Nebius Group
NBISQ4 2025(NBIS Q3 FY2025)Estimated85% AI
AI Revenue %
85%
AI Fair Value
$9.6B
AI Revenue (Q)
$124.2M
Total Revenue (Q)
$146.1M
Source: SEC EDGAR 6-K Filing
Browse 6-K filings on SEC.govAnalysis
Q3 FY2025 total revenue was $146.1M (up 45% q/q, up 355% from Q3 FY2024). By this quarter, Nebius had signed a $17.4B 5-year GPU infrastructure deal with Microsoft (6-K September 8, 2025), confirming massive AI cloud demand. The company also raised $2.75B in convertible notes and $1B in equity (6-K September 11, 2025) to fund AI infrastructure expansion. The overwhelming majority of revenue growth is from Nebius AI cloud. Toloka contributes some AI revenue. TripleTen and Avride are minor contributors. Estimated: Nebius AI cloud ~$110-118M, Toloka ~$12-14M, TripleTen ~$13-15M, Avride ~$3-5M. AI revenue = ~$122-132M / $146.1M = ~83-90%. Estimate: 85%.
Analyzed by claude-opus-4-6
Quoted Figures
Nebius, Inc., a wholly owned subsidiary of Nebius Group N.V., entered into a commercial agreement with Microsoft, pursuant to which the Company will provide Microsoft access to dedicated GPU infrastructure capacity... the total contract value is about $17.4 billion through 2031
6-K dated September 8, 2025 (Microsoft Agreement)
Operating and Financial Review and Prospects of Nebius Group N.V. for the Third Quarter and Nine Months Ended September 30, 2024 and 2025
6-K dated November 13, 2025
Announcing the pricing of the Company's upsized private offering of $2.75 billion of convertible senior notes... announcing the pricing of the Company's $1 billion public offering of Class A ordinary shares
6-K dated September 11, 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