Sabitlenmiş Tweet
Most people buying $NBIS think they’re getting a pure GPU cloud, but whats often overlooked is their private venture portfolio worth close to $7B that almost no analyst bothers to put in the model.
A quick backstory, since it matters here. Nebius came out of the old Yandex breakup in 2024 and relisted on Nasdaq that October, and founder Arkady Volozh held onto the AI cloud along with equity in a handful of private companies that most NBIS holders couldn’t name if you put them on the spot.
ClickHouse is the crown jewel, and Nebius owns about 28% of it. If you don’t know the name, it’s the open-source column database that powers real-time analytics, observability, and data warehousing for AI builders, and it just bought Langfuse to push deeper into the agentic stack. Back in January it closed a $400M Series D led by Dragoneer at a $15B valuation, which is double where it sat only eight months earlier, so the Nebius slice alone runs about $4.2B. This is no sleepy holding either, because ClickHouse already serves 3,000+ cloud customers, has grown recurring revenue past 250% year over year, and counts Tesla, OpenAI, Anthropic, Microsoft, and Meta as users while quietly taking share from Snowflake and Databricks.
Then you’ve got Avride, which is their autonomous driving and delivery robotics unit running self-driving cars and sidewalk delivery bots through a deep Uber partnership across several cities. Nebius still owns roughly 83% of it after that Uber-led round priced the business near $2.7B, so that stake works out to around $2.2B on its own.
Toloka handles the AI training data side, and it has repositioned around expert-in-the-loop work, which means domain specialists labeling and grading frontier model outputs rather than running basic crowd tasks. Nebius kept a majority interest there after a $72M round that Bezos Expeditions led, and management keeps flagging real upside from the current $600M to $700M mark. TripleTen, the edtech arm, stays wholly owned and reskills working adults into software, data, and QA careers through paid bootcamps. Add up just those visible stakes and you’re already staring at nearly $7B of embedded value.
The crowd got the latest quarter backwards, and the numbers explain why. Q1 2026 revenue came in at $399M, up 684% year over year, with the core cloud growing 841% at a 45% adjusted EBITDA margin, and then GAAP net income printed $621M Nebius was suddenly profitable.
Cash flow is where I’d point anyone who wants the real picture, since operating cash flow hit $2.26B on the back of customer prepayments and ARR jumped 54% in a single quarter to $1.92B against a $7B to $9B target for year-end. None of this demand is hopeful guesswork either, because Meta has committed up to $27B, Microsoft up to $19.4B, and NVIDIA bought 8.3% of the company for $2B in March in exchange for preferred access to Blackwell Ultra and Vera Rubin chips, with Bloom Energy stacking a 328 megawatt power deal on top of all that.
Volozh said it straight on the Q1 call when he told everyone that whatever they build, they sell, and they’re still early, and his CFO has been funding the $20B to $25B of 2026 capex through asset-backed debt tied to the Meta and Microsoft contracts, which is how you finance a buildout that size without shredding your existing shareholders.
English
