Crossroads Capital on Nebius Group
Thesis
Nebius has successfully de-risked its business model over the last year, answering key questions around its viability. It has secured massive, long-term contracts with major customers like Meta and Microsoft, firmed up its silicon supply through a strategic deal with Nvidia, and proven its ability to raise capital at attractive terms. The business has inflected to profitability and is executing a clear strategy of securing sites, silicon, and contracts to build a leading AI cloud platform.
“The pattern demonstrated over the last 12 months (and our expectation going forward) runs like this: secure the physical sites, lock in the silicon, sign the contracts, then layer on the financing to pull the whole platform forward. Each cycle has widened Nebius’s advantages versus the field, and we’re thrilled to carry it as a scaled position in our book.”