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What is Nebius worth in pieces?

Nebius Group (NASDAQ: NBIS) is five businesses in one listing: the AI cloud, plus stakes in ClickHouse, Avride, Toloka and TripleTen. Its market capitalization was $58.6B as of 2026-09-02. The question is how much of that the non-core assets account for.

What the non-core stakes are worth latest funding rounds

BusinessNebius stakeEst. stake value How firm is this?
ClickHouse Real-time analytics database ~28% $4.0B–$4.2B Priced by an arm's-length round
Avride Autonomous driving — robotaxi and delivery robots ~83% $2.2B–$2.3B Priced by an arm's-length round
Toloka Human data and annotation for AI training majority $400.0M–$500.0M Priced by a round; stake % not precisely disclosed
TripleTen Edtech — tech career re-skilling 100% $200.0M–$300.0M Estimate only — no external round
Combined non-core— $6.8B–$7.3B 12–12% of market cap
ClickHouse, Avride and Toloka were priced by outside investors in real funding rounds. TripleTen has no external round, so its range is an estimate.

What that leaves for the core AI cloud

ValueOn FY26 revenueImplied P/S
Whole company$58.6B $3.2B18.3×
Less non-core stakes −$6.8B–$7.3B ——
Core AI cloud, implied $51.3B–$51.8B $3.2B 16.0–16.2×
The obvious objection This subtraction assumes the stakes could be sold at their last round price, which is rarely true for illiquid minority positions in private companies. It also assigns the AI cloud all of the revenue, which is roughly right, though not exactly: AI cloud was about $575M of $582M in Q2 2026. Treat 16.0–16.2× as a rough floor on how cheap the core could look, not a precise figure.

Common questions about the parts

What are Nebius's non-core businesses worth?

Roughly $6.8B–$7.3B combined as of 2026-09-02, based on the most recent funding rounds. The largest by far is ClickHouse: Nebius holds about 28% of the analytics database company, which was valued at roughly $15 billion in a $400 million Series D led by Dragoneer that closed in January 2026, implying a stake worth about $4.2 billion. Avride follows at $2.2B–$2.3B (about 83% of a company valued at $2.7–2.8 billion in an Uber-led round in October 2025), then Toloka at $400–500 million after a raise led by Bezos Expeditions, and TripleTen at an estimated $200–300 million. Against a market capitalization of $58.6B, that is roughly 12–12% of the total.

What multiple is the market paying for the core AI cloud?

If you subtract the non-core stakes at those valuations, the implied value of the core AI-cloud business is $51.3B–$51.8B. On 2026 revenue guidance of $3.2B, that is 16.0–16.2× forward sales, against 18.3× for the whole company. The stakes make the core look modestly cheaper, but they do not change the picture much.

Does the sum of the parts justify the share price?

Not on its own. The non-core stakes are worth roughly $6.8B–$7.3B, or about 12% of Nebius Group's $58.6B market capitalization as of 2026-09-02. That is a meaningful amount — ClickHouse alone is worth more than the other three stakes combined — but it still leaves the large majority of the valuation resting on the AI-cloud business and its growth.