Nebius Group
NBISQ4 2024(NBIS Q3 FY2024)Estimated55% AI
AI Revenue %
55%
AI Fair Value
$1.4B
AI Revenue (Q)
$17.7M
Total Revenue (Q)
$32.1M
Source: SEC EDGAR 20-F Filing
View 20-F on SEC.govAnalysis
Nebius Group post-spin (July 2024) comprises four segments: Nebius AI cloud (GPU infrastructure for AI training/inference), Toloka (AI data labeling), TripleTen (EdTech), and Avride (autonomous driving). Q3 FY2024 total revenue was $32.1M. This was the first full quarter after the July 2024 'real starting point' per CEO letter. The Nebius AI cloud business was still in early ramp. Toloka and TripleTen were existing businesses contributing meaningful base revenue. The 20-F states the 'core AI infrastructure business grew by more than 600% in 2024,' implying it started from a very low base. For this early quarter: Nebius AI cloud estimated ~$10-12M (still ramping GPU clusters), Toloka ~$6-8M (AI data labeling, 100% AI), TripleTen ~$10-12M (EdTech, 0% AI), Avride minimal. AI revenue = Nebius AI cloud + Toloka = ~$16-20M out of $32.1M = ~50-62%. Conservative estimate: 55%. No explicit segment revenue disclosure in filing text.
Analyzed by claude-opus-4-6
Quoted Figures
Our core AI infrastructure business grew by more than 600% in 2024
20-F FY2024, CEO Letter to Shareholders
July 2024 was the real starting point for Nebius
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