Nebius Group N.V.
- Growing?
- Yes: revenue went from $14M in FY22 to $530M in FY25.
- Expensive?
- EV / revenue 27.7×. EV/revenue above the peer median of 12.4x: pricier than its peers.
- Analysts?
- 68% of 22 say buy; average 12-month target $271, 111% above today's price.
- Risky?
- Much swingier than most large companies: its price swung 113% over the past year (the S&P 500's 14%), and it fell as much as 58% since Oct 2024.
Nebius Group N.V. (NASDAQ: NBIS) is a technology company building full-stack AI cloud infrastructure, including large-scale GPU clusters, a proprietary AI cloud platform, and software tooling for AI model training and inference, monetized primarily via usage-based cloud consumption (compute, storage, networking).
More about Nebius Group
Market Position
Nebius competes in the fast-growing AI “neocloud” / GPU-cloud market, differentiated by an AI-native stack (high-density NVIDIA GPU infrastructure plus orchestration such as Kubernetes/Slurm) and partnerships that support rapid capacity expansion for AI workloads.
Key Segments
In addition to its core AI Cloud business, Nebius Group has operated other technology businesses including Avride (autonomous technologies), Toloka (AI data solutions), and TripleTen (edtech).
How has the stock done?
Over the past month NBIS fell 38.8%; the communication services ETF (XLC) fell 3.5% and the S&P 500 fell 2.7%.
Over the past six months NBIS fell 28.2%; the communication services ETF (XLC) fell 7.2% and the S&P 500 rose 2.6%.
Over the past year NBIS rose 36.3%; the communication services ETF (XLC) fell 5.3% and the S&P 500 rose 10.8%.
From Feb 18, 2025 to Apr 8, 2025, the deepest drop from a high since Oct 2024
How much the price swings in a year; the S&P 500's was 14%
When the S&P 500 moves 1%, the stock has moved about 3.9% the same way
Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026.
Is the business growing?
Revenue went from $14M in FY22 to $530M in FY25; net income from $746M to $83M.
Show the data
| Fiscal year | Revenue | Net income |
|---|---|---|
| FY22 | $14M | $746M |
| FY23 | $10M | $241M |
| FY24 | $92M | −$641M |
| FY25 | $530M | $83M |
Fiscal years: Yahoo Finance.
How it makes money
Of every $100 in revenue, $15.6 ends up as net income. Net margin fell from 5523.0% to 15.6% over the past 3 years.
+179.0 pts over 3 years
Loss exceeds revenue
−5507.4 pts over 3 years
Each margin is that line of the income statement divided by revenue. Fiscal year: Yahoo Finance, operating income as filed with the SEC where its quarters cover the year.
Customers and suppliers
In its latest annual report Nebius Group buys from NVIDIA; sells to Microsoft, Meta Platforms. It sells through the platforms of Grubhub.
Suppliers
NBISNebius GroupCustomers
Partners
NVIDIA NVDAinvested in Nebius Group · Invests through pre-funded share purchase warrantApproximately $2 billion gross proceeds, March 11, 2026
Uber UBERinvested in Nebius Group · Invests in Avride; deploys autonomous servicesParticipated in investment of up to $375 million, October 2025
HyundaiJointly develops autonomous driving platform
Shake Shack SHAKParticipates in Avride delivery partner network
Wendy’s WENParticipates in Avride delivery partner networkPlatforms
Changes since the previous annual report (20-F filed Apr 30, 2025)
Meta Platforms METANamed for the first time, as a customerUp to approximately $27 billion under March 2026 agreementShake Shack SHAKNamed for the first time, as a partnerWendy’s WENNamed for the first time, as a partner
Anthropic ANTNo longer named (was a customer)
ServiceNow NOWNo longer named (was a customer)
RakutenNo longer named (was a partner)Show the filing's words
| Company | Role | In the filing's words |
|---|---|---|
| Microsoft | customer | “Effective as of September 7, 2025, our wholly owned subsidiary, Nebius, Inc., entered into a commercial agreement with Microsoft Corp (“Microsoft”), pursuant to which we are providing Microsoft access to dedicated GPU infrastructure capacity in clusters at our new data center in Vineland, New Jersey over a five-year term....Subject to the satisfaction of deployment and availability of the GPU clusters, the total contract value is estimated to be up to about $17.4 billion through 2031.” |
