption (Box 2.1), is projected to grow by 30% annually in the Base Case

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24. S24primarycompany filing2026-07-29
    Microsoft Form 10-K for fiscal 2026 MSFT
    $329.1B of datacenter leases not yet commenced; reliance on cloud infrastructure providers; no mention of Nebius
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25. S25primarycompany filing2026-07-30
    Meta Platforms Form 10-Q for the quarter ended June 30, 2026 META
    $349.31B of commitments mostly third-party cloud capacity; 2026 capex guided at $130B to $145B; no mention of Nebius
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26. S26primarycompany filing2026-07-24
    Alphabet Form 10-Q for the quarter ended June 30, 2026 GOOGL
    sale of TPU systems to outside customers; $24.1B of backstops for third-party data-centre build-out
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27. S27primarycompany release2026-04-06
    Anthropic, new compute agreement with Google and Broadcom Anthropic
    a large AI buyer moving part of its compute to non-NVIDIA chips sold by a general cloud

    We have signed a new agreement with Google and Broadcom for multiple gigawatts of next-generation TPU capacity that we expect to come online starting in 2027.

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28. S28primarycompany filing2026-09-18
    Nscale Form S-1 Nscale
    statements of work with Microsoft worth up to about $43.8B and Anthropic agreements up to about $44.6B; names Nebius as a primary competitor
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29. S29primarycompany filing2026-08-27
    IREN Ltd Form 10-K for the year ended June 30, 2026 IREN
    a $9.7B five-year Microsoft agreement; names Nebius as a competitor
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30. S30secondarynews2026-09-17
    Reuters, 'Nebius hikes AI cloud prices again as demand for computing power soars' (Euronext copy) Reuters
    on-demand prices for selected GPUs up 17% to 21% from October 1; reuters.com refuses this client, so the syndicated copy was read

    Cloud provider Nebius said on Thursday it will raise pay-as-you-go prices for leasing selected Nvidia chips from October 1, marking the company's second price hike in three months.

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31. S31secondarynews2026-08-07
    Business Insider, Michael Burry says he is shorting Oracle and Nebius Business Insider
    the short at $211.77 and the stated objection; his own post is paywalled and was not read

    The fish have gorged themselves on off-balance sheet liabilities. Backstops. Uncommenced leases. Purchase commitments

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32. S32secondarynews2026-09-21
    24/7 Wall St on Rothschild & Co Redburn initiating Nebius at Sell 24/7 Wall St
    the bear case as an analyst stated it; the note itself was not read

    The firm flagged three converging pressures: falling GPU rental prices, hyperscalers scaling captive fleets, and rising financing costs on multi-billion-dollar buildouts.

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33. S33primaryvendor data2026-10-02
    Research pack, frozen at content/NBIS/research-pack.json
    price, returns, the price-move decomposition, the analyst split and its drift, short interest, consensus revenue estimates, the filed competitor cohort
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34. S34primarycompany filing2026-10-02
    Form 4 filings, read for the Rule 10b5-1 flag and footnotes via scripts/insider_fetch.py
    84 open-market sales and no purchases since March 31, 2026; every chief-executive and finance-chief sale was an automatic sale to cover tax on vesting shares
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35. S35primaryregulator2026-07-30
    EuroHPC Joint Undertaking, AI Gigafactories call EuroHPC JU
    up to seven publicly anchored AI sites in the EU, bids closing November 12, 2026; no bidder named

    The joint public funding provided by the Union and Member States will act as an anchor customer, significantly de-risking the significant capital required

    read, but no claim rests on it
36. S36primarycompany filing2026-03-11
    Nebius Form 6-K Exhibit 99.1 on the NVIDIA partnership and $2B investment
    NVIDIA's $2B purchase and its support for more than 5 GW of Nebius capacity by the end of 2030
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37. S37primarycompany filing2026-03-02
    CoreWeave Form 10-K for 2025 CRWV
    a six-year useful life for computing equipment since January 2023; Microsoft at about 67% of 2025 revenue; a competitor list naming only the general clouds
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38. S38primarycompany filing2026-10-22
    Nebius Form 6-K (credit facility) and Exhibit 99.1 press release, 22 October 2026
    the $3.5B Citi bridge facility: size, rate, 364-day maturity, security and covenant, and management's account of why
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