Only 1 of 4 factors can be computed from what this company has published, covering 30% of the score's weight. A composite below 60% coverage is withheld rather than shown with the gaps treated as passes.
Promise deliveryNot availableNo guided milestone has been reached yet, so there is nothing to score.35%
Evidence quality4 of 7 confirmed30%
Timeline stabilityNot availableThis company has guided no dated milestone.20%
FinancingNot availableFinancing is not disclosed as a project milestone.15%
Path to billingFurthest reached anywhere: Construction
A stage is marked complete when any of Nebius Group's
2 tracked projects has reached it —
this is the furthest the company has got anywhere, not the state of every site.
Open a stage to see which sites evidence it.
Capacity truthFour different measurements
⌁3.50 GWSecuredGross
§Not disclosedContractedN/ANothing published to derive from
▣Not disclosedEnergisedN/ANothing published to derive from
$Not disclosedBillingN/ANothing published to derive from
These are four separate disclosures on different bases, not four stages of one
funnel. Secured power is measured at the utility connection; the rest are critical IT. They are
never subtracted from one another.
Revenue calculatorWhat billing capacity implies, and what it would be worth
The megawatts and the revenue rate come from what Nebius Group has published.
The multiple does not — it is an opinion, and it is the input that moves the answer most.
Nothing here is a price target.
This company cannot be modelled: no capacity is disclosed or derivable as billing; no contract discloses value, megawatts and term together, so no revenue rate can be derived.
A sector average would describe a different business, so none is substituted.
How estimates work.
Nebius Group at a glance
Every figure below is sourced
Nebius builds and operates AI cloud infrastructure in Europe and the United States, selling GPU compute to AI developers and large technology customers.
◇Full stack●Reached: Building
How far it has actually got
Select a step for its evidence
Mäntsälä, Finland
Mäntsälä, Finland
No evidence recorded yet
No evidence recorded yet
No evidence recorded yet
No evidence recorded yet
Where the power goes
Each bar is drawn to the same scale. A dashed row means the company has not published
that figure — it is not zero. Where the dashed line appears, the measurement itself changes from
power at the utility connection to usable capacity inside the hall, so the step down is a change
of definition rather than capacity going missing.
What it owns, and what the customer brings
The company owns every layer from grid power through to the accelerators, and sells finished compute.
Where it operates
2 recorded sites
🇫🇮1
🇺🇸1
A filled dot is a site with a published capacity figure; an outlined dot is a
site named in filings without one. Positions are schematic, not geographic.
Capacity record
Every value with its evidence
Measure
Value and evidence
Secured powerPower capacity controlled through executed utility, interconnection, energy-service, lease or comparable arrangements. It may include capacity already operating as well as capacity awaiting development. Secured power indicates supply control, not customer demand or completed compute capacity.
≥3.50 GW●Confirmed≥Disclosed minimumGross↗ sec.govas of 31 Mar 2026Evidence · 1 source
Stated as "more than 3.5 GW" — the latest explicitly measured contracted-power figure before Q2. Recorded as a minimum because the disclosure is a floor, not a total.
Development pipelineIdentified development opportunity that is not yet secured — sites under study, options, and applications lodged. Reported separately from secured power and never added to it.
Not disclosed—Not disclosed
Customer-contractedCompute or capacity a paying customer has committed to under a signed contract. Demand, not supply. Frequently disclosed only for individual named contracts, in which case the site total is a disclosed minimum rather than an exhaustive figure.
Not disclosed—Not disclosedEvidence
Not disclosed in megawatts. The Meta agreement is disclosed in dollars.
Verified
Not verified
Type
Actual
Coverage
Not exhaustive — may be higher
Under constructionCapacity with physical construction under way. Capital committed, no revenue from it yet.
Not disclosed—Not disclosed
Energised critical ITCritical IT load live and drawing power. Often described by companies as "active" or "operational" capacity. It does not by itself mean a customer is paying for it.
Not disclosed—Not disclosedEvidence
CORRECTION: 310 MW was previously shown here as energised critical IT. That figure is the capacity the Finland facility is expected to reach when fully deployed, not capacity energised today. It is now held as planned project capacity. No comparable current energised figure has been disclosed.
