Nebius B.V. Due Diligence

Run due diligence on Nebius B.V.: check compliance and get alerts when suppliers or ownership change.

Netherlands · owned by Independent (Netherlands) · nebius.com · 56 vendors

Nebius builds vertically integrated AI infrastructure that accelerates AI innovation globally and at scale. With large-scale GPU clusters deployed across Europe and the US, Nebius's full-stack cloud platform combines the scale, flexibility and reliability of a hyperscaler with the power and performance of a supercomputer.

Resilience scores

Technology vendors

Services catalogue

4 services in catalogue across 2 categories; runs on 56 sub-vendors.

Insights

Last updated 2026-10-23 · revision 21

56 direct vendors, 316 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Compliance

11 in-scope frameworks identified; showing 3.

ISAE 3000 (source) — No public evidence

Evidence: https://nebius.com/trust-center, https://nebius.com/trust-center/soc-2, https://nebius.com/trust-center/dora

ISO 27001 (source) — Evidence found

Evidence: https://nebius.com/trust-center, https://nebius.com/trust-center/iso-27001, https://nebius.com/trust-center/iso-27701, https://nebius.com/trust-center/iso-27018, https://nebius.com/trust-center/iso-22301

ISO 22301 — Evidence found

Evidence: https://nebius.com/trust-center, https://nebius.com/trust-center/iso-22301

Financials

Three-year financials

Financial Resilience Score: 7/10

Nebius Group N.V. demonstrates a paradoxical financial profile: exceptionally strong liquidity and equity backing combined with significant operating losses and aggressive capital expenditure. The company ended FY 2025 with $3.68bn in cash and $4.61bn in shareholders' equity, supported by a $4.16bn convertible note issuance, a $1.15bn equity raise in 2025, and a prior $700m raise in December 2024. This provides substantial runway to fund its hyper-growth strategy in AI infrastructure. Revenue growth has been extraordinary, expanding roughly 5x year-on-year for two consecutive years, reaching $529.8m in FY 2025 with ARR guidance of $750m–$1.0bn for end-2025. Deferred revenue surged from $16m to $1.58bn, indicating large multi-year prepaid customer commitments, including the Meta supply agreement valued at up to ~$27bn. Cost of revenues improved from 48% to 31% of revenue, showing improving unit economics. However, the company continues to burn cash heavily: FY 2025 operating loss was $(596m), adjusted EBITDA was $(65m), and adjusted net loss widened to $(447m). Capex exploded to $4.07bn (vs $0.81bn in 2024), and $4.10bn of non-current debt was added via convertible notes. The reported GAAP net profit of $29m is entirely attributable to a one-off $598.9m revaluation gain on the ClickHouse equity stake, masking the underlying operating burn. Key risks include customer concentration (Meta), NVIDIA GPU supply dependency, hyperscaler competition, a $180.9m Dutch withholding-tax contingent liability, and ongoing share-based compensation dilution. Overall, financial resilience is strong in the near term due to the cash cushion and contracted backlog, but long-term resilience depends on achieving operating profitability before liquidity is consumed by capex.

Key strengths: $3.68bn cash position at end-2025, $4.61bn shareholders' equity base, Revenue grew ~5x YoY to $529.8M in FY 2025, Deferred revenue surged to $1.58bn signalling large prepaid backlog, Meta supply agreement worth up to ~$27bn, Strategic anchor investors including NVIDIA, Accel, Orbis, NVIDIA Reference Platform Cloud Partner status, Cost of revenues improved from 48% to 31% of revenue, ARR guidance of $750M–$1.0bn for end-2025

Risk factors: Persistent operating losses: FY 2025 EBIT of -$596M, Adjusted net loss widened to -$447M in 2025, Massive capex burn of $4.07bn in 2025, $4.10bn in new convertible debt added in 2025, Customer concentration risk from Meta contract, NVIDIA GPU supply dependency and semi-cycle risk, Hyperscaler competition (AWS, Azure, GCP, Oracle, CoreWeave), $180.9M Dutch withholding-tax contingent liability, Share-based compensation dilution ($83.2M SBC in 2025), GAAP profit masked by one-off $599M equity revaluation gain

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