Nebius
#3of 51 neoclouds · score 58.9/100
Amsterdam-based AI cloud listed on Nasdaq, running NVIDIA clusters in Europe and the US for AI labs and enterprises. It reached $3.0B ARR at the end of Q2 2026 with more than $40B in customer commitments. Sources below.
How Nebius scores
Weights and formula| Signal | Value | Points | Weight | Adds |
|---|---|---|---|---|
| ClusterMAX tier | Platinum | 100.0 | 30% | 30.0 |
| Contracted power | Not disclosed | 0.0 | 20% | 0.0 |
| Contracted backlog | $40B | 80.9 | 15% | 12.1 |
| Capital raised | $3.5B | 85.2 | 15% | 12.8 |
| GPUs | Not disclosed | 0.0 | 10% | 0.0 |
| Named customers | 4 named | 40.0 | 10% | 4.0 |
| Composite score (rank #3 of 51) | 58.9 | |||
This dataset has no verified contracted power or GPUs, so those signals score 0. A sourced figure sent to hello@neocloudrankings.com goes straight into the next build.
Signals and facts
Source per value- ClusterMAX Tier in SemiAnalysis ClusterMAX 3.0 (23 Sep 2026), the public hands-on rating of GPU clouds. Medal tiers run Platinum, Gold, Silver, Bronze; Participation Ribbon sits between Bronze and Underperforming. Underperforming and Unavailable are the two groups SemiAnalysis lists under "Not Recommended": Unavailable covers providers it could not test or judged too small to rate. Empty when the provider is not listed.
- Platinum 4
- Contracted power MW Power the company states as contracted, secured or committed in its portfolio, in MW. Speculative pipeline and planned campuses are excluded; the power note quotes the company's own word for it.
- Not published
- Active power MW Power the company states as active, live, operational or managed today, in MW.
- Not published
- Power note What the power figures cover, the as-of date, and targets or planned campuses that are not counted.
- Q2 shareholder letter targets 5 GW contracted power at year-end 2026; this is guidance, not a current contracted-MW disclosure. Q3 results scheduled for 12 Nov 2026 before market open. 5
- Backlog $M Contracted revenue backlog, remaining performance obligations or total contracted value as the company states it, in USD millions.
- 40,000 2
- Backlog note Which backlog measure the company uses and its as-of date.
- More than $40B of investment-grade customer commitments in long-term contracts (Citi facility release, 22 Oct 2026). 2
- Quarterly revenue $M Latest reported quarterly revenue, in USD millions, from the company's results release or filing. Company-level unless the note says otherwise.
- 582.3 5
- Stated ARR $M Annualized run-rate revenue exactly as the company states it, in USD millions. We never annualize a quarter ourselves.
- 3,000 5
- Revenue note Period, basis and any revenue targets the company has stated.
- Quarter ended 30 Jun 2026, released 12 Aug 2026: group revenue $582.3M; ARR $3.0B at quarter-end (last month of AI cloud revenue x 12, company definition). Latest reported quarter verified at the 11 Nov 2026 snapshot. 5
- GPUs GPUs deployed, owned or under contract as the company states it.
- Not published
- GPU note What the GPU figure counts and when it was stated.
- Q2 shareholder letter describes initial Vera Rubin NVL72 systems for validation, but gives no fleet total; GPU count remains undisclosed. 5
- Capital raised $M Equity and debt raised, in USD millions: the total when the company states one, otherwise the rounds and facilities named in the capital note.
- 3,500 2
- Capital note Exactly which rounds, notes or facilities the capital figure covers, with dates.
- $3.5B 364-day senior secured financing facility from Citi, 22 Oct 2026. 2
- Customers Customers named publicly by the company, in its filings or in reputable press.
- Microsoft, Meta, Reflection, Cohere 5
- Ownership Publicly listed, privately held, or a subsidiary of another company.
- public 1
- Ticker Exchange and ticker symbol for listed companies.
- NASDAQ: NBIS 1
- Parent Owner or majority shareholder when the neocloud is part of another group.
- Not published
- Quarterly capex $M Latest disclosed quarterly capital expenditures, in USD millions. Context only; excluded from the composite score.
- 5,700 5
- Capex note Period and scope of capital expenditures, including whether figures are actuals or guidance.
- Quarter ended 30 Jun 2026, released 12 Aug 2026: capital expenditures approximately $5.7B, primarily GPUs, GPU-related hardware and data center expansion. Latest reported quarter verified at the 11 Nov 2026 snapshot. 5
- GPU models Hardware advertised or tested, with reservations and future availability explicitly noted. Context only; not a fleet count or scoring input.
- Not published
- Operating footprint Company or service geography as sourced; a general cloud footprint does not guarantee GPU stock in each region.
- Not published
- Deployment and orchestration Available provisioning and cluster management services; future features are labelled as such.
- Not published
- Cluster interconnect Published cluster network technology or bandwidth; not a measured service-quality claim.
- Not published
- Capacity scope Partner supply, network coverage and other non-fleet capacity signals excluded from GPU scoring.
- Not published
Sources
- About Nebius accessed 2026-11-09
- Nebius secures $3.5 billion financing facility with Citi accessed 2026-11-11
- Nebius reports second quarter 2026 financial results accessed 2026-11-11
- ClusterMAX 3.0 (SemiAnalysis, 23 Sep 2026) accessed 2026-11-11
- Nebius Q2 2026 shareholder letter, pp. 3–5 and 9–11 accessed 2026-11-11
- Nebius Q3 2026 reporting date (30 Oct 2026) accessed 2026-11-11
GPU prices, regions and services for Nebius: Nebius on Neocloud Companies.
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