Nebius Group N.V.'s 20-F, read.

Nebius is a capital-intensive AI infrastructure business at an early stage of development with no profitable operations, dependent on raising continuous external capital and securing long-term customer contracts (Meta, Microsoft) to justify massive capex investments in data centers and GPU procurement. The company faces intense competition from larger cloud providers, heavy supplier concentration (Nvidia), geopolitical/regulatory headwinds, and unproven ability to execute on longer-term commitments at scale.

• Business is currently unprofitable and capital-intensive; requires continuous access to equity/debt markets to fund growth; failure to raise capital on acceptable terms would prevent growth targets and revenue expansion
• Heavy reliance on limited GPU suppliers (Nvidia concentration) and supply chain vulnerability to geopolitical disruptions, tariffs, and export controls; no assurance of timely access to components at acceptable costs
• Limited operating history delivering large, long-term customer contracts (Meta, Microsoft); lack of experience managing multi-year agreements, service-level commitments, and performance obligations creates risk of cost overruns, capacity underutilization, or contractual disputes
• Intense competition from well-capitalized competitors (AWS, Google Cloud, Azure, CoreWeave, Crusoe) with greater resources, scale, and established customer bases; pricing pressure from competitors may compress margins
• Data center expansion is complex and capital-intensive; risks include project delays, permitting challenges, power availability/cost volatility, local opposition, and inability to accurately forecast customer demand, leading to stranded capacity

Not investment advice — general research, the same for every reader. You make your own calls.