Nebius pitched as full‑stack pick

Nebius is being sold to investors as more than a chip renter: a company that owns data centers, software, and customer contracts under one roof. (sec.gov) Nebius said on February 12, 2026 that fourth-quarter revenue rose to $227.7 million from $35.2 million a year earlier, while core artificial intelligence business revenue reached $214 million. The company said group adjusted earnings before interest, taxes, depreciation and amortization turned positive at $15 million in the quarter. (nebius.com) The same shareholder letter said annualized run-rate revenue reached $1.25 billion at the end of 2025, above Nebius’s prior $900 million to $1.1 billion guidance. Nebius also said it ended 2025 with about 170 megawatts of active power, ahead of its 100 megawatt target. (nebius.com) In plain terms, “full stack” means Nebius is trying to control the whole chain: the buildings and electricity, the graphics processing units, and the cloud software customers use to train and run models. In its 2024 annual report, the company said it was investing in a “flexible, full-stack AI cloud solution” that goes beyond bare-metal compute and adds software and services. (sec.gov) That pitch has gained force because Nebius has started to pair capacity growth with long contracts. In November 2025, the company said it had signed an agreement to deliver artificial intelligence infrastructure to Meta worth about $3 billion over five years, and on March 16, 2026 it announced another long-term Meta supply agreement. (nebius.com 1) (nebius.com 2) Nebius is also spending at a pace that shows how expensive that model is. The company reported $2.06 billion of property and equipment purchases in the fourth quarter and $4.07 billion for full-year 2025, then raised another $4.3 billion through convertible senior notes that closed on March 20, 2026. (nebius.com 1) (nebius.com 2) The company’s expansion map has widened quickly. Nebius said in its February 2026 letter that it had deployed five new locations in 2025 and secured another nine, and on March 31, 2026 it announced a new artificial intelligence factory in Lappeenranta, Finland, with capacity of up to 310 megawatts. (nebius.com 1) (nebius.com 2) Nebius has also been adding software layers meant to make its cloud stickier. The company launched Token Factory in the fourth quarter of 2025 for inference and post-training workloads, rolled out AI Cloud 3.1 “Aether,” and said on February 10, 2026 that it would acquire Tavily to add agentic search tools to the platform. (nebius.com) (nebius.com) The counterargument is in Nebius’s own filings. The 2024 annual report calls the business “early-stage” and “capital-intensive,” and lists risks including the need for more financing, the challenge of securing data-center sites and electrical power, and pressure from competition and pricing. (sec.gov) So the current Nebius case rests on a simple claim with a very large price tag: if the company can keep turning borrowed and raised capital into contracted capacity, the “full-stack” label starts to look like operating structure instead of stock-market branding. (nebius.com) (sec.gov)