Verified
Not verified
Type
Actual
Coverage
Not exhaustive — may be higher
Customer-acceptedCapacity formally accepted under the relevant customer agreement. Acceptance may trigger billing or revenue recognition, but the commercial effect is contract-specific and must be separately evidenced.
Not disclosed—Not disclosed
Revenue liveCapacity for which the company has explicitly disclosed that billing, rent commencement or revenue generation has begun. Billing, GAAP revenue recognition and cash receipt are not assumed to occur simultaneously.
Not disclosed—Not disclosed
Targets
Management goals — excluded from all current totals
Secured power targetYear-end contracted-power target raised to 5 GW in the Q2 2026 shareholder letter. A goal, not current capacity.
5 GW●Confirmed◇TargetGross↗ assets.nebius.comas of 31 Dec 2026Evidence · 1 source
Year-end contracted-power target raised to 5 GW in the Q2 2026 shareholder letter. A goal, not current capacity.
Gates advance independently. Zoning can be granted while environmental approval,
financing and interconnection all remain outstanding — a single stage label would hide that.
Mäntsälä, Finland
Finland
310 MWCritical IT◇Target●Confirmed
CORRECTION: 310 MW is the capacity this facility is expected to reach when fully deployed — planned project capacity, not capacity energised today. It was previously counted as current energised critical IT.
Conditional on events that have not occurred. Never added to committed revenue.
Delivered
None yet
Contracted is not delivered. Nothing has been accepted under this agreement yet.
$12bn dedicated-capacity commitment over five years, plus up to a further $15bn relating to additional or otherwise unsold capacity. The $27bn maximum is conditional and is not committed revenue.
Committed value and conditional maximum are shown apart and never added. Where a
company discloses a ceiling — "up to" — the difference depends on events that have not happened.
Contract detail
Every disclosed field
Scroll sideways for all columns →
Customer
MW
Term
Value
Delivered
Terms
Meta Platforms
Not disclosed
5 yr
$12bn committedup to $27bn maximum — conditional, not committed revenue
Not disclosed
$12bn dedicated-capacity commitment over five years, plus up to a further $15bn relating to additional or otherwise unsold capacity. The $27bn maximum is conditional and is not committed revenue.↗ nebius.com
Verified changes
2 events
31 Dec 2026announced 7 Aug 2026
Year-end contracted-power target raised to 5 GW, from a measured "more than 3.5 GW".
A target, not delivered capacity. The 3.5 GW is the last explicitly measured figure; the 5 GW is an ambition for 31 December 2026 and is excluded from every current-capacity total.
Meta agreement: $12bn dedicated-capacity commitment over five years.
A further $15bn may follow, relating to additional or otherwise unsold capacity, for a maximum of approximately $27bn. Only the $12bn is a commitment; the balance is conditional and is not displayed as committed revenue.
Management target to reach 5 GW of contracted power by year end, raised from a measured "more than 3.5 GW". A target date for a target figure — it is not a scheduled event and its achievement is not assured.
Write down what you expect Nebius Group to deliver, and by when. T2C scores it
later against the same evidenced gates it uses everywhere else — not against the share price.
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About Nebius
Last verified 15 Aug 2026
Nebius builds and operates AI cloud infrastructure in Europe and the United States, selling GPU compute to AI developers and large technology customers.
Nebius is a European full-stack AI infrastructure operator. It builds its own data centres, owns the accelerators inside them and sells compute capacity directly. Its original Finnish site is being expanded while a large US campus is developed, and management has set a materially raised contracted-power target for year end.
Company facts
Legal name
Nebius Group N.V.
Ticker / exchange
NBIS · NASDAQ
Founded
Not disclosed
Headquarters
Amsterdam, Netherlands
Business model
Full stack
Last verified
15 Aug 2026
Who leads it
Arkady Volozh
Founder and Chief Executive Officer
In role since 1 Aug 2024
Founder of the group and Chief Executive Officer since August 2024.
Owns the accelerators and sells finished compute. Captures far more revenue per megawatt, and carries the chip capital cost and obsolescence risk to match.
Where it operates
Finland
United States (Missouri)
Netherlands
Operating presence as disclosed. This is not the same as future pipeline —
a named location may hold nothing but secured power.
Publicly disclosed customers
Meta Platforms
Only customers the company has named publicly. Several tracked companies
describe counterparties only as "investment-grade hyperscaler", and those are not guessed at here.
