Nebius Group
NBISQ1 2025(NBIS Q4 FY2024)Estimated60% AI
AI Revenue %
60%
AI Fair Value
$1.9B
AI Revenue (Q)
$22.7M
Total Revenue (Q)
$37.9M
Source: SEC EDGAR 20-F Filing
View 20-F on SEC.govAnalysis
Q4 FY2024 total revenue was $37.9M (up 18% q/q). The Nebius AI cloud business continued ramping during this quarter. In December 2024, the company closed a $700M equity raise from Accel, NVIDIA, and Orbis specifically to 'further build out its full-stack AI infrastructure including large-scale GPU clusters.' This validates the AI infrastructure build-out was accelerating. The 600%+ annual growth in core AI infrastructure implies Q4 was larger than Q3 for the AI cloud segment. Estimated: Nebius AI cloud ~$14-16M (accelerating), Toloka ~$7-8M, TripleTen ~$10-11M, Avride minimal. AI revenue = ~$21-24M / $37.9M = ~55-63%. Estimate: 60%. Confidence remains 'estimated' as no explicit segment revenue breakdown is provided in the filings.
Analyzed by claude-opus-4-6
Quoted Figures
In December 2024, Accel, Nvidia and Orbis invested in our $700 million strategic equity raise, which gave us additional capital and more importantly validation of our thesis
20-F FY2024, CEO Letter to Shareholders
The Company intends to use the net proceeds from the Private Placement to support its previously announced plans to further build out its full-stack AI infrastructure including large-scale GPU clusters, cloud platforms and tools and services for developers
6-K dated December 2, 2024
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