Nebius first very rough notes

A friend mentioned Nebius this morning and it did not ring a bell.

Going from A to Z in "Dutch" companies, you do not come across Nebius because it is not listed in Amsterdam, but on the NASDAQ. Market Cap $40b 

I bike by it twice every morning when going swimming.

Tripolis Park, Burgerweeshuispad 101, 1076 ES Amsterdam

The first that struck me, is I know the CFO Dado Alonso from C&A and we had good contact. 

The incredible founder https://en.wikipedia.org/wiki/Arkady_Volozh Yandex Yet Another Indexer , 

For me "too difficult" pile. 

Adjusted EBITDA "breakeven" in Q4 2025 I am currently reading John Malone's biography "Born to be Wired" which "explains" EBITDA which for cable seemed to make some sense... 

Letter to Shareholders: "We have already secured more than 2 GW of contracted power, putting us well ahead of the target we set in November of more than 2.5 GW by the end of 2026. As a result, we now expect to have more than 3 GW of contracted power by year-end."

Comparable to a fifth of all the electricity used in The Netherlands... 

Power and land use to produce more and more AI seems to have the same result as the "paperclip" problem whereby people used to be afraid that if an AI had making paperclips as a goal, it would turn everything including cars, ships, buildings etc into paperclips. 

Now AI is using up "all" the energy, land and resources as the goal is to produce not paperclips, but more AI...