NASDAQ · Neocloud · AI GPU infrastructure
Nebius Group
An AI-native cloud (neocloud) based in Amsterdam. It rents large GPU clusters to enterprises and developers. Q3 2025 core AI infrastructure grew 400% YoY, with ~$4.3B annualized run-rate expected by end-2026. A $17.4-19.4B deal with Microsoft, and NVIDIA invested. With CoreWeave, a neocloud axis.
NBIS Updated Jul 12, 2026 5 AI consumers· 2 recurring
Per the valuechain.wiki graph, Nebius Group is directly linked to 3 companies (2 supply, 1 revenue, 1 investment relationships) and reaches 42 companies within two hops; the links are backed by 6 dated sources, 1 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · ~$4.3B run rate by end-2026
- Customer concentration · Microsoft $17-19B deal; NVIDIA-invested.
- Segments · GPU cloud · AI dev platform
Revenue from
- Microsoft High confidence· contract $17.4B · 5년(~2031) · up to $19.4B with options; new Vineland NJ DC
Leases AI infrastructure to Microsoft ($17.4-19.4B deal).Confirms EN Data Center Dynamics Published Sep 9, 2025: Microsoft to use Nebius GPU data centers in $17.4bn five-year deal - Enterprises · AI developers (GPU cloud) High confidence
GPU cloud and AI platform for enterprises and developers.
Pays to
- NVIDIA High confidence
Builds large GPU clusters with NVIDIA GPUs. - Gigabyte (GB200/GB300 server procurement) Medium confidence
Nebius procures GB200/GB300 NVL72 AI servers from Gigabyte — a core hardware cost of building out its European GPU-cloud capacity. (A symmetric revenue edge exists on the Gigabyte node.)Confirms EN DigiTimes Published Feb 24, 2025: Asus and Gigabyte secure major AI server orders from NVIDIA - datacenter · power · capacity expansion (undisclosed) Low confidence
Datacenter construction, power and capacity.
Investors
- NVIDIA High confidence
NVIDIA strategically invested in the Dec 2024 $700M round.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Starbucks Corp | lead2 | +11.1 | -13.2 | -1.2 | -2.5 | -5.3 | +27.4 |
| Johnson Controls | lead2 | +77.4 | -19.3 | -7.6 | +39.8 | +53 | +20 |
| Snowflake | lead2 | +20.4 | -57.6 | +38.6 | -22.4 | +42.1 | +19.2 |
| Costco Wholesale | lead2 | +51.8 | -19 | +49 | +39.6 | -5.4 | +6.6 |
| Walmart Inc | lead2 | +2 | -0.5 | +12.9 | +74 | +24.5 | +2.6 |
| ServiceNow | lead2 | +17.9 | -40.2 | +82 | +50.1 | -27.7 | -29.7 |
| Microsoft | lead1 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | -20 |
| Nebius Group | node | · | · | · | · | +202.2 | +162.4 |
| Gigabyte Technology | benef1 | +82.3 | -3.4 | +173.2 | -15.9 | -4.7 | +44.4 |
| NVIDIA | benef1 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Kioxia | benef2 | · | · | · | · | +1082.1 | +260.5 |
| Micron Technology | benef2 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +243.3 |
| Murata Manufacturing | benef2 | -14 | -11.7 | +24.7 | -16.5 | +29.9 | +217.4 |
| Nan Ya PCB | benef2 | +110.6 | -46.7 | -0.5 | -38.3 | +188.2 | +213.4 |
| ASE Technology | benef2 | +38.3 | -12.8 | +60.9 | +10.1 | +65.6 | +167.6 |
| Astera Labs | benef2 | · | · | · | · | +25.6 | +148.2 |
| Ibiden | benef2 | +30.4 | -19.6 | +51.6 | -38.6 | +261 | +147.1 |