| Meta Platforms | customer | “On March 13, 2026, our wholly owned subsidiary, Nebius, Inc., entered into an Infrastructure Services Agreement with Meta Platforms, Inc. (“Meta”), pursuant to which we and Meta will enter into a series of orders, each for a duration of five years (each an “Order”). The Agreement and the initial Orders thereunder have a total contract value of up to approximately $27 billion.” |
| NVIDIA | supplier | “We currently rely on Nvidia for the GPU chips we use and on a limited number of other suppliers for other key components in our infrastructure.” |
| NVIDIA | partner · invested in Nebius Group | “On March 11, 2026, we entered into a securities purchase agreement with NVIDIA Corporation (“NVIDIA”), pursuant to which we sold, in a private placement for aggregate gross proceeds of approximately $2 billion, a pre-funded Class A shares purchase warrant (the “Warrant”), exercisable to purchase an aggregate of 21,065,936 Class A shares, nominal value €0.01 per share (the “Warrant Shares”), at a purchase price of $0.0001 per Class A share, subject to certain adjustments in accordance with the terms of the Warrant.” |
| Uber | partner · invested in Nebius Group | “In October 2025, Uber participated alongside us in an investment of up to $375 million into Avride.” |
| SMB | partner · invested in Nebius Group | “In October 2025, Avride issued a Simple Agreement for Future Equity (“SAFE”) to SMB Holding Corporation (“SMB”) in exchange for cash consideration of $100.0. In connection with this arrangement, Avride also granted SMB a contingent right to receive an additional SAFE with a principal amount of $75 million upon achievement of specified operational and financing milestones (the “Tranche Right”).” |
| Hyundai | partner · co-develops with it | “In March 2025, Avride entered a strategic partnership with Hyundai for the joint development of an autonomous driving platform and the expansion of its fleet.” |
| Shake Shack | partner | “Core to Avride’s growth and distribution strategy is expanding the partner network. During 2025, Avride onboarded Shake Shack, Wendy’s, and White Castle, and signed commercial agreements with Uber Eats and Grubhub to utilize those distribution platforms.” |
| Wendy’s | partner | “Core to Avride’s growth and distribution strategy is expanding the partner network. During 2025, Avride onboarded Shake Shack, Wendy’s, and White Castle, and signed commercial agreements with Uber Eats and Grubhub to utilize those distribution platforms.” |
| White Castle | partner | “Core to Avride’s growth and distribution strategy is expanding the partner network. During 2025, Avride onboarded Shake Shack, Wendy’s, and White Castle, and signed commercial agreements with Uber Eats and Grubhub to utilize those distribution platforms.” |
| Grubhub | platform · Nebius Group sells through it | “During 2025, Avride onboarded Shake Shack, Wendy’s, and White Castle, and signed commercial agreements with Uber Eats and Grubhub to utilize those distribution platforms.” |
| ClickHouse | partner · Nebius Group invested in it | “For the year ended December 31, 2025, net cash used in investing activities was $4,229.2 million. The amount was primarily related to purchases of property and equipment of $4,066.0 million, investments in term deposits of $75.0 million, and cash paid for equity securities of ClickHouse and Toloka of $50.0 million and $42.7 million, respectively, partially offset by $4.5 million of net cash provided by other investing activities.” |
| Toloka | partner · Nebius Group invested in it | “As of December 31, 2025 investment in Toloka represents an investment in combination of common stock and preferred stock, initially recognized at fair value as of the date of Toloka Deconsolidation. The Group holds 81% of the economic interest and 49% of the voting interest in Toloka on an outstanding basis.” |
Only the companies Nebius Group names in its 20-F filed Apr 30, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Platforms: an app store, a console maker or a marketplace one company sells through and pays a share or a fee; not supply, so not on the chain. Hover a name for the filing's own words.
Is it expensive?
EV/revenue of 27.7x, above the peer median of 12.4x.
EV/revenue above the peer median of 12.4x: pricier than its peers.
