Company research

Nebius · NBIS

AI cloud capacity; distinguish contracts from financed and operating capacity.

US exchange

Quarterly loss —

Competitors & comparable companies

Business comparison

Business overlap: GPU cloud for AI training and inference

CoreWeave · CRWV →

Compare delivered capacity, customer concentration, capital spending and financing per share.

Compare NBIS vs CRWV: business, cash and dilution →

Selection basis and sources

Both offer AI compute; their scale, service mix and financing structures differ.

Maomaorou’s classification based on overlapping products, not an issuer statement naming rivals. Selected peers, not a complete list or ranking.

  • NBIS · Compute ↗ · Product page · no publication date

    Relevant section: GPU infrastructure; training and inference workloads

  • CRWV · CoreWeave Platform ↗ · Product page · no publication date

    Relevant section: AI Training, Inference; GPU clusters

Checked：2026-09-19

Business position and research focus

Can funded, operating capacity produce cash after financing costs?

Key risks

Relevant products do not establish a shortage, AI-only revenue or attractive valuation.

Business source ↗

Business mapping checked 2026-09-10

Earnings in context

Quarterly loss · -$190.4M

US GAAP · Consolidated net income · 2026-04-01 — 2026-06-30

Reported net income includes non-operating and one-off items. It does not establish recurring profitability, positive cash flow or an attractive valuation.

Net income source ↗
Period and source details

Published 2026-08-12 · Checked 2026-09-19

Consolidated statements of operations; three months ended June 30 2026; net income/(loss), USD millions (190.4), not six-month 430.8

Reported revenue · $582.3M

Q2 2026 · Company total; not AI-only revenue · Checked 2026-09-10

Revenue source ↗

Consolidated continuing operations, including Avride and TripleTen; not annualized run-rate revenue (ARR).

Revenue and net income may refer to different reporting periods. Read each period before comparing them; these are dated disclosures, not a live earnings feed.

Operating performance: earnings, orders and cash flow

Q2 2026 · Period ended 2026-06-30 · Checked (UTC) 2026-09-11

GAAP continuing-operations net loss
-190.4 USD million
Continuing-operations operating cash flow
2,246.1 USD million
Purchases of property, equipment and intangibles (outflow)
5,657.4 USD million
Cash and cash equivalents at quarter end
8,042.1 USD million

Capital purchases exceeded operating cash flow. Cash flow includes receivable collections and deferred-revenue movements; it is not recurring profit. Consolidated figures include Avride and TripleTen. Cash excludes restricted cash; funding needs remain a research question.

Original disclosure for these figures ↗

Published 2026-08-12 · PDF pages 1–2, 6–8; unaudited consolidated statements

Valuation conditions

Analyze the operating assumptions, financing needs and key risks underlying the valuation.

Valuation analysis updated 2026-09-14 UTC · Scenario date 2027-12-31 · USD per share. Conditional future values, not present values, probabilities or expected returns.

This research is over30days old. Review new filings and prices before applying its assumptions.

NBIS · Financing and delivery risk

The contribution of business growth to per-share value depends on financing costs, dilution and delivery progress.

H1 statements disclose $37.49bn remaining performance obligations, but only 36% is expected within 24 months to June 2028. This is not 2027 revenue or cash available to shareholders. A September 8 Palantir partnership adds a distribution route after integration, but its announcement gives no contracted revenue amount.

Major downside risks：New debt, pre-funded warrants, share issuance and GPU replacement can absorb business growth. Customer prepayments explain most H1 operating cash and cannot be treated as recurring free cash.

Follow-up review points：Next quarterly filing and every financing 6-K: revenue-producing capacity, capex, unrestricted cash, ATM issuance and conversion terms. Monitor commissioned capacity and revenue contribution, capital expenditure and cash consumption, actual ATM issuance, and convertible conversion or cash settlement. These are future operating and capital-structure outcomes.

Additional disclosures reviewed 2026-09-20 · H1 ATM issuance and July facility; August note closing and September partnership disclosure

Assumptions, capital structure and sources

Working-capital and funding test, not P/E: with a $2bn minimum cash buffer, cumulative July 2026–December 2027 OCF/capex assumptions of $12/30bn, $22/40bn and $34/50bn imply additional funding needs of $5.50bn, $5.50bn and $3.50bn before new financing. These are researcher stresses, not management guidance or secured funding.

The funding scenario assumes full drawdown of the July $775m facility and uses August estimated net proceeds of $5,680m. Added to June cash, this gives $14,497.1m before subsequent operating/investing flows; it is not reported cash available today. The reviewed H1 note confirms the facility agreement, not full drawdown. The $800m debt exchange adds shares, not cash. Restricted cash, pre-funded warrants and previously raised NVIDIA cash cannot be added twice. Both June notes have100m assumed remaining principal after exchange. Contractual accrued principal at December31,2027 is112.269399m +109.584153m; coupon is separate. This does not resolve all convertible claims.

Actual Class A + B common shares
271.855218 million · 2026-06-30 Source ↗
Pre-funded warrant shares, additional
21.065936 million · 2026-06-30 Source ↗
Unrestricted cash
$8,042.1 million · 2026-06-30 Source ↗
Debt carrying value
$8,545.7 million · 2026-06-30 Source ↗
August new notes / exchanged shares
$5,750 million / approximately 15.8 million shares · 2026-08-24 Source ↗
Five-year Class A issuance authorization; excludes Class C; not shares issued
≤20% · 2026-08-26 Source ↗

Evidence and model limitations：Reviewed H1 statements disclose 12,729,493 ATM shares sold through June 30. August closing documents disclose approximately 15.8m shares under debt-exchange agreements, but do not provide a precise consolidated share count after all subsequent transactions. The September Palantir release does not quantify contracted revenue. The June 2029/2031 contracts support principal accrual, while the H1 maturity table differs by $12.5m for each original tranche without explaining the presentation. This page presents funding stress scenarios, not an NBIS per-share target. Future conversion timing, settlement choices and option time value remain modeling assumptions.

Download the assumptions, calculations and screening record (JSON)

Company information reflects the sources and dates shown. It is not personalized investment advice. Methodology · Suggest a correction

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