NBIS
TIER 2 · 4%RESEARCH PENDINGNebius Group • AI Infrastructure • NASDAQ
External Research
Key Metrics
Mkt CapTBD
Fwd P/EN/A
Gross MarginTBD
D/ETBD
Rev GrowthTBD
Customer RiskMedium
Supply Chain Position
AI infrastructure — GPU cloud and AI compute platform. Spun out of Yandex. Building large-scale GPU clusters for AI training and inference.
Why Included
Pure-play AI infrastructure — builds and operates the GPU clusters that consume the semiconductors and photonics in this portfolio. Provides demand-side exposure complementing the supply-chain thesis.
Customers: Diversified AI compute customers. Post-Yandex spinoff still building customer base.
Red Flags
- •Post-Yandex spinoff — corporate structure still settling
- •Pre-profit AI infrastructure play — heavy capex required
- •Competitive with hyperscaler in-house GPU clusters
- •Geopolitical overhang from Yandex origins
Citrini Research Note
Not in Citrini basket. Added for AI infrastructure demand-side exposure.