Show the data
| Company | EV / revenue |
|---|---|
| WULF · TeraWulf Inc. | 53.4× |
| NBIS · Nebius Group N.V. | 27.7× |
| IREN · IREN Limited | 21.5× |
| APLD · Applied Digital Corporation | 12.4× |
| CRWV · CoreWeave, Inc. | 9.5× |
| CLSK · CleanSpark, Inc. | 4.9× |
Its peers here are the other AI infrastructure companies on this site, a group kept by hand: Yahoo Finance's Internet Content & Information list is another business.
Compared on enterprise value (market cap plus debt minus cash) per $1 of revenue: for companies that reinvest what they earn or borrow to grow (software, AI data centers), P/E can mislead.
What analysts expect
The average analyst price target is $271, 111% above the current price; 68% of 22 analysts rate it a buy; earnings beat estimates in 3 of the last 4 quarters.
Buy or Strong Buy: 15 analysts (68%). Sell or Strong Sell: 1.
Over the past year the average of the analysts' latest price targets went from $150.80 to $279.27 (+85%), while NBIS went from $88.63 to $128.64 (+45%). In the past three months targets were raised 3 times and cut twice. 2 upgrades and no downgrades over the year; the latest: BNP Paribas moved it to Outperform from Neutral on Sep 24, 2026.
Show every change
| Date | Firm | Change | Rating | Target |
|---|---|---|---|---|
| Nov 4, 2026 | Citigroup | Target cut | Buy | $265.00, was $324.00 |
| Oct 21, 2026 | Piper Sandler | Target cut | Neutral | $185.00, was $237.00 |
| Oct 8, 2026 | Rosenblatt | Began coverage | Buy | $304.00 |
| Sep 30, 2026 | William Blair | Began coverage | Outperform | — |
| Sep 24, 2026 | BNP Paribas | Upgrade | Outperform, was Neutral | $399.00, was $260.00 |
| Sep 21, 2026 | Rothschild & Co | Began coverage | Sell | $84.00 |
| Sep 9, 2026 | Truist Securities | Began coverage | Buy | $355.00 |
| Aug 18, 2026 | DA Davidson | Target raised | Neutral | $250.00, was $175.00 |
| Aug 14, 2026 | Citigroup | Target raised | Buy | $324.00, was $278.00 |
| Aug 13, 2026 | DA Davidson | Target kept | Neutral | $175.00 |
| Aug 13, 2026 | Baird | Target raised | Outperform | $340.00, was $250.00 |
| Aug 8, 2026 | DA Davidson | Target cut | Neutral | $175.00, was $250.00 |
| Aug 5, 2026 | Citigroup | Target cut | Buy | $278.00, was $287.00 |
| Aug 3, 2026 | Piper Sandler | Began coverage | Neutral | $224.00 |
| Jul 22, 2026 | Baird | Began coverage | Outperform | $250.00 |
| Jul 20, 2026 | Northland Capital Markets | Target raised | Outperform | $410.00, was $248.00 |
| Jul 20, 2026 | Freedom Capital Markets | Upgrade | Buy, was Hold | $200.00, was $159.00 |
| Jun 8, 2026 | B of A Securities | Target raised | Buy | $280.00, was $240.00 |
| Jun 2, 2026 | BNP Paribas | Began coverage | Neutral | $255.00 |
| May 15, 2026 | Citigroup | Target raised | Buy | $287.00, was $169.00 |
| May 14, 2026 | Morgan Stanley | Target raised | Equal-Weight | $144.00, was $126.00 |
| May 14, 2026 | Citizens | Target raised | Market Outperform | $270.00, was $175.00 |
| May 14, 2026 | DA Davidson | Target raised | Buy | $250.00, was $200.00 |
| May 14, 2026 | B of A Securities | Target raised | Buy | $240.00, was $205.00 |
| May 11, 2026 | B of A Securities | Target raised | Buy | $205.00, was $175.00 |
| Apr 16, 2026 | Wolfe Research | Began coverage | Peer Perform | — |
| Apr 9, 2026 | Cantor Fitzgerald | Began coverage | Overweight | $129.00 |
| Mar 24, 2026 | B of A Securities | Began coverage | Buy | $150.00 |
