The $7 Billion+ Hidden Portfolio

While the broader investment community has focused on Nebius Group’s (NASDAQ: NBIS) emergence as a European neocloud, a deeper dive into the holdings of the company and their valuation shows an interesting reality: nearly 30% of its market capitalization is supported by a portfolio of somewhat unknown AI assets.

As of early 2026, Nebius is not just a provider of GPU compute; it is a strategic holding company with multibillion-dollar stakes in critical layers of the AI stack, from real-time data processing, to AI training to autonomous mobility. For investors, the math of these assets suggests that the core cloud business is currently being priced at a significant discount compared to its hyper-growth peers.

These four other assets within the Nebius portfolio make up a significant part of the company’s intrinsic value and can either be used as a boost to company’s long term value as holdings or be monetized to make the path to a $20B+ revenue base less depedent on dilution or significant debt raises.

ClickHouse: The $15 Billion Data Engine Funding Round and Potential IPO

The biggest part of Nebius’ investment portfolio is its 28% ownership stake in ClickHouse, the high-performance analytical database used by tech giants like Meta, Microsoft, and Uber.

Recently, ClickHouse solidified its status as a company with a ton of potential with a massive Series D funding round that officially valued the company at $15 billion, up from $6.35 in 2025. At this valuation, Nebius’ 28% stake is worth approximately $4.2 billion although since Nebius didn’t participate in this round, it’s likely that their stake diluted a little bit so let’s drop that down to 25% or a value of $3.75B.

What’s driving this growth in valuation? Well, it’s likely the 250% growth rate although that still only brings it to about $100M in ARR which definitely makes the $15B a stretched valuation unless that growth can continue for a long long time.

Why ClickHouse Matters

Unlike traditional data warehouses like Snowflake, which are designed for internal reporting, ClickHouse is built for real-time, user-facing applications. In an AI-first world, latency is the enemy. ClickHouse’s columnar storage architecture allows it to process billions of rows of data per second, making it the preferred backend for LLM observability and real-time AI inference monitoring.

With rumors of a 2026 IPO intensifying, the valuation of this stake could expand even further. If ClickHouse debuts at a multiple similar to other high-growth infrastructure plays, Nebius could see this $3.75 billion holding double pretty quickly.

Avride: The Uber-Backed Autonomous Future

Perhaps the most under-appreciated asset in the Nebius stable is Avride, its autonomous vehicle (AV) subsidiary. While Waymo dominates the headlines, Avride has quietly built one of the most versatile AV stacks in the industry, operating both passenger robotaxis and sidewalk delivery robots.

In late 2025, Avride secured a strategic $375 million infusion of cash and commercial commitments, spearheaded by Uber Technologies and Nebius itself. This deal didn’t just provide capital; it integrated Avride into the Uber platform, with robotaxi services launching in major U.S. markets like Dallas and Austin.

Estimating the Value

The latest I could find is that Nebius retains a majority ownership stake of approximately 83% in Avride. Following the Uber investment and the rapid scaling of its fleet to 500+ vehicles, private market analysts estimate Avride’s valuation between $3 billion and $5 billion.

• The Math: At a conservative $3 billion enterprise value, Nebius’ 83% stake is worth $2.5 billion.

By partnering with Uber, Avride has solved the utilization problem that plagues other AV startups, creating a direct path to revenue that makes it a prime candidate for a future spin-off or acquisition.

Toloka: The Bezos Factor in AI Training

In May 2025, Nebius made a strategic move with Toloka, its AI data labeling and evaluation platform. To unlock Toloka’s potential as a neutral infrastructure provider, Nebius relinquished majority voting control while retaining a significant majority economic interest(don’t know the exact ownership %).

The deal was led by Bezos Expeditions (Jeff Bezos’ personal venture fund), alongside Mikhail Parakhin (former CTO of Shopify). The $72 million round signaled that the world’s most successful tech founders view high-quality, human-in-the-loop data as the essential fuel for the next generation of LLMs.

The Strategic Valuation

Toloka operates at the critical intersection of human expertise and machine learning. As companies shift from big data to quality data to reduce AI hallucinations, Toloka’s network of 200,000+ global contributors has become a defensible moat.

