About NBIS Tracker
NBIS Tracker is an independent dashboard following how Nebius Group N.V. (Nasdaq: NBIS) converts contracted electrical power into AI cloud revenue. It is not affiliated with, endorsed by, or sponsored by Nebius Group N.V., and it publishes no rating, target or forecast of its own.
The company's headline number is contracted power. The number that pays for it is revenue. Almost everything interesting about this business sits in the distance between the two — construction, energization, contract mix, and the financing that carries it — and that distance is what this site measures, one dated and source-linked observation at a time.
What it tracks
Capacity and sites
Contracted power guidance, connected capacity, and each disclosed data center with its state, megawatts and energization target.
Demand and economics
Customer commitments, counterparty quality, contract mix and the blended rate per megawatt that turns capacity into revenue.
Buildout signals
Data center hiring by metro and month, first detections of possible new sites, and the platform and availability-zone changes that follow them.
Funding and dilution
How the buildout is paid for, what it costs, and how much of it lands on existing shareholders.
Filings and market records
Newest SEC filings, Form 4 insider transactions, Form 144 intent-to-sell notices, FINRA short interest and delayed 13F ownership changes.
The rules the site is built to
Every number has a date and a document
A figure without an "as of" date and a source link does not get published. Where a quantity has never been disclosed, the site says it has not been disclosed rather than filling the gap with an estimate.
Primary documents outrank commentary
A shareholder letter, press release or SEC filing beats any aggregator, blog or news write-up covering it. Where only a weaker source exists, the record says so.
Inference is labelled as inference
Hiring in a metro with no disclosed site is a possible site, not a site. Derived metrics name the inputs they were computed from. The distinction between what the company disclosed and what this site inferred is visible on every record.
Corrections are append-only
Restatements and mistakes are added to the correction history, never edited over the top of the old value. The ledger keeps its history so a reader can see what changed and when.
There is no large language model anywhere in the data pipeline. Ingestion is deterministic parsing of free public sources, it runs once a day, and each run leaves a reviewable change record. See sources and methods for every source and its last successful check, and the glossary for how to read each metric.
Questions
What is NBIS Tracker?
An independent dashboard that follows a single question: how quickly does Nebius Group N.V. convert contracted electrical power into AI cloud revenue? It collects what the company and its regulators publish — capacity guidance, disclosed data center sites, customer commitments, financing, SEC filings, hiring — and shows each figure with the date it was read and a link to the document it came from.
Is NBIS Tracker affiliated with Nebius?
No. It is not affiliated with, endorsed by, or sponsored by Nebius Group N.V. It republishes public information with attribution and adds no recommendation. "NBIS" is used descriptively, as the company's Nasdaq ticker.
What does NBIS stand for?
NBIS is the Nasdaq ticker for Nebius Group N.V., the AI infrastructure company this site follows. A search for a "Nebius tracker" and a search for an "NBIS tracker" are looking for the same thing, which is why this site answers to both names.
Where does the data come from?
Free official and company-published sources: SEC EDGAR filings and XBRL company facts, FINRA equity short interest, the SEC Form 13F data sets, the Nebius careers board, the Nebius status page, the Token Factory model catalog, published vendor pricing pages, and the company's own shareholder letters and press releases. Every source, its cadence and its last successful run are listed on the methodology page.
How often is it updated?
Automated ingestion starts once a day, at about 05:07 UTC. A run that changes nothing publishes nothing, so a section's date stays where it is until its source actually moves. Weekly sources — short interest, vendor pricing — are considered for an update inside that same daily job. Manually reviewed content, such as quarterly financials and analyst target actions, is added after the company or the firm publishes.
Does NBIS Tracker use AI to produce the numbers?
No. There is no large language model anywhere in the data pipeline. Ingestion is deterministic parsing of documents and public APIs, and every automated run leaves a reviewable diff. Figures that are computed rather than reported say so and name their inputs.
Does it publish price targets or investment advice?
No. The site carries no rating, no target and no forecast of its own. Analyst price targets appear only as an append-only ledger of what named firms publicly published, described as a reviewed sample of tracked firms and never as consensus. Nothing here is investment advice.
What is the difference between contracted power and connected power?
Contracted power is land and grid capacity that has been secured; connected power is capacity that is physically energized and able to run hardware. Only the second one can earn revenue, and the gap between them is the buildout still to come. Conflating the two is the most common error in analysis of this company, which is why the site shows them as separate figures rather than one headline number.
Can I reuse the data?
Yes. The same records the dashboard renders are published as free, account-free JSON, CSV and Atom endpoints, and three views are embeddable as iframes. Keep the source URLs attached when you republish, so a reader can reach the primary document.
What happens when a figure turns out to be wrong?
It is corrected in public and append-only. The old value, the new value, the date and the reason stay on the corrections page, and the same applies when the company itself restates a figure. Nothing is silently overwritten.
Corrections and contact
If a record here is wrong, the fastest fix is a better source. Send the record URL, the primary document, and a short note on what should change — see corrections and evidence. Direct contact: contact@nbistracker.com.
Not investment advice. Data on this site may be inaccurate, incomplete or delayed. Verify against primary sources before relying on any figure.