| Mar 16, 2026 | DA Davidson | Target raised | Buy | $200.00, was $150.00 |
| Mar 16, 2026 | BWS Financial | Target raised | Buy | $200.00, was $130.00 |
| Mar 16, 2026 | Citigroup | Began coverage | Buy | $169.00 |
| Feb 18, 2026 | Compass Point | Began coverage | Buy | $150.00 |
| Feb 17, 2026 | BWS Financial | Target kept | Buy | $130.00 |
| Jan 15, 2026 | Morgan Stanley | Began coverage | Equal-Weight | $126.00 |
| Nov 19, 2025 | Citizens | Began coverage | Market Outperform | $175.00 |
| Nov 13, 2025 | BWS Financial | Target kept | Buy | $130.00 |
Show the data
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| Dec ’25 | −$0.60 | −$0.99 | −65.0% |
| Mar ’26 | −$0.71 | $2.11 | +397.2% |
| Jun ’26 | −$0.86 | −$0.68 | +20.9% |
| Sep ’26 | −$1.24 | −$0.13 | +89.5% |
For the quarter ending Dec 2026, analysts expect an adjusted loss of $1.17 a share and revenue of $1.3B. For the fiscal year ending Dec 2027, they expect revenue of $12.1B, up 274% on the year before's estimate.
Adjusted. Dec 2025: a loss of $0.99, far from its estimate; range −$1.48 to −$0.85; 2 analysts
Range $1.1B to $1.5B; 12 analysts
The year to Dec 2026: $3.2B expected; range $8.8B to $14.6B; 22 analysts
Show the data
| Period | Figure | Expected | Low to high | Analysts | A year earlier | Change |
|---|---|---|---|---|---|---|
| Quarter ending Dec 2026 | EPS (adjusted) | −$1.17 | −$1.48 to −$0.85 | 2 | −$0.99 (Dec 2025) | — |
| Quarter ending Dec 2026 | Revenue | $1.3B | $1.1B to $1.5B | 12 | — | — |
| Quarter ending Mar 2027 | EPS (adjusted) | −$2.36 | −$4.24 to −$0.73 | 3 | $2.11 (Mar 2026) | — |
| Quarter ending Mar 2027 | Revenue | $2.0B | $1.6B to $2.7B | 16 | — | — |
| Year ending Dec 2026 | Revenue | $3.2B | $3.1B to $3.4B | 15 | — | — |
| Year ending Dec 2027 | Revenue | $12.1B | $8.8B to $14.6B | 22 | $3.2B (expected, year to Dec 2026) | +274% |
Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.
Where the cash goes
Capex of $11.2B exceeds operating cash flow of $5.3B, leaving free cash flow of −$5.9B. The gap has to be covered with cash on hand or borrowing.
Show the data
| Line | Amount |
|---|---|
| Op. cash flow | $5.3B |
| Capex | −$11.2B |
| Free cash flow | −$5.9B |
| Dividends | — |
| Buybacks | — |
| Cash retained | −$5.9B |
Free cash flow is negative, so the company is burning cash.
No dividend today; cash goes to growth and share buybacks.
Free cash flow: operating cash flow minus capital spending. Last 4 quarters: Yahoo Finance, buybacks from SEC filings where they have the quarter.
Financial health
Current ratio 3.1, no pressure to repay short-term debt; debt-to-equity 0.9, debt is moderate.
Assets that can be turned into cash soon are 3.1x what is owed within a year. 1.5 or higher is comfortable; below 1 needs watching.
For every $1 of shareholder funds, there is $0.9 of debt (leases not counted). The higher the number, the more pressure when the economy weakens.
Cash and short-term investments of $3.7B against debt of $4.1B. Lease obligations of $845M are not counted: they are rent owed, not money borrowed. It also holds $848M of long-term investments, $837M of them securities it could sell.
Latest fiscal year balance sheet. Source: Yahoo Finance.
Who holds it
In the filings of 6 funds whose copy leaves NBIS out (on the exchange, not in the app yet): Rovida Investment Management, Nvidia, Mirae Asset Global Investments, Swiss National Bank, Norges Bank, Baillie Gifford &.
