In its second-quarter 2026 investor letter, Crossroads Capital, an investment management firm, highlighted Nebius Group N.V. (NASDAQ:NBIS) as a key player in the technology industry. Nebius Group N.V. (NASDAQ:NBIS) is a technology company focusing on developing full-stack infrastructure to service the global AI industry.

Eighteen months ago, Nebius Group N.V. (NASDAQ:NBIS) was a Russian-adjacent carve-out of Yandex, the Russian Google, with no anchor customer, a cash burn, and an open question as to whether capital markets would touch it. However, on August 12th, the company reported a second quarter with $582.3 million in revenue and a 50% adjusted EBITDA margin in its core AI cloud business.

Today, Nebius is an AI infrastructure platform with roughly $46B of committed contract value from Microsoft and Meta, priority Nvidia silicon secured through Nvidia’s own $2B equity stake, and a target of almost 5 GW of contracted power by year-end, with over 75% of it owned rather than leased. Moreover, it has a funding structure in which roughly 50-60% of capex is covered by customer prepayments; the balance was raised this spring as $4B of oversubscribed convertibles with coupons of 1.25% and 2.625%. Sub-1.3% paper to 2031 is the bond market’s answer to any question regarding Nebius’ long-term prospects—and a question we couldn’t have fully answered a year ago at any price.

The Meta relationship remains the keystone: $27B over five years, split between $12B of dedicated capacity on one of the first large-scale Vera Rubin deployments (starting early 2027) and $15B on which Meta backstops Nebius’s uncommitted third-party capacity as it comes online. That second piece turns Meta into a floor buyer for capacity that Nebius was going to build anyway, and collapses demand risk on the entire program.

Nebius Group N.V. (NASDAQ:NBIS) has seen significant growth in recent years, with its shares gaining 238.32% over the past 52 weeks and closing at $223.90 per share on August 19, 2026. The company has a market capitalization of $60.87 billion and has been recognized for its innovative approach to AI infrastructure.

While Nebius Group N.V. (NASDAQ:NBIS) has been highlighted as a key player in the technology industry, it is not on the list of the 40 Most Popular Stocks Among Hedge Funds. However, its growth and innovative approach make it an attractive investment opportunity for those looking to capitalize on the AI industry’s growth.