A maker of full-stack AI cloud infrastructure, Nebius Group builds and runs its own data centers and GPU clusters, renting high-end Nvidia computing power to developers and enterprises for training and running artificial intelligence models. The company was born in 2024 when Yandex N.V., the Dutch parent of the Russian tech giant, sold its Russian businesses and the remaining international arm was renamed Nebius under co-founder Arkady Volozh. Its name blends "nebula," Latin for cloud, with "Möbius," the infinite loop.
20-F · Fiscal year ended Dec 31, 2025 · SEC filing ↗
Nebius AI cloud revenue rose 603% to $480.3M, but the operating loss widened to $611.7M as infrastructure costs scaled.
Nebius landed its first hyperscaler customers. Total rose 479% to $529.8M, driven by the AI cloud , while the operating loss widened to $611.7M as and co-location costs rose to support GPU deployment. The company is now funded and building at scale, but the race to turn GPU capacity into profitable revenue is just beginning.
Key takeaways
The Nebius AI cloud drove results, with rising 603% to $480.3M as the company deployed next-generation GPUs across five new data center locations and began serving large-scale customers.
The company secured multi-year, multi-billion dollar contracts with Microsoft and Meta, providing a base of committed demand for its AI infrastructure build-out.
Operating loss widened to $611.7M from $440.7M, as and rose 442% to $417.9M, reflecting the rapid addition of server and network equipment.
Section summaries
Quantitative and Qualitative Disclosures About Market Risk
See “Operating and Financial Review and Prospects—Quantitative and Qualitative Disclosures About Market Risk.”
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See “Operating and Financial Review and Prospects—Quantitative and Qualitative Disclosures About Market Risk.”
The company faces material risks from its capital-intensive, unprofitable early-stage AI infrastructure business, including financing needs, intense competition, and evolving AI demand.
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The core AI infrastructure business is capital-intensive and unprofitable, requiring significant additional equity or debt financing to fund growth and meet targets.
The company reported from continuing operations of $9.8M, a figure that includes a $598.9M from revaluing its investment in ClickHouse; without it, the underlying business remained deeply unprofitable.
Cash provided by operating activities was $401.9M, boosted by $982.5M in customer prepayments, while investing activities consumed $4.2B, primarily for GPU and data center hardware.
Avride launched a commercial robotaxi service in Dallas in December 2025, marking the autonomous vehicle unit's first -generating deployment.
What changed
The prior year's watch item on the New Jersey data center: the company is building a facility scalable to 300 MW with initial capacity expected in the second half of 2025; the filing confirms progress but does not state that initial capacity came online within the year.
The prior year's watch item on GPU capacity expansion: the company deployed GPUs across five new data center locations and grew AI cloud to $480.3M, indicating capacity came online, though the filing does not provide a year-end GPU count to compare against the 30,000 GPUs reported as of March 31, 2025.
The prior year's watch item on the trajectory of operating loss versus growth: the operating loss widened to $611.7M as cost of revenues and grew faster than revenue in absolute terms, though cost of revenues fell as a percentage of revenue to 31% from a higher base.
The prior year's watch item on the Nasdaq listing: the filing does not indicate a resolution of the trading halt or a restored public listing.
The material weaknesses in internal control over financial reporting, flagged in the prior year, remain un-remediated, with the filing identifying issues related to fixed assets and recognition at the TripleTen unit.
What to watch
Whether the New Jersey data center reaches initial operational capacity and at what utilization rate, as this will determine the pace of against generation.
The rate at which customer prepayments convert to recognized , and whether new prepayment inflows continue at the $982.5M level seen in 2025.
The impact of the planned extension of server and network equipment useful lives from four to five years in 2026, which management estimates will reduce annual by approximately $167.6M.
Any resolution of the Nasdaq trading halt and the company's plan to restore a public listing for the shares.
Rapid technological change, including more efficient AI models, could decrease demand for the company's compute offerings and adversely affect .
The company is dependent on a limited number of suppliers, notably Nvidia for GPUs, exposing it to supply chain disruptions, tariffs, and .
Two material weaknesses in were identified, related to fixed assets and recognition at the TripleTen unit, with remediation ongoing.
Geopolitical conflicts involving Israel, where some operations are located, and evolving AI regulations and present significant operational and compliance risks.
The early-stage autonomous vehicles unit, Avride, requires substantial third-party financing and commercial partnerships to meet its business objectives.
Nebius is a full-stack AI cloud platform providing integrated hardware, IaaS, and MLOps/AIOps software, with separate autonomous vehicle (Avride) and edtech (TripleTen) businesses.
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Nebius operates a full-stack AI cloud spanning in-house-designed data centers, servers, and racks, plus an integrated software layer for training and at scale.
The platform serves enterprises, software vendors, AI-native companies, and AI labs, with key target verticals including physical AI, healthcare, and media.
In 2025 and early 2026, Nebius secured multi-year, multi-billion dollar hyperscaler contracts with Microsoft and Meta to support core AI cloud growth.
Avride develops autonomous vehicles and delivery robots, partnering with Uber, Grubhub, and Hyundai, and launched commercial robotaxi service in Dallas in December 2025.
TripleTen is an edtech platform offering seven immersive tech reskilling tracks, primarily in the US and Latin America, and launched a B2B Nebius Academy solution.
The company holds significant minority equity stakes in ClickHouse (open-source database) and Toloka (LLM data provider), both spun out of the group.
Nebius AI cloud revenue surged 603% to $480.3M in FY2025, driving total revenue to $529.8M, while operating loss widened to $611.7M on infrastructure scaling.
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Total grew 479% to $529.8M, driven by the Nebius AI cloud which added $412.0M in revenue from deploying next-gen GPUs and expanding to five new data center locations.
Operating loss increased to $611.7M as and jumped 442% to $417.9M, reflecting the rapid build-out of server and network equipment for the AI cloud.
Cost of revenues rose 280% to $166.2M, primarily from higher co-location and operating lease costs tied to infrastructure scaling, though it fell as a percentage of to 31%.
The company reported from continuing operations of $9.8M, turning profitable largely due to a $598.9M non-cash gain from revaluing its investment in ClickHouse.
Cash provided by operating activities was $401.9M, boosted by $982.5M in customer prepayments, while investing activities used $4.2B mainly for GPU and data center hardware purchases.
Management expects to prospectively extend server and network equipment useful lives from four to five years starting 2026, which would reduce annual by approximately $167.6M.