What did the funds Hunch tracks do?
Of the 83 funds whose 13F filings Hunch reads, 13 held NBIS at the end of their latest quarter (for most, Q2 2026). Over that quarter 7 added shares, 1 cut, 4 bought new, 2 sold all and 1 held the same. The largest of them is Situational Awareness, 4.46M shares worth $1.2B at Jun 30, 2026.
4 of them new holders
2 of them sold all
Show every fund
| Fund | Quarter | Shares | Value | Change in shares | Change | Filed |
|---|---|---|---|---|---|---|
| Situational Awareness | Q2 2026 | 4.46M | $1.2B | +4.46M | New | Aug 14, 2026 |
| Lone Pine Capital | Q2 2026 | 4.26M | $1.2B | +4.26M | New | Aug 14, 2026 |
| Norges Bank | Q2 2026 vs Q4 2025 | 2.91M | $804M | +2.90M | +18682% | Aug 12, 2026 |
| Rovida Investment Management | Q2 2026 | 2.00M | $551M | +102,500 | +5.4% | Aug 5, 2026 |
| Nvidia | Q2 2026 | 1.19M | $329M | 0 | 0.0% | Aug 14, 2026 |
| Swiss National Bank | Q3 2026 | 675,290 | $159M | −10,300 | −1.5% | Nov 12, 2026 |
| Mirae Asset Global Investments | Q3 2026 | 497,582 | $117M | +198,423 | +66% | Nov 3, 2026 |
| Soros Fund Management | Q2 2026 | 310,000 | $85.6M | +310,000 | New | Aug 14, 2026 |
| National Pension Service | Q3 2026 | 321,988 | $76.0M | +9,685 | +3.1% | Nov 12, 2026 |
| Nomura Holdings | Q2 2026 | 217,446 | $60.1M | +169,761 | +356% | Aug 14, 2026 |
| Soma Equity Partners | Q2 2026 | 162,685 | $44.9M | +162,685 | New | Aug 14, 2026 |
| Korea Investment | Q2 2026 | 147,168 | $40.6M | +15,955 | +12% | Aug 12, 2026 |
| Bridgewater Associates | Q2 2026 | 0 | — | −157,064 | Sold all | Aug 14, 2026 |
| Baillie Gifford & | Q3 2026 | 23,272 | $5.5M | +23,229 | +54021% | Nov 9, 2026 |
| Fisher Asset Management | Q3 2026 | 0 | — | −1,586 | Sold all | Nov 6, 2026 |
From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of NBIS at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.
Are insiders buying or selling?
Officers and directors bought $330K and sold $266M of NBIS on the open market in the 12 months to Nov 12, 2026. 100% of the sales were made under 10b5-1 plans, set up in advance. The largest was Ophir Nave (COO; director), who sold $118M in 12 sales.
102 sales
11 purchases
Share of the sales' value
Show every trade
| Date | Insider | Role | Trade | Shares | Price | Value | Filed |
|---|---|---|---|---|---|---|---|
| Oct 29, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 333 | $173.07 | $58K | Nov 2, 2026 |
| Oct 29, 2026 | Arne Grimme | Director | Buy | 148 | $169.42 | $25K | Oct 30, 2026 |
| Oct 28, 2026 | Arne Grimme | Director | Buy | 148 | $169.84 | $25K | Oct 29, 2026 |
| Oct 27, 2026 | Arne Grimme | Director | Buy | 205 | $159.04 | $33K | Oct 29, 2026 |
| Oct 26, 2026 | Arne Grimme | Director | Buy | 208 | $153.96 | $32K | Oct 26, 2026 |
| Oct 23, 2026 | Arne Grimme | Director | Buy | 205 | $158.98 | $33K | Oct 26, 2026 |
| Oct 22, 2026 | Arne Grimme | Director | Buy | 357 | $161.97 | $58K | Oct 26, 2026 |
| Oct 21, 2026 | Arne Grimme | Director | Buy | 148 | $167.94 | $25K | Oct 21, 2026 |
| Oct 20, 2026 | Arne Grimme | Director | Buy | 151 | $164.62 | $25K | Oct 21, 2026 |
| Oct 19, 2026 | Arne Grimme | Director | Buy | 148 | $169.99 | $25K | Oct 20, 2026 |
| Oct 16, 2026 | Arne Grimme | Director | Buy | 148 | $169.99 | $25K | Oct 16, 2026 |
| Oct 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 200 | $164.80 | $33K | Oct 19, 2026 |
| Oct 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 500 | $166.78 | $83K | Oct 19, 2026 |
| Oct 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 500 | $167.80 | $84K | Oct 19, 2026 |
