ℹ️ How are these calculated?
🎯 Investment Thesis
Nebius is CoreWeave's most direct competitor — full-stack AI GPU cloud infrastructure. Just acquired Tavily ($275M) to add agentic AI search to its platform, signaling expansion from pure infrastructure to software stack. Morgan Stanley initiated at Equal-Weight ($126), Citizens Market Outperform ($175), Northland PT $211. At 37% below ATH ($141) with earnings Feb 18 as the next catalyst. The Tavily acquisition differentiates vs CRWV by adding application-layer value.
⚠️ Key Risk
Not profitable — forward PE deeply negative (-45x). Revenue is tiny (~$500-550M guidance). Former Yandex assets create Russia sanctions overhang. Tavily acquisition ($275M) adds burn rate. Morgan Stanley only Equal-Weight — not all analysts are believers. Earnings Feb 18 is binary risk. Highly speculative — most of the value is in future contracts, not current operations.
By The Numbers
Event Impact
Full-stack AI infrastructure — GPU clusters, cloud platform, developer tools. Meta and Microsoft contracts. NVIDIA partnership.
Israel operations create mild geopolitical exposure.
No quantum relevance.
Netherlands-based. Minimal China exposure.
Unprofitable with deeply negative PE. Highly rate-sensitive speculative stock. $800M debt with -$3B FCF. Higher rates make capital-intensive GPU fleet expansion more expensive.
GPU cloud facilities are massive power consumers. Grid constraints limit where Nebius can build data centers.
Netherlands-based. No US fiscal exposure.
Price Targets
Upcoming Catalysts
Competitive Landscape
Most direct competitor — both GPU cloud plays
Smaller GPU cloud, less capitalized
Company Background
Formerly Yandex N.V. — Russia's Google. Restructured and divested Russian assets in 2024. Reborn as Nebius, an AI infrastructure company built on Yandex's world-class engineering talent.