neocloud · vm · Layer 2.5
Nebius
European workloads where data residency matters, and anyone who wants a supplier whose numbers they can read before signing.
medium portability Movable with effort. Expect to redo images, storage wiring and networking.
What you are buying
- Business model
- Purpose-built GPU cloud. Owns or leases its own datacentre capacity and sells it directly.
- How you reach it
- You get virtual machines. The familiar cloud model.
- Accelerators
- H100, H200, B200, L40S
- Regions
- EU (Finland), US
- Pricing model
- On-demand and reserved, published openly.
- Getting started
- Self-serve on-demand.
- Capacity
- Expanding hard; Finland datacentre is the anchor.
- Ownership
- Public, files with the SEC as a foreign private issuer.
Verified 2026-09-09. Fields reading “not published” are exactly that — we do not estimate a figure a vendor withholds.
The counterparty
One of the few at this layer you can actually diligence — quarterly results are public. Revenue grew roughly 4.5x year-over-year in Q2 2026 off a small base. Same 2026-2028 GPU-debt maturity picture as its peers.
A multi-year GPU commitment is a credit decision wearing a cloud contract. This is the section no benchmark covers and the one that decides what happens to your workload in 2028.
The catch
Smaller footprint than CoreWeave, and the European centre of gravity is a feature or a latency problem depending entirely on where your users are.
The economics
Published pricing sits below CoreWeave's list on comparable parts. Publishing at all is a differentiator at this layer.
No rate is quoted on this page on purpose. Published list prices at this layer move weekly and essentially nobody signing a real contract pays them. Dated, sourced figures live in the GPU rental price index, where the spread between the cheapest and dearest seller of the identical chip runs to roughly 9x.
The layers underneath this one
Whatever you rent here is a chip in a building that needs power. In 2026 megawatts, not silicon, are the binding constraint on the whole industry — a frontier rack draws 120–200 kW against a 2026 average near 27 kW, and the US interconnection queue exceeds 2,600 GW.
Layer 2 — Silicon · Layer 1 — Energy · The interconnection queue · Tokens per watt
Compared against
- CoreWeave vs Nebius — Two public companies at this layer, so for once you can read both sets of numbers before signing.Compare with CoreWeave
- Nebius vs Nscale — Two European builds, one public and one private, both selling sovereignty.Compare with Nscale
Related providers
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- Lambda — neocloud, medium portability
- Paperspace (DigitalOcean) — neocloud, medium portability