| Oct 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 100 | $168.57 | $17K | Oct 19, 2026 |
| Oct 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 100 | $170.00 | $17K | Oct 19, 2026 |
| Oct 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 400 | $171.38 | $69K | Oct 19, 2026 |
| Oct 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 200 | $172.59 | $35K | Oct 19, 2026 |
| Oct 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 400 | $174.70 | $70K | Oct 19, 2026 |
| Oct 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 500 | $175.72 | $88K | Oct 19, 2026 |
| Oct 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 700 | $176.72 | $124K | Oct 19, 2026 |
| Oct 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 400 | $177.90 | $71K | Oct 19, 2026 |
| Oct 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 400 | $179.03 | $72K | Oct 19, 2026 |
| Oct 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 600 | $180.26 | $108K | Oct 19, 2026 |
| Oct 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 400 | $181.27 | $73K | Oct 19, 2026 |
| Oct 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 200 | $182.21 | $36K | Oct 19, 2026 |
| Oct 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 200 | $184.35 | $37K | Oct 19, 2026 |
| Oct 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 400 | $186.67 | $75K | Oct 19, 2026 |
| Oct 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 960 | $188.20 | $181K | Oct 19, 2026 |
| Oct 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 100 | $188.77 | $19K | Oct 19, 2026 |
| Oct 15, 2026 | Arne Grimme | Director | Buy | 148 | $169.99 | $25K | Oct 16, 2026 |
| Oct 12, 2026 | Marc Boroditsky | Chief Revenue Officer | Sale (10b5-1 plan) | 7,000 | $211.23 | $1.5M | Oct 13, 2026 |
| Oct 5, 2026 | Ophir Nave | COO; director | Sale (10b5-1 plan) | 16,220 | $231.12 | $3.7M | Oct 6, 2026 |
| Oct 5, 2026 | Ophir Nave | COO; director | Sale (10b5-1 plan) | 61,210 | $232.37 | $14.2M | Oct 6, 2026 |
| Oct 5, 2026 | Ophir Nave | COO; director | Sale (10b5-1 plan) | 56,426 | $233.19 | $13.2M | Oct 6, 2026 |
| Oct 5, 2026 | Ophir Nave | COO; director | Sale (10b5-1 plan) | 48,845 | $234.21 | $11.4M | Oct 6, 2026 |
| Oct 5, 2026 | Ophir Nave | COO; director | Sale (10b5-1 plan) | 106,718 | $235.24 | $25.1M | Oct 6, 2026 |
| Oct 5, 2026 | Ophir Nave | COO; director | Sale (10b5-1 plan) | 73,588 | $235.99 | $17.4M | Oct 6, 2026 |
| Oct 5, 2026 | Ophir Nave | COO; director | Sale (10b5-1 plan) | 18,224 | $237.15 | $4.3M | Oct 6, 2026 |
| Oct 5, 2026 | Ophir Nave | COO; director | Sale (10b5-1 plan) | 48,655 | $238.22 | $11.6M | Oct 6, 2026 |
| Oct 5, 2026 | Ophir Nave | COO; director | Sale (10b5-1 plan) | 48,061 | $239.23 | $11.5M | Oct 6, 2026 |
| Oct 5, 2026 | Ophir Nave | COO; director | Sale (10b5-1 plan) | 14,853 | $240.00 | $3.6M | Oct 6, 2026 |
| Oct 5, 2026 | Ophir Nave | COO; director | Sale (10b5-1 plan) | 1,200 | $241.02 | $289K | Oct 6, 2026 |
| Oct 5, 2026 | Ophir Nave | COO; director | Sale (10b5-1 plan) | 6,000 | $243.50 | $1.5M | Oct 6, 2026 |
| Sep 29, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 50 | $235.01 | $12K | Oct 1, 2026 |
| Sep 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 1,264 | $207.67 | $262K | Sep 17, 2026 |
| Sep 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 1,900 | $208.84 | $397K | Sep 17, 2026 |
| Sep 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 1,100 | $209.74 | $231K | Sep 17, 2026 |
