Added to YB: 2026-05-15
Pitch date: 2026-05-14
NBIS [neutral]
Nebius Group N.V.
Author Info
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Company Info
Nebius Group N.V., a technology company, engages in building full-stack infrastructure to service the global AI industry in the United States, the United Kingdom, and internationally.
Market Cap
$53.1B
Pitch Price
N/A
Price Target
N/A
Dividend
N/A
EV/EBITDA
-754.52
P/E
71.78
EV/Sales
60.68
Sector
Software
Category
growth
Nebius Earnings Through My View And What Most People Will Miss On The Call
NBIS (earnings): Q1 rev $399M (+684% YoY), beat est; adj EBITDA $130M. Raised CapEx to $20-25B for 2027 capacity but kept 2026 rev guide at $3.5-4B. Meta deal: $12B dedicated compute + $15B optional backstop (credit facility disguised as contract, enables asset-backed debt at Meta's rating vs 5-5.5% vs 6-7% corp debt). Pre-secured 2026 components = low-single-digit inflation vs industry mid-high-single-digit pressure; 2027 component pricing undisclosed (risk: HBM4/Rubin BOM step-up could be 8-12% if not hedged). AI Cloud pipeline +3.5x QoQ ex-hyperscalers. Funding priority: customer prepays, asset-backed debt, corp debt, ATM equity last. Risks: overleveraging Meta backstop if upside doesn't materialize, timing mismatch if Meta delays uptake, 2027 component cost exposure, asset-backed financing slippage. Missing: gross margin by customer tier, asset-backed deal timing, pricing quantum.
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