Company Overview Nebius Group has emerged as one of 2025’s most compelling AI infrastructure stories, with the company delivering extraordinary Q2 2025 results that showcased 625% year-over-year revenue growth to $105.1 million and 106% quarter-over-quarter growth. The Amsterdam-based company provides full-stack AI infrastructure including large-scale GPU clusters, cloud platforms, and developer tools – positioning itself as critical backend infrastructure for the AI revolution.
What makes Nebius particularly compelling right now is the massive $4.2 billion in fresh capital it just raised in September 2025 through a combination of equity and convertible notes offerings. This war chest, combined with its rapidly expanding customer base including Microsoft, Cloudflare, Shopify, and leading AI startups like HeyGen and Photoroom, positions Nebius to aggressively scale its GPU capacity and data center footprint to meet exploding AI infrastructure demand.
Key Technical and Fundamental Drivers
Fresh Capital Raise → $4.2B September Financing Nebius completed two major offerings in September: $1 billion in equity at $92.50 per share and $2.75 billion in convertible notes, providing massive expansion capital for GPU clusters and data center growth.
Explosive Revenue Growth → 625% Year-Over-Year Q2 2025 results showed revenue of $105.1 million, representing 625% YoY growth and 106% quarter-over-quarter growth, with the company achieving positive adjusted EBITDA ahead of schedule.
Raised Guidance → $900M-$1.1B ARR Target Management increased 2025 annualized run-rate revenue guidance from $750M-$1B to $900M-$1.1B, reflecting accelerating demand for AI infrastructure services.
“Next Nvidia” Positioning → Analyst Coverage The Motley Fool recently highlighted NBIS as potentially “the next Nvidia in the 2030s,” with shares already up 222% year-to-date as Wall Street recognizes its strategic positioning.
Massive Capacity Expansion → 1GW Power Target Nebius is targeting 1 gigawatt of secured power by end of 2026, including expansion in New Jersey, Finland, UK, and Israel, with new data centers reducing costs by 20%.
Market Takeaway Nebius represents a rare opportunity to invest in the “picks and shovels” of the AI revolution at a potentially early stage. While the stock’s 222% year-to-date surge might give some investors pause, the September capital raise demonstrates both institutional confidence and provides Nebius with the resources needed to scale aggressively. The company’s positioning is particularly compelling as AI demand continues to outstrip available infrastructure capacity.
The fresh $4.2 billion in funding removes execution risk around capacity expansion, while the growing roster of blue-chip customers like Microsoft provides revenue visibility and validation. With management repeatedly raising guidance throughout 2025 and targeting 1 gigawatt of power by 2026, Nebius could be entering the exponential growth phase that made Nvidia a trillion-dollar company. The key risk is the premium valuation at 88 times sales, but for investors betting on continued AI infrastructure buildout, NBIS offers direct exposure to one of the most critical bottlenecks in the space. As enterprises increasingly need dedicated GPU clusters for AI workloads, companies like Nebius that can provide scalable, reliable infrastructure could see explosive demand for years to come.