NBIS Hawk valuation - AI cloud EV/ARR sum of parts

Sources

1. Q2 2026 release reported revenue of $582.3M, adjusted EBITDA of $236.2M, cash and equivalents of $8.042B, current debt of $46.7M, non-current debt of $8.499B, non-marketable equity securities of $1.607B, and 271,855,218 shares outstanding at June 30, 2026 (238,400,165 Class A and 33,455,053 Class B). — sec.gov (accessed 2026-08-25)
2. Aug 24, 2026 close 6-K EX-99.1: closed $3.45B of 0.50% converts due 2030 and $2.3B of 4.50% converts due 2034 ($5.75B aggregate original principal after greenshoe). Concurrently exchanged $400M original principal of 2.00% 2029 notes and $400M of 3.00% 2031 notes for about 15.8 million Class A shares. — sec.gov (accessed 2026-08-25)
3. Aug 19, 2026 pricing 6-K EX-99.1: estimated net proceeds about $5.68B if greenshoe fully exercised. 2030 notes convert at 3.1902 shares per $1,000 (about $313.46); 2034 notes at 3.0802 (about $324.65). Company may settle conversions in cash, Class A shares, or a combination. Indenture default settlement method is physical settlement. 2030 notes accrete to 110% of original principal; 2034 notes to 125%. — sec.gov (accessed 2026-08-25)
4. Management said annualized run-rate revenue reached $3.0B at June 30, 2026 and reaffirmed full-year 2026 guidance for $7B-$9B ARR, $3.0B-$3.4B revenue, about 40% adjusted EBITDA margin, and $20B-$25B capex. — nebius.com (accessed 2026-08-13)
5. Q2 2026 shareholder letter said capex was about $5.7B, 2026 customer prepayments are expected to exceed $9B, the July secured debt financing raised $775M at SOFR plus 2.50%, and customer commitments exceed $40B. — assets.nebius.com (accessed 2026-08-13)
6. Modeledge price service returned an NBIS price of $218.50 at 2026-08-25T16:49:06Z; this updates only the upside denominator. Market cap was $52.44B. (accessed 2026-08-25)
7. September 8 Palantir partnership names Nebius preferred sovereign AI infrastructure partner with integration and deployment plans, but discloses no incremental contracted ARR, minimum revenue or pricing. August AGM authorized issuance and repurchases; authorization is not executed dilution or buybacks. — sec.gov (accessed 2026-09-08)