[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  Pau [@pau_100X](/creator/twitter/pau_100X) on x XXX followers Created: 2025-07-11 11:18:08 UTC Part 1: The Deep Value Bull Case - Unpacking the "Sum-of-the-Parts" (SOTP) The market's view of NBIS is shallow because it ignores the SOTP valuation. A sophisticated analysis breaks the company into its core components: The ClickHouse Stake (The Crown Jewel): NBIS owns a ~28% minority stake in ClickHouse, Inc., a leading open-source columnar database management system for real-time analytics. Following its latest funding rounds, ClickHouse has been valued by venture capitalists at approximately $X billion. This implies the pre-tax value of Nebius's stake is approximately $XXXX billion. This is not a speculative future value; it is a concrete, mark-to-market valuation based on recent private transactions. Toloka AI: Toloka is a mature, cash-generating business focused on AI data labeling and Reinforcement Learning from Human Feedback (RLHF). This is a critical service for the entire AI industry. While a precise standalone valuation is difficult without separate financials, its role in the AI supply chain and its client list suggest a valuation well into the hundreds of millions, if not more. It's a valuable, strategic asset. The Fortress Balance Sheet: As of the last reporting period, NBIS holds approximately $XXX billion in cash and equivalents with a very low debt load. This financial strength is a stark contrast to its closest competitor, CoreWeave, which operates with a significant debt burden (over $X billion) to finance its expansion. This allows NBIS to fund its aggressive ~$2 billion capex plan with far less financial risk. SOTP Conclusion: When you combine the ClickHouse stake (~$1.7B) and net cash, you arrive at a value that approaches or even exceeds the company's entire market cap at various points. This framework suggests investors are paying little-to-nothing for the core business, which is on track to generate between $500M-$700M in 2025 revenue. XXX engagements  **Related Topics** [realtime](/topic/realtime) [jewel](/topic/jewel) [clickhouse](/topic/clickhouse) [Post Link](https://x.com/pau_100X/status/1943630883467964783)
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Pau @pau_100X on x XXX followers
Created: 2025-07-11 11:18:08 UTC
Part 1: The Deep Value Bull Case - Unpacking the "Sum-of-the-Parts" (SOTP)
The market's view of NBIS is shallow because it ignores the SOTP valuation. A sophisticated analysis breaks the company into its core components:
The ClickHouse Stake (The Crown Jewel): NBIS owns a ~28% minority stake in ClickHouse, Inc., a leading open-source columnar database management system for real-time analytics. Following its latest funding rounds, ClickHouse has been valued by venture capitalists at approximately $X billion. This implies the pre-tax value of Nebius's stake is approximately $XXXX billion. This is not a speculative future value; it is a concrete, mark-to-market valuation based on recent private transactions.
Toloka AI: Toloka is a mature, cash-generating business focused on AI data labeling and Reinforcement Learning from Human Feedback (RLHF). This is a critical service for the entire AI industry. While a precise standalone valuation is difficult without separate financials, its role in the AI supply chain and its client list suggest a valuation well into the hundreds of millions, if not more. It's a valuable, strategic asset.
The Fortress Balance Sheet: As of the last reporting period, NBIS holds approximately $XXX billion in cash and equivalents with a very low debt load. This financial strength is a stark contrast to its closest competitor, CoreWeave, which operates with a significant debt burden (over $X billion) to finance its expansion. This allows NBIS to fund its aggressive ~$2 billion capex plan with far less financial risk.
SOTP Conclusion: When you combine the ClickHouse stake (~$1.7B) and net cash, you arrive at a value that approaches or even exceeds the company's entire market cap at various points. This framework suggests investors are paying little-to-nothing for the core business, which is on track to generate between $500M-$700M in 2025 revenue.
XXX engagements
Related Topics realtime jewel clickhouse