Nebius · customer concentration
Nebius’s biggest customers
Who are Nebius’s biggest customers?
Customer A: 25% of FY2025 revenue
The filing does not name this customer. Hollsteen never guesses names.
Numbers, method and sources
Share of revenue per customer as tagged in the filing’s XBRL (ConcentrationRiskPercentage, benchmark revenue). US GAAP requires disclosure only for customers with at least 10% of revenue; a year without a customer means below 10% or not disclosed. Labels like “Customer A” are the filer’s own; the same label is not guaranteed to be the same customer every year.
FY2025
- Customer A (not named in filing) 25%
- Customer B (not named in filing) 15%
FY2024
- Customer A (not named in filing) 27%
- Customer C (not named in filing) 11%
FY2023
- Customer C (not named in filing) 31%
- Customer B (not named in filing) 13%
FY2022
- Customer C (not named in filing) 54%
- Customer B (not named in filing) 20%
SEC filings only. No market data.
Is Nebius getting more dependent on one customer?
Largest disclosed customer, by fiscal year
Which customers does the filing name?
“Although we have entered into, and expect to continue to pursue, longer-term customer arrangements such as those we have secured with Meta and Microsoft, including multi-year agreements that may involve significant capital expenditures, technical requirements, service level commitments and capacity reservations, we have limited experience in delivering, implementing and managing such contracts at scale.”
All Nebius facts from SEC filings · Customer concentration of all companies