Nebius is a purpose-built AI cloud provider offering a full-stack platform that spans GPU compute and data center infrastructure through to managed software services for model training, fine-tuning, and inference. Nebius designs and, where possible, owns its data centers, deploys primarily NVIDIA GPU hardware, and layers proprietary software — covering infrastructure management, MLOps, and managed inference — on top of that hardware foundation. Customers range from AI-native startups and research labs to large enterprises and hyperscalers including Microsoft and Meta, the latter served through large, multi-year committed contracts with a combined stated value exceeding $20B. Nebius sells through a direct sales force as well as self-service access for developers, and operates data centers primarily across Europe and the US. Revenue is driven by GPU compute capacity rented to customers, with growth currently gated almost entirely by how fast Nebius can build and bring online new data center capacity. Nebius has consistently sold out available capacity since launching. The company's vertical integration — from in-house server and rack design through to software tools — is central to its value proposition, and Nebius claims roughly 20% lower power consumption than third-party hardware equivalents. Beyond the core AI cloud, Nebius Group includes Avride, an autonomous vehicle and delivery robot developer, and TripleTen, an edtech platform for tech career reskilling. Nebius also holds minority equity stakes in ClickHouse, an open-source database company, and Toloka, an AI data labeling provider, which management views as potential future sources of capital to fund the core AI cloud build-out.