Nebius: hypergrowth AI cloud, hyperscale funding needs
Q2 showed faster AI-cloud growth and stronger margins, but a new convertible financing and share issuance keep per-share funding risk central. The living report now weighs the improved operating tape against revised valuation and option-liquidity evidence.
YieldCove Research Desk
6 min read
The verdict
Members only- Wheel fit
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- CSP entry zone
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- Fair value
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Nebius Group is the Amsterdam-headquartered "neocloud" that emerged from Yandex N.V.'s 2024 split: the Russian assets were sold, the European data-center and engineering teams stayed, and the stock re-listed on Nasdaq in October 2024. The core business — roughly 98% of Q1 2026 group revenue…
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