| Sep 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 400 | $210.53 | $84K | Sep 17, 2026 |
| Sep 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 200 | $211.88 | $42K | Sep 17, 2026 |
| Sep 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 300 | $213.40 | $64K | Sep 17, 2026 |
| Sep 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 900 | $214.81 | $193K | Sep 17, 2026 |
| Sep 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 200 | $215.59 | $43K | Sep 17, 2026 |
| Sep 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 100 | $216.52 | $22K | Sep 17, 2026 |
| Sep 14, 2026 | Marc Boroditsky | Chief Revenue Officer | Sale (10b5-1 plan) | 5,000 | $209.26 | $1.0M | Sep 16, 2026 |
| Sep 14, 2026 | Marc Boroditsky | Chief Revenue Officer | Sale (10b5-1 plan) | 2,000 | $208.63 | $417K | Sep 16, 2026 |
| Aug 14, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 100 | $258.55 | $26K | Aug 18, 2026 |
| Aug 14, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 200 | $263.51 | $53K | Aug 18, 2026 |
| Aug 14, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 400 | $264.75 | $106K | Aug 18, 2026 |
| Aug 14, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 496 | $266.78 | $132K | Aug 18, 2026 |
| Aug 14, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 404 | $267.87 | $108K | Aug 18, 2026 |
| Aug 14, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 600 | $270.44 | $162K | Aug 18, 2026 |
| Aug 14, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 700 | $271.75 | $190K | Aug 18, 2026 |
| Aug 14, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 1,000 | $272.76 | $273K | Aug 18, 2026 |
| Aug 14, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 500 | $273.78 | $137K | Aug 18, 2026 |
| Aug 14, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 300 | $275.80 | $83K | Aug 18, 2026 |
| Aug 14, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 400 | $277.02 | $111K | Aug 18, 2026 |
| Aug 14, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 196 | $277.86 | $54K | Aug 18, 2026 |
| Aug 14, 2026 | Charles E Ryan | Director | Sale (10b5-1 plan) | 13,315 | $263.32 | $3.5M | Aug 18, 2026 |
| Aug 14, 2026 | Charles E Ryan | Director | Sale (10b5-1 plan) | 9,283 | $264.78 | $2.5M | Aug 18, 2026 |
| Aug 14, 2026 | Charles E Ryan | Director | Sale (10b5-1 plan) | 10,113 | $265.45 | $2.7M | Aug 18, 2026 |
| Aug 14, 2026 | Charles E Ryan | Director | Sale (10b5-1 plan) | 9,622 | $266.67 | $2.6M | Aug 18, 2026 |
| Aug 14, 2026 | Charles E Ryan | Director | Sale (10b5-1 plan) | 5,000 | $268.61 | $1.3M | Aug 18, 2026 |
| Aug 14, 2026 | Charles E Ryan | Director | Sale (10b5-1 plan) | 2,667 | $269.64 | $719K | Aug 18, 2026 |
| Jul 15, 2026 | Marc Boroditsky | Chief Revenue Officer | Sale (10b5-1 plan) | 22,386 | $197.00 | $4.4M | Sep 21, 2026 |
| Jul 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 200 | $187.79 | $38K | Jul 17, 2026 |
| Jul 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 200 | $189.24 | $38K | Jul 17, 2026 |
| Jul 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 400 | $192.33 | $77K | Jul 17, 2026 |
| Jul 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 700 | $194.07 | $136K | Jul 17, 2026 |
| Jul 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 1,200 | $196.10 | $235K | Jul 17, 2026 |
| Jul 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 1,500 | $197.30 | $296K | Jul 17, 2026 |
| Jul 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 500 | $198.25 | $99K | Jul 17, 2026 |
