- Nebius deployed five new data center locations in 2025 (build-to-suit facility in Vineland, New Jersey; co-location sites in Kansas City, London, UK, and Israel) and operated its owned greenfield site in Mäntsälä, Finland, bringing active power capacity to approximately 170 MW as of December 31, 2025. The Finland site's heat-recovery system reused nearly 20 GWh of server heat for municipal heating in 2025. In-house server and rack designs operate at 40°C (vs. the 27°C ASHRAE standard) using air cooling, and internal tests indicated approximately 20% lower power consumption than comparable third-party hardware. Capital expenditures for property, equipment, and intangibles reached $4.07 billion in 2025 (vs. $807.5 million in 2024), driven primarily by GPU server and data center infrastructure purchases.
- Nebius secured two landmark multi-year hyperscaler contracts in 2025: a five-year agreement with Microsoft (effective September 7, 2025) for dedicated GPU capacity at the Vineland, NJ data center with a total estimated value of up to ~$17.4 billion through 2031, with the first of nine tranches delivered in November 2025; and a five-year Cloud Infrastructure Services Agreement with Meta (November 1, 2025) with an initial order value of approximately $2.9 billion, with the first of two tranches delivered in December 2025. Both contracts include service-level commitments and allow customers to terminate individual tranches for delivery delays or availability failures. Deferred revenue rose to $1.58 billion at year-end, and remaining performance obligations totaled $21.3 billion, of which 28% is expected to be recognized within 24 months. The Nebius AI cloud segment generated $480.3 million in revenue in 2025 (up 603% year-over-year) and posted its first positive Adjusted EBITDA of $59.0 million (vs. a $128.5 million loss in 2024).
- Following a third-party investment led by Bezos Expeditions completed in May 2025, Nebius lost majority voting control of Toloka (reduced to 49% voting interest) and deconsolidated the business, reclassifying it as discontinued operations and accounting for the retained stake via the equity method and measurement alternative. The deconsolidation produced an $85.9 million gain. Separately, in May 2025 ClickHouse completed a Series C financing that triggered a $597.4 million upward revaluation of Nebius's minority stake under ASC 321. In January 2026 (subsequent event), ClickHouse completed a $400 million Series D at an approximately $15 billion valuation, and Nebius is assessing the fair-value impact of that transaction.
- Avride expanded its autonomous-vehicle and delivery-robot footprint significantly during 2025: entered a strategic partnership with Hyundai (March 2025) for joint development of an autonomous driving platform with initial deployment of 100 retrofitted Ioniq 5 SUVs; received a strategic investment of up to $375 million from Uber alongside Nebius (October 2025); launched commercial autonomous-vehicle ride-hailing on the Uber platform in Dallas in December 2025; expanded sidewalk-robot deliveries to Jersey City, NJ (February 2025), Ohio State University, and the University of Arizona (September 2025); began deployments at H-E-B supermarkets and for Mitsui Fudosan at Japan's largest outlet mall; and onboarded Shake Shack, Wendy's, and White Castle as distribution partners. Avride also completed a corporate reorganization in February 2025 establishing Avride Holding Inc. (Delaware) as an intermediate holding company and adopted a new employee stock incentive plan. Avride generated $1.3 million in revenue and an Adjusted EBITDA loss of $82.7 million in 2025.
- Nebius shipped two major platform releases in 2025: Nebius AI Cloud 3.0 'Aether' in Q3 2025, which embedded enterprise-grade security and governance features including SOC 2 Type II (with HIPAA), ISO 27001, NIS2/DORA alignment, fine-grained IAM with SSO and role-based access, and audit logging; and Nebius Token Factory in November 2025, an enterprise-grade managed inference service using token-based pricing (rather than GPU-per-hour) to deploy, optimize, and fine-tune open-source and custom models at scale, supporting DeepSeek, GPT-OSS, Llama, NVIDIA Nemotron, and Qwen. The company also announced in January 2026 (subsequent event) it would be among the first NVIDIA Cloud Partners to deploy the next-generation NVIDIA Vera Rubin NVL72 platform in the US and Europe. In March 2026 (subsequent event), Nebius acquired Tavily, an agentic search provider, for $177.3 million in cash plus contingent consideration, to integrate real-time search infrastructure into its cloud platform.
- Nebius raised over $5 billion in 2025 through a June convertible note issuance ($1.0 billion, 2.00%/3.00% due 2029/2031), a September convertible note issuance ($3.16 billion, 1.00%/2.75% due 2030/2032), and a concurrent September public offering of 12.4 million Class A shares ($1.15 billion gross). In November 2025 the company established an at-the-market equity program for up to 25 million Class A shares (unused as of the filing date). Headcount grew to approximately 1,500 employees (from 1,195 in 2024), the majority engineers, with product development headcount rising from 653 to 813. The company also received a $54.1 million grant from the Israeli Innovation Authority to establish an AI large-model training laboratory in Israel, with $44.4 million in cash installments received during 2025. In Q4 2025, $43.6 million of equipment was lost in transit; the equipment was fully insured and a claim was filed. The independent auditor issued an adverse opinion on internal control over financial reporting due to two material weaknesses (fixed-asset depreciation controls and TripleTen revenue recognition), with remediation expected to be completed by end of 2026.
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