• Economic Stake Value: While the specific valuation was not publicized, the participation of Bezos typically commands a premium. Let’s assume Nebius retained 60% after the $72 million infusion which would give this a conservative valuation of $180 million dollars, conservative because AI related anything has soared since then giving Nebius’ stake a value of $110M. However, I’ve seen analyst estimates that peg the overall valuation of the company closer to $500 million which would put a 60% stake at $300M and it’s quite possible Nebius owns more than that and that this valuation is higher now given that everything AI has recently soared.

TripleTen: The EdTech Growth Engine

The final piece of the hidden asset puzzle is TripleTen, an EdTech platform 100% owned by Nebius. TripleTen focuses on reskilling professionals for the AI economy through bootcamps in software engineering, data science, and cybersecurity.

Rapid Revenue Growth

TripleTen is currently in a hyper-growth phase:

• Enrolment: Over 14,000 new students joined in the last 12-month cycle, a 149% increase YoY.
• Bookings: Revenue and bookings have consistently grown 100%+ YoY in key markets like the U.S. and Latin America.
• Estimated Value: Given its high growth and recurring revenue model, comparable EdTech companies trade at 4x–6x revenue. Conservative estimates place TripleTen’s value at $300 million to $500 million. Let’s peg it at the low end for the purposes of the analysis.

Sum-of-the-Parts Valuation

When I aggregate these individual holdings, the hidden assets part of the portfolio of Nebius reveals a solid total value.

The Core Business Discount

Note that I believe the above could be relatively conservative as ClickHouse is growing at a rapid clip and when IPO could be worth the entire equity asset value shown above. On top of that, management is doing a great job making sure AvRide and Toloka are growing appropriately and those valuations could also grow quickly as the autonomous vehicle and AI space expand.

As of January 19, 2026, Nebius Group’s market capitalization sits at $27.4 billion.

If we subtract the $6.85B in assets from the market cap, the market is currently valuing Nebius’ core AI cloud business (its massive GPU clusters and data centers) at only $20.5B which is 6x 2026E revenue and 2.6 27E Revenue. That’s not a bad price for a company that has the potential to hit $20B in revenue by 2029 or earlier and is growing at such a rapid clip.

The risk is as always the funding needed to get this company to $20B in revenue and beyond where they can actually start producing free cash flow to fund additional growth but the above assets might certainly make that easier. In essence they provide some sort of floor and funding mechanism that many companies in this space simply do not have. The valuation of these assets has doubled in the last year and can likely do the same in the next year or two especially if ClickHouse IPOs sometime in the next year or two.

On top of that, the fact that Nebius is a European player in this space might add additional areas for growth if European countries want to move away from being so dependent on American tech companies for all things AI and cloud.

A Self-Funding AI Ecosystem

Investors who only look at Nebius as a cloud provider are missing the potential of these assets. By holding these stakes, Nebius has created an eco-system that can utilize their own products as it grows and Nebius develops additional layers on top of it’s cloud/AI offerings.

1. ClickHouse powers the analytics for the Nebius cloud.
2. Toloka prepares the data for the cloud’s enterprise users.
3. Avride acts as a massive anchor tenant, consuming the cloud’s compute power for autonomous training.

For the patient investor, Nebius represents a rare investment: a high-growth infrastructure company with a multibillion-dollar venture capital portfolio attached. Nebius can either sit on these positions or monetize some of them to fund their neocloud business.  As ClickHouse marches toward an IPO and Avride scales on the Uber platform, the market will likely be forced to re-rate NBIS from a simple commodity compute play to a diversified AI powerhouse. Right now, Nebius isn’t getting much of a pricing difference from Coreweave which is a more mature, slower-growing company. When Coreweave was in this phase of it’s growth cycle, it was trading close to a 10x multiple to sales. That age is over and it trades closer to 2.5x 26E estimates but doesn’t offer the potential upside of Nebius with its better balance sheet, additional assets and higher growth potential. To me Nebius seems like the better play right now and these additional assets certainly help make the decision easier.

Disclaimer: I am long NBIS and may be long other stocks mentioned in this article in the near future. This article is for informational purposes only and does not constitute financial advice. Investors should perform their own due diligence or consult with a financial advisor before making any investment decisions.