{
  "name": "Nebius",
  "period": "2026 Q2",
  "fye": "December 31",
  "price": 206.86,
  "shares": 287.655218,
  "cash": 14497.1,
  "debt": 23857.780000000002,
  "other": 632.15,
  "years": [
    "2023",
    "2024",
    "2025"
  ],
  "revenue": [
    9.8,
    91.5,
    529.8
  ],
  "ebit": [
    -285.7,
    -399.6,
    -611.7
  ],
  "ocf": [
    -222,
    -269.9,
    401.9
  ],
  "capex": [
    82.9,
    807.5,
    4066
  ],
  "sbc": [
    28.8,
    54.5,
    83.2
  ],
  "latest": [
    "2026 H1",
    981.3,
    -303.9,
    4504.1,
    8130.3,
    137.8
  ],
  "qrev": [
    582.3,
    105.1
  ],
  "bridge_note": "资本结构模拟：六月底可转债公允价值 208.237 亿美元加其他债务 0.467 亿；加入七月 7.75 亿融资及八月已完成 57.5 亿美元发行，八月净募资按增额全额行使指引约 56.8 亿估算。换债协议新增约 1,580 万股，以公告参考价 223.90 美元估计约 35.38 亿美元被替换债权价值并扣除，模拟股数约 2.8766 亿股。现金不外推期间经营消耗；非上市股权按账面五折计 8.1025 亿，另扣 SAFE 义务 1.781 亿。剩余债务沿用季末公允价值，正负 50 亿美元另作敏感性，因此本篇标为研究受限稿。转换权已在债务价值中，不重复加转换股数。",
  "theme": [
    "#edf1f5",
    "#203443",
    "#4c7895"
  ],
  "scenarios": [
    {
      "label": "谨慎",
      "rev1": 6000,
      "growth": [
        0.45,
        0.3,
        0.22,
        0.15
      ],
      "margins": [
        -0.06,
        0.02,
        0.1,
        0.15,
        0.18
      ],
      "wacc": 0.145,
      "g": 0.025,
      "roic": 0.12,
      "reinvest": [
        6500,
        6000,
        4500,
        3500,
        2500
      ]
    },
    {
      "label": "基准",
      "rev1": 8500,
      "growth": [
        0.65,
        0.45,
        0.3,
        0.22
      ],
      "margins": [
        0.02,
        0.12,
        0.2,
        0.25,
        0.28
      ],
      "wacc": 0.13,
      "g": 0.03,
      "roic": 0.15,
      "reinvest": [
        7000,
        6000,
        4500,
        3500,
        3000
      ]
    },
    {
      "label": "乐观",
      "rev1": 11000,
      "growth": [
        0.8,
        0.55,
        0.35,
        0.25
      ],
      "margins": [
        0.08,
        0.2,
        0.28,
        0.32,
        0.34
      ],
      "wacc": 0.115,
      "g": 0.035,
      "roic": 0.18,
      "reinvest": [
        8000,
        7000,
        5500,
        4000,
        3500
      ]
    }
  ],
  "period_end_facts": {
    "cash": 8042.1,
    "debt_carrying": 8545.7,
    "convertible_debt_fair_value": 20823.7,
    "other_debt": 46.7,
    "shares": 271.855218,
    "safe_liabilities": 178.1
  },
  "capital_bridge_assumptions": {
    "august_original_principal": 5750,
    "august_net_proceeds_estimated": 5680,
    "july_secured_debt": 775,
    "july_cash_gross": 775,
    "exchange_shares_million": 15.8,
    "exchange_equity_price_proxy": 223.9,
    "exchange_debt_value_removed_proxy": 3537.6200000000003,
    "remaining_debt_value_uncertainty": 5000,
    "note": "Exchange uses disclosed negotiated shares times August 19 reference price as a debt-extinguishment value proxy. Not an audited current debt fair value. New debt initially approximated at issue proceeds/principal; old debt fair value is June 30. This material mixed-date limitation is explicit."
  },
  "ticker": "NBIS",
  "source_urls": {
    "annual": "https://www.sec.gov/Archives/edgar/data/1513845/000110465926052948/nbis-20251231x20f.htm",
    "quarter": "https://assets.nebius.com/assets/dfe7a7f3-771e-4653-94e8-8f86bf126b1d/PR.pdf",
    "letter": "https://assets.nebius.com/assets/4462517b-ce83-41f2-96ed-f2ac1bc06a05/SHLQ226%20%281%29.pdf",
    "annual-release": "https://assets.nebius.com/assets/04f48f4e-48e9-468e-a428-ef16565c3fb5/Financial%20results_Q4%202025_11022026.pdf",
    "microsoft": "https://nebius.com/newsroom/nebius-announces-multi-billion-dollar-agreement-with-microsoft-for-ai-infrastructure",
    "meta": "https://nebius.com/newsroom/nebius-signs-new-ai-infrastructure-agreement-with-meta",
    "newsroom": "https://nebius.com/newsroom",
    "price": "https://stockanalysis.com/stocks/nbis/history/",
    "annual_income": "https://www.sec.gov/Archives/edgar/data/1513845/000110465926052948/R4.htm",
    "annual_cash": "https://www.sec.gov/Archives/edgar/data/1513845/000110465926052948/R8.htm",
    "annual_segments": "https://www.sec.gov/Archives/edgar/data/1513845/000110465926052948/R44.htm",
    "quarter_notes": "https://www.sec.gov/Archives/edgar/data/1513845/000110465926094844/nbis-20260812xex99d2.htm",
    "august_financing": "https://nebius.com/newsroom/nebius-group-announces-pricing-of-upsized-private-offering-of-5-0-billion-of-convertible-senior-notes",
    "august_completed": "https://www.sec.gov/Archives/edgar/data/1513845/000110465926100347/tm2623863d1_ex99-1.htm"
  },
  "fcf": [
    -304.9,
    -1077.4,
    -3664.1
  ],
  "financial_data_unit": "USD million",
  "price_as_of": "2026-10-13T16:00:00-04:00",
  "share_unit": "million pro forma: June actual plus agreed exchange shares",
  "forecast_status": "author assumptions, not company guidance"
}