Our analysis: deployment and contracted hosting establish infrastructure participation. The investor question is whether productive customer use can cover hardware, hosting, power and financing costs over time.
Company audit October 11, 2026. Project evidence retains its individual review dates below. Documented project connections are listed below; this is our coverage, not a complete global footprint. Financial figures below are dated reported results; coverage is not a complete inventory of worldwide operations.
Nebius’s documented footprint includes different hosting, customer and development roles. The current project listing identifies each relationship separately; none supplies a separately verified campus revenue figure.
Historical inventory reconciliation, October 12, 2026: five documented connections across the 187 projects then covered. The current role-linked listing below supersedes those inventory totals, not the original financial or project evidence dates.
| Project | Capacity and scope | Next evidence |
|---|---|---|
| Kao Data Harlow AI campus / KLON-03 Under construction | 17.6 MW planned KLON-03 IT; 22 MW Nebius agreement spans campus, allocation unknown | Verify phase commissioning, delivered power and customer service; Early 2027 KLON-03 capacity target |
| Nebius / Mega DC Modi’in — Israel national AI computing Operating | Reported 8 MW colocation agreement; operating IT MW unverified. Government program allocation: 1,000 B200 accelerators; wider commercial deployment separate. | Published usage/award results, power-service documentation and separately verified expansion delivery |
| Nebius Lappeenranta AI factory Under construction | Up to 310 MW planned full development; current energized IT load unverified | Verify first-phase substation completion against Caverion’s spring 2027 target, then energization, computing commissioning and customer availability. |
| Nebius Independence AI factory Under construction | Up to 1.2 GW planned campus envelope; commissioned IT load unverified | October 22 hearing and written disposition; phase power acceptance and computing service |
| Nebius / Azur Béthune AI data center Under construction | 240 MW planned full deployment; phased targets differ by source; current delivered IT load unverified | Verify final applicable environmental decisions, phase-specific power commissioning and customer computing availability |
The sourced project profile separates the planned 240 MW envelope from phase targets and unverified operating capacity. Regional and national government publications establish project context; final permitting and commissioning remain unverified.
Read Béthune project research →
Our analysis: Compare operating customer service, contracted hosting and new campus construction separately. Company-wide customer agreements cannot be assigned to an individual campus without site-specific evidence.
Nebius Group’s unaudited results for the quarter ended June 30, 2026 are consolidated figures. They include businesses beyond its AI cloud. Amounts below are US dollars; these are not October cash or debt balances.
| Metric | Reported amount |
|---|---|
| Q2 revenue | $582.3 million |
| Q2 adjusted EBITDA (non-GAAP) | $236.2 million |
| Q2 GAAP net loss from continuing operations | $190.4 million |
| Q2 operating cash flow | $2.2461 billion |
| Q2 purchases of property, equipment and intangibles | $5.6574 billion |
| June 30 cash and equivalents | $8.0421 billion; excludes $1.056 billion restricted cash |
| June 30 current plus non-current debt | $8.5457 billion carrying value, calculated from the two reported lines; excludes operating leases |
Positive adjusted EBITDA does not mean GAAP profitability. Capital purchases exceeded operating cash generation during the quarter. Source: August 12 results and financial tables.
The August shareholder letter reports AI-cloud quarterly revenue of $575 million and $3 billion annualized run-rate revenue, calculated from the final month’s revenue multiplied by twelve. That run rate is not realized annual revenue. Its year-end target of 5 GW contracted power describes a future contractual footprint, not operating IT load. Management says Microsoft tranches due by the letter date had been delivered; this is issuer reporting rather than independent site acceptance. August 12 shareholder letter.
| Customer | Documented agreement | Boundary |
|---|---|---|
| Microsoft | September 2025 agreement for dedicated GPU infrastructure at Vineland, New Jersey: approximately $17.4 billion, potentially $19.4 billion with optional services, through 2031. | Contract value spans multiple years and is conditional on delivery. It does not demonstrate participation in other Microsoft campuses. |
| Meta | March 2026 agreement: $12 billion dedicated capacity, plus up to $15 billion additional available compute over five years. | Dedicated deployment begins in early 2027 under the announcement. Additional capacity is subject to availability after other customers; “up to $27 billion” is not current sales or wholly guaranteed dedicated revenue. |
Sources: September 8, 2025 Microsoft agreement filing; March 16, 2026 Meta announcement. The Microsoft filing describes cancellation rights for missed deployment deadlines under specified conditions. Our analysis: large customers support demand but also create concentration and delivery exposure.
On July 17, Nebius announced approximately $775 million secured financing, backed by GPUs and contracted cash flows, at SOFR plus 2.5%, maturing October 31, 2030. The disclosed customer was unnamed; we do not assign that financing to a particular customer or campus. Financing announcement.
The August 24 closing announcement reports approximately $5.75 billion gross convertible-note proceeds: $3.45 billion of 0.5% notes due 2030 and $2.3 billion of 4.5% notes due 2034. Separately, $800 million of existing notes were exchanged for approximately 15.8 million Class A shares. These events introduce debt-service and dilution considerations. Adding gross proceeds mechanically to June cash would not establish a current cash balance. Final closing terms.