| Jul 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 1,058 | $198.87 | $210K | Jul 17, 2026 |
| Jul 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 300 | $200.04 | $60K | Jul 17, 2026 |
| Jul 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 300 | $201.24 | $60K | Jul 17, 2026 |
| Jul 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 600 | $202.29 | $121K | Jul 17, 2026 |
| Jun 15, 2026 | Marc Boroditsky | Chief Revenue Officer | Sale (10b5-1 plan) | 4,500 | $250.00 | $1.1M | Sep 21, 2026 |
| Jun 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 100 | $246.17 | $25K | Aug 5, 2026 |
| Jun 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 200 | $248.73 | $50K | Aug 5, 2026 |
| Jun 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 3,206 | $250.08 | $802K | Aug 5, 2026 |
| Jun 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 200 | $251.89 | $50K | Aug 5, 2026 |
| Jun 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 200 | $253.58 | $51K | Aug 5, 2026 |
| Jun 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 200 | $255.03 | $51K | Aug 5, 2026 |
| Jun 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 100 | $257.54 | $26K | Aug 5, 2026 |
| Jun 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 606 | $259.45 | $157K | Aug 5, 2026 |
| Jun 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 900 | $260.76 | $235K | Aug 5, 2026 |
| Jun 15, 2026 | John Wilson Boynton IV | Director | Sale (10b5-1 plan) | 100 | $262.09 | $26K | Aug 5, 2026 |
| Jun 4, 2026 | Danila Shtan | Chief Technology Officer | Sale (10b5-1 plan) | 15,678 | $238.96 | $3.7M | Jun 5, 2026 |
| May 20, 2026 | Boaz Tal | General Counsel | Sale (10b5-1 plan) | 2,600 | $199.00 | $517K | May 22, 2026 |
| May 20, 2026 | Boaz Tal | General Counsel | Sale (10b5-1 plan) | 2,000 | $200.00 | $400K | May 22, 2026 |
| May 20, 2026 | Boaz Tal | General Counsel | Sale (10b5-1 plan) | 500 | $199.01 | $100K | May 22, 2026 |
| May 15, 2026 | Marc Boroditsky | Chief Revenue Officer | Sale (10b5-1 plan) | 4,500 | $217.55 | $979K | May 19, 2026 |
| May 13, 2026 | Elena Bunina | Director | Sale (10b5-1 plan) | 5,000 | $203.18 | $1.0M | May 15, 2026 |
| May 13, 2026 | Elena Bunina | Director | Sale (10b5-1 plan) | 5,894 | $210.00 | $1.2M | May 15, 2026 |
| May 13, 2026 | Andrey Korolenko | Chief Infrastructure Officer | Sale (10b5-1 plan) | 500,000 | $203.24 | $102M | May 15, 2026 |
| May 6, 2026 | Elena Bunina | Director | Sale (10b5-1 plan) | 5,556 | $180.00 | $1.0M | May 8, 2026 |
| May 6, 2026 | Elena Bunina | Director | Sale (10b5-1 plan) | 5,263 | $190.00 | $1.0M | May 8, 2026 |
| May 4, 2026 | Elena Bunina | Director | Sale (10b5-1 plan) | 5,882 | $170.00 | $1.0M | May 5, 2026 |
| Apr 15, 2026 | Marc Boroditsky | Chief Revenue Officer | Sale (10b5-1 plan) | 4,500 | $160.10 | $720K | Apr 16, 2026 |
| Apr 14, 2026 | Elena Bunina | Director | Sale (10b5-1 plan) | 6,250 | $161.22 | $1.0M | Apr 14, 2026 |
| Apr 13, 2026 | Elena Bunina | Director | Sale (10b5-1 plan) | 6,667 | $150.00 | $1.0M | Apr 14, 2026 |
| Apr 10, 2026 | Elena Bunina | Director | Sale (10b5-1 plan) | 7,143 | $140.00 | $1.0M | Apr 14, 2026 |
| Apr 6, 2026 | Andrey Korolenko | Chief Infrastructure Officer | Sale (10b5-1 plan) | 31,357 | $111.20 | $3.5M | Apr 8, 2026 |
From the Form 4s filed with the SEC about Nebius Group N.V. (52 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 26 other transactions (grants, option exercises and shares sold to pay tax).
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