Aslan Research · Data centers
Nebius Group N.V. (NBIS)
Data as of 2026-09-03 · 11 quarters · filed in USD · RUB-era filings not charted
Revenue of $328 million trails expenses of $584 million over the trailing year. That gap sits beside $8.5 billion of reported debt, giving the balance sheet far more scale than the recent operating base.
Earned, collected early, and merely signed
Reports $8.5B of debt; has promised $8.5B
Committed money matches reported debt at 1.0x. The full $8.5 billion commitment is tied to debt, with no added lease or purchase commitments shown here.
What the promised total is made of, latest quarter
Spending, by reported line
When the promises come due
The next five years carry $33.3 billion of debt payments, while only $119 million of future revenue is promised for that period. The due amount is 279.4x the promised revenue.
The rates that matter
Expenses as filed vs after cited reconciliation
62 patterns worth a second look
The filings show company financing for entities that also generate customer or operating revenue, including customer loans and sales-financing receivables. Five of 11 quarters changed after reconciliation, and several historical figures were dropped when extraction passes disagreed.
circular financing · 1
The filings report company financing of entities that also generate customer or operating revenue, including customer loans and sales-financing receivables.
extraction disagreement · 54
6-K yndx-20210428ex991b5575f.htm: the two extraction passes read revenue for 2020-03-31 as 47003000000 vs 47003000; the figure was dropped.
6-K yndx-20210428ex991b5575f.htm: the two extraction passes read revenue for 2021-03-31 as 73136000000 vs 73136000; the figure was dropped.
6-K yndx-20210428ex991b5575f.htm: the two extraction passes read cost_of_revenue for 2020-03-31 as 16235000000 vs 16235000; the figure was dropped.
+ 51 more
off balance sheet · 1
The filings report substantial executed leases not yet commenced, with prepaid amounts disclosed separately from lease liabilities.
one time dressing · 1
The Q1 2026 filing separately identifies $10.2 million of one-off restructuring and other expenses in its non-GAAP reconciliation.
regulator challenge · 1
A reply to SEC staff was filed on 2020-07-23, answering a staff comment letter dated 2020-07-07; it quotes 2 staff comments.
related party exposure · 1
Related-party financing and transactions recur across filings, including senior-employee loans and services involving ClickHouse.
subsequent event · 2
The FY2023 filing is followed by a disposition of businesses representing more than 95% of 2023 consolidated revenue.
The FY2025 filing reports a post-period Microsoft agreement with estimated fees up to $17.4 billion and a potential $19.4 billion expanded value.
value revision · 1
Several FY2022 comparative amounts are substantively revised in the FY2024 filing.