Nebius Group
NBISQ3 2025(NBIS Q2 FY2025)Estimated80% AI
AI Revenue %
80%
AI Fair Value
$7.2B
AI Revenue (Q)
$80.6M
Total Revenue (Q)
$100.7M
Source: SEC EDGAR 6-K Filing
Browse 6-K filings on SEC.govAnalysis
Q2 FY2025 total revenue was $100.7M (up 82% q/q, a massive step-up). Revenue nearly doubled sequentially, and this kind of growth can only come from the Nebius AI cloud segment as GPU clusters scale. TripleTen and Toloka are relatively stable businesses. By June 2025, the company raised an additional $1B in convertible notes specifically for 'acquisition of additional compute power, the expansion of its data center footprint' (6-K June 2, 2025). The 6-K dated September 10, 2025 references H1 2025 financial review. Estimated: Nebius AI cloud ~$68-75M (now clearly dominant), Toloka ~$10-12M, TripleTen ~$12-14M, Avride ~$2-3M. AI revenue = ~$78-87M / $100.7M = ~77-86%. Estimate: 80%.
Analyzed by claude-opus-4-6
Quoted Figures
The Company intends to use the net proceeds of the issuance of the Notes to finance the continuing growth of its business, including the acquisition of additional compute power, the expansion of its data center footprint
6-K dated June 2, 2025 ($1B convertible notes)
Operating and Financial Review and Prospects of Nebius Group N.V. for the First Half of the Years 2025 and 2024
6-K dated September 10, 2025
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