Nebius Group
NBISQ2 2025(NBIS Q1 FY2025)Estimated70% AI
AI Revenue %
70%
AI Fair Value
$3.4B
AI Revenue (Q)
$38.7M
Total Revenue (Q)
$55.3M
Source: SEC EDGAR 20-F Filing
Browse 20-F filings on SEC.govAnalysis
Q1 FY2025 total revenue was $55.3M (up 46% q/q, up 72% from Q3 FY2024). The rapid sequential revenue acceleration is driven primarily by Nebius AI cloud ramp as GPU clusters came online. The company had been deploying capital from the $700M December 2024 raise into AI infrastructure. At this revenue scale, the Nebius AI cloud segment is becoming dominant. TripleTen and Toloka revenue is relatively stable. Estimated: Nebius AI cloud ~$28-32M (now the largest segment), Toloka ~$8-10M, TripleTen ~$11-13M, Avride minimal. AI revenue = ~$36-42M / $55.3M = ~65-76%. Estimate: 70%.
Analyzed by claude-opus-4-6
Quoted Figures
Company's unaudited consolidated financial results for the first quarter ended March 31, 2025
6-K dated May 20, 2025 (Q1 2025 earnings announcement)
We are building a full stack of purpose-built, tuned and optimized hardware and software that enables customers of all sizes to accelerate their AI ambitions
20-F FY2024, CEO Letter to Shareholders
AI Products Identified (Ring 1)
Nebius AI cloud platform (GPU cloud for AI training/inference)Toloka (AI data labeling for LLM development)
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
TripleTen (EdTech platform)Avride (autonomous driving)
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix