Nebius's ClickHouse Ownership
Nebius owns ~28% of ClickHouse on a fully diluted basis. Key facts:
Background
- ClickHouse is an open-source database platform originally spun out of Nebius in 2021
- It competes with Elasticsearch, MongoDB, and Snowflake
Valuation Growth & Implied Stake Value
Strategic Importance
- Nebius participated in ClickHouse's Series C (May 2025) to "crystallize value" to fund its core AI infrastructure business
- Management has stated: "We believe our non-core assets will provide us with billions of dollars to invest in our core AI infrastructure business."
- A ClickHouse IPO is expected around 2027 (not officially confirmed)
Accounting
- Treated as a minority equity investment on Nebius's balance sheet
- At the most recent ~$15B valuation, Nebius's stake is worth an estimated ~$4.2 billion — a substantial asset relative to Nebius's own market cap