| SK hynix | benef2 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +140.3 |
| Unimicron | benef2 | +133.5 | -30.2 | +35.2 | -19.7 | +175.7 | +131.6 |
| Corning | benef2 | +5.9 | -11.6 | -1.2 | +60.6 | +87.8 | +118.8 |
| Lumentum | benef2 | +11.6 | -50.7 | +0.5 | +60.1 | +339.1 | +117.6 |
| Samsung Electronics | benef2 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +77.9 |
| onsemi | benef2 | +107.5 | -8.2 | +33.9 | -24.5 | -14.1 | +77.2 |
| Coherent | benef2 | -10 | -48.6 | +24 | +117.6 | +94.8 | +75.8 |
| Eoptolink | benef2 | -10.1 | -27.7 | +136.6 | +197 | +368.8 | +74.9 |
| InnoLight | benef2 | -30.7 | -18.3 | +253.7 | +12 | +468.1 | +68.8 |
| Keysight Technologies | benef2 | +56.3 | -17.2 | -7 | +1 | +26.5 | +58.5 |
| Delta Electronics | benef2 | -3.4 | +10.4 | -0.3 | +59.2 | +183.8 | +54.9 |
| Monolithic Power | benef2 | +35.5 | -27.8 | +79.8 | -5.6 | +54.5 | +49.8 |
| Analog Devices | benef2 | +21 | -4.9 | +23.4 | +8.8 | +29.8 | +46.7 |
| TSMC | benef2 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +43.6 |
| ABB | benef2 | +23.9 | +7.3 | +18.9 | +39 | +36.1 | +27.2 |
| Pegatron | benef2 | -5.9 | +0.6 | +35.3 | +21.2 | -23.8 | +24 |
| Luxshare Precision | benef2 | -11.9 | -30.2 | -21.2 | +58.8 | +29.3 | +20.6 |
| Digital Realty | benef2 | +30.7 | -41 | +39.9 | +35.9 | -10.1 | +18.2 |
| Amphenol | benef2 | +34.9 | -12 | +31.5 | +41.3 | +96.1 | +18.1 |
| Wistron | benef2 | +7.9 | +9.7 | +272.7 | -1.6 | +22.7 | +14.8 |
| King Yuan Electronics (KYEC) | benef2 | +26.7 | -7.7 | +132.4 | +38.6 | +171 | +4.2 |
| BlackRock | benef2 | +29.4 | -20.4 | +17.9 | +29.3 | +6.6 | -2.1 |
| TE Connectivity | benef2 | +35.1 | -27.7 | +24.6 | +3.5 | +61.1 | -11.3 |
| Recursion Pharmaceuticals | benef2 | · | -55 | +27.9 | -31.4 | -39.5 | -13 |
| BYD Electronics | benef2 | -56.1 | +16 | -0.4 | +60.6 | -19.4 | -34.4 |
YTD as of 2026-07-10 · source: Yahoo Finance
An Amsterdam-based AI-native cloud (neocloud) renting large GPU clusters to enterprises and developers, forming — with CoreWeave — the AI-infrastructure rental axis outside the hyperscalers. Its explosive growth (core AI infrastructure +400% YoY in Q3 2025, ~$4.3B annualized run-rate expected by end-2026) is driven by a $17.4-19.4B (five-year) contract with Microsoft, with NVIDIA backing supply via a strategic $700M-round investment. Risks are concentration in a few large deals (Microsoft) and a capital-intensive structure requiring vast upfront capex for GPUs, data centers and power. Upstream on the graph are NVIDIA (GPUs), Gigabyte (GB200/GB300 servers) and datacenter power; downstream are Microsoft, enterprises and AI developers.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 2 · Hold 1 · Sell 0 · Avg. target $239 · Price $219.929 (07-11) · Upside +9%
Analyses covering this node
- Turn your assets into AI infrastructure and your clock changes: miners and telcos Jul 9, 2026
- Clocks that haven't run and clocks that ran hardest Jul 5, 2026
- Part of the demand comes from the supplier's own balance sheet: the fragility of circular financing Jun 23, 2026