Harlow: Kao Data’s June 8 announcement establishes a 22 MW, ten-year campus agreement. The full allocation is not established solely for KLON-03. Planned building delivery is distinct from operating campus capacity; a target date passing does not prove commissioning. The cited £1.7 billion is a broader UK investment plan, not Harlow project capital expenditure or recognized sales. Kao Data agreement.
Modi’in: the Israel Innovation Authority’s January 18 announcement confirms national computing access with a 1,000 NVIDIA B200 program allocation. This is distinct from Nebius’s wider 4,000 HGX B200 deployment announcement. Neither figure proves actual utilization. Government program budgets are not verified Nebius revenue or disbursed support. Reported host-facility economics should not be presented as Nebius profit. Sources: Authority announcement; Nebius deployment announcement.
Additional Israeli capacity reported at Bnei Reem and Beit Shemesh is geographically separate from Modi’in. A reported Modi’in expansion plan is not confirmation of delivered expansion. Globes, January 6, 2026.
The locations below provide company context. Béthune also has a dedicated project profile in the current listing; Lappeenranta and Independence are covered there too. Other locations are not automatically tracked projects. Announced power is not necessarily commissioned IT capacity.
KSHB reported October 8 that an October 22 hearing was set on a request for a temporary restraining order and a motion to dismiss. Allegations remain allegations; a requested restraint is not a court-ordered construction halt. The linked primary court document could not be accessed during this audit, so we cannot certify the case’s merits or current court orders. KSHB report.
The current project registry contains 5 documented NBIS connections. Each is listed below with its specific role and evidence; the listing is not Nebius’s complete global portfolio. Relationships with NVIDIA, Microsoft, Meta or Equinix do not establish Nebius participation at every partner campus. Shared cities, hardware vendors and AI themes are insufficient evidence.
Nebius announced a preferred sovereign-AI infrastructure partnership with Palantir on September 8, and the Inferize technology and team acquisition on October 1. These are company developments; neither announcement establishes a connection to a specific additional project in our current inventory. Sources: Palantir partnership; Inferize acquisition.
Independence adds a material construction and power dependency. Track the reported October 22 hearing and any signed disposition without assuming a delay or favorable ruling. Moratorium exclusion resolves only that policy’s scope. Larger capacity plans do not establish ready computing, customer allocation, utilization or earnings. Independence catalyst research →
Large customer agreements and rapid revenue growth establish material demand. The unresolved investment question is whether delivery, utilization and financing produce durable cash returns after hardware depreciation and infrastructure spending. Track commissioning evidence, customer concentration, cash consumption, debt terms and dilution. Positive non-GAAP earnings and headline contract values alone do not resolve those questions. No valuation model or stock recommendation is supplied.
Compare documented project exposure · Follow project catalysts
Reviewed October 11, 2026. Primary issuer and government documents anchor claims; issuer announcements are attributed, not treated as independent confirmation. Project-specific evidence review dates above remain unchanged. Current share price, utilization, October cash balances, site-level profits, full contract texts and inaccessible court records are not certified here. Accuracy means preserving these boundaries rather than implying certainty.
Nebius corporate website ↗ · External stock quote ↗
Modiin research separates government-confirmed operating service, voucher allocation, reported physical hosting capacity and future expansion. Actual usage, support disbursement and site economics remain unverified. An open allocation program does not establish current accelerator utilization or recognized revenue.
Each connection below has a specific, cited role. A supplier, lender, customer or proposed acquirer has different economics from the project owner.
Nebius is the customer under a 22 MW, ten-year hosting agreement at Kao Data's Harlow campus.
The hosting contract is not ownership or accepted live load. Its 22 MW scope should not be conflated with the separate 17.6 MW KLON-03 building figure.
AI-cloud participant planning full deployment near Lille; DCD identifies Béthune redevelopment. Exact lease economics unknown.
The documented role does not establish contract value, project-level earnings, accepted operating load or a share of company revenue.
AI factory developer/sponsor; company describes building and phased contractor work, DCD reports groundbreaking.
The documented role does not establish contract value, project-level earnings, accepted operating load or a share of company revenue.
AI-cloud operator identified by municipality; project sponsor described by Nebius and independent Yle construction reporting. Land ownership, supplier economics and site revenue are not established.
The documented role does not establish contract value, project-level earnings, accepted operating load or a share of company revenue.
AI-cloud operator; government confirms national computing service, while company and Globes identify Modiin colocation.
The documented role does not establish contract value, project-level earnings, accepted operating load or a share of company revenue.
en.globes.co.il ↗ · innovationisrael.org.il ↗ · nebius.com ↗
October 19, 2026 correction: reconciled inconsistent current-footprint wording, removed a duplicate project listing and corrected the distinction between tracked projects and additional global context. Original evidence dates and financial periods are unchanged.