Nebius Group (NBIS) UBS’s 2025 Global Technology and AI Conference summary

Industry context and company background

• Emerging cloud infrastructure players are experiencing rapid growth, with Nebius reaching a EUR 25 billion market cap in under two years.

• Nebius benefits from a team of 1,000 engineers with deep experience from Yandex, enabling rapid scaling and infrastructure expertise.

• The company positions itself as a hyperscaler, not just a GPU rental provider, focusing on full-stack AI infrastructure.

Core strengths and platform vision

• Offers a vertically integrated platform, from hardware to AI-specific software, supporting both startups and large enterprises.

• Delivers gigawatt-scale infrastructure, custom-built data centers, and in-house server design for efficiency and margin improvement.

• Provides 24/7 support staffed by AI engineers, enhancing customer experience and technical problem-solving.

• Continuously expands platform functionality, aiming to cover all data, development, security, and operational needs for AI engineers.

• Plans to partner with ecosystem suppliers for non-core needs, ensuring a comprehensive, integrated offering.

Customer base and market outlook

• Intends to serve all market segments, with analysis suggesting two-thirds of future opportunity will be in the enterprise sector.

• Early enterprise adoption is cautious but growing, with specific use cases in verticals like finance and high-frequency trading.

• Five-year vision anticipates servicing both scale enterprises and AI-native startups with the same infrastructure.