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Nebius核心业务高增，其L4级Robotaxi子公司Avride被市场低估。
Nebius [ $NBIS ] 的核心业务简直疯狂。年收入(ARR)在一年内实现700%以上的同比增长，达到70-90亿美元以上。 更疯狂的是这一点。 其子公司可以超越主营业务 🤯 原因如下： $GOOGL Waymo、$TSLA、$AMZN Zoox、Motional、$NBIS Avride 是目前仅有的5家美国完全自动驾驶(FSD) Robotaxi 公司。 是的，$NBIS Avride 是其中之一。 - 它是4家拥有L4级完全自动驾驶（与Waymo同级）的公司之一。 - 它是3家实现L4级FSD商业化的公司之一（Motional仍处于研发阶段）。 作为参考，Tesla [ $TSLA ] 的Robotaxi目前仅为L2级（需要人工监督）。 人们希望购买Robotaxi公司，因为Cathie Wood所说：“Robotaxi可能占 $TSLA 价值的90%）。 因此，他们通过 $3.6T 的 $GOOGL 和 $1.4T 的 $TSLA 等万亿美元公司来买入该板块的敞口。 但有一家L4级FSD Robotaxi公司即将通过 $UBER 与Waymo竞争： 那就是Avride，一家估值60亿美元的子公司，$NBIS 持有其83%的股份，而市场完全忽略了它。Avride 是 该60亿美元估值基于Seeking Alpha分析师报告（2025年8月），将Avride与Nuro的E轮融资估值进行对标。仅在2025年1月，其估值估计为34亿美元，短短6个月内几乎翻倍（反映了Avride与Uber和现代合作的势头）。 支持当前估值的关键近期进展： - 2017年：Avride由Yandex自动驾驶集团创立 - 2017-2024年：研发... - 2024年10月：与Uber达成多年期配送机器人和Robotaxi合作伙伴关系 - 2025年3月：与现代签署L4级自动驾驶汽车联合开发谅解备忘录(MOU) - 2025年10月：获得Uber和Nebius高达3.75亿美元的战略投资 - 2025年底：在德克萨斯州达拉斯通过Uber推出Robotaxi 我们现在看到7年的研发开始商业化爬坡（像Waymo一样），今年通过 $UBER 实现。 你可以以 $NBIS 210亿美元市值的零头价格，获得这家超高速增长的L4级FSD Robotaxi公司。🚗 鉴于Avride同比增长三位数，且我们看到该公司在7年的资本支出投入研发后终于开始商业化，它在2年内估值远超Nebius当前市值的可能性非零。 我们曾看到Waymo从450亿美元市值（2024年10月，融资56亿美元）增长到2000亿美元以上（DA Davison建议的估值）。 Avride目前仅为60亿美元，是 $NBIS 市值的一小部分。但它正处于与 $UBER 合作的增长临界点，就像Waymo最初在旧金山起步但现在无处不在一样。 Nebius ( $NBIS ) 是市场中被误解的成长型公司。但作为投资者，尽早布局下一代公司才能获得最高回报
英文原文
Nebius [ $NBIS ] core business is insanity. 700%+ Y/Y growth to $7-9B+ ARR in 1Y. What's more insane is this. Their subsidiary can outgrow their main business 🤯 Here's why: $GOOGL Waymo, $TSLA, $AMZN Zoox, Motional, $NBIS Avride are the only 5 FSD US Robotaxi companies right now. Yes $NBIS Avride is one of the 5. - And 1 of 4 with FSD Level 4 - fully driverless, the same level as Waymo. - And 1 of 3 that are commercialized with FSD level 4 (Motional is R&D phase) Tesla [ $TSLA ] robotaxis for perspective is only at Level 2 (requires human oversight). People want to buy robotaxi companies because as Cathie Wood puts it “Robotaxis could represent 90% of $TSLA ‘s value). So they buy exposure to the segment through trillion dollar companies like Waymo through the $3.6T $GOOGL and $1.4T $TSLA. But there's a Level 4 FSD robotaxi company that is just about to compete with Waymo through $UBER: That name is Avride, a $6 billion subsidiary company that $NBIS owns 83% of, and one that the market completely has missed. Avride is an The $6B valuation was based off a Seeking Alpha analyst report (August 2025) that benchmarked Avride against Nuro's Series E valuation. Just in Jan 2025 it was estimated to be valued at $3.4 billion, growing almost double in just 6 months time (reflecting Avride's momentum with Uber and Hyundai). Key recent developments supporting the current valuation: - 2017: Avride founded though Yandex Self Driving Group - 2017-2024: Development... - October 2024: Multi-year Uber partnership for delivery robots and robotaxis - March 2025: Hyundai MOU for co-development of Level 4 autonomous vehicles - October 2025: Up to $375 million in strategic investment from Uber and Nebius - By EOY 2025: Dallas Texas Robotaxi Launch with Uber We’re now seeing 7 years of R&D starting commercialization ramp (like Waymo), through $UBER this year. and you can get this hyper scaling self-driving FSD level 4 robotaxi company. As discounted spare change of $NBIS at a $21B marketcap. 🚗 Seeing how Avride is growing triple digits Y/Y and we’re seeing the company finally commercialize after 7 years of capex into research, there’s a nonzero chance it becomes valued way more than the Nebius current market cap in 2 years. We've seen Waymo grow from a $45B marketcap (October 2024, $5.6B raised) to over $200B+ (DA Davison suggested valuation). Avride is now only at $6B and a small change of $NBIS's marketcap. But it's at the precipice of growth with $UBER, just like how Waymo started out in SF but now it's everywhere. Nebius ( $NBIS ) is the misunderstood growth company in the market. But being early to the next generation companies is where the highest returns are made as an investor
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Nebius因AI投资组合及核心业务高增长被严重低估，有望成下一个GOOGL。
Nebius [ $NBIS ] 是目前被低估程度最高的成长型公司。它有望成为下一个市值达 210 亿美元的 $GOOGL。原因很简单：其投资组合公司令人惊叹。最极端的例子是 $FTX。回顾 $META 如何成长为万亿级巨头，不仅靠 Facebook，更靠 Instagram、Whatsapp 等投资组合公司主导了社交媒体格局。$FTX 在数字资产和前沿技术领域做了类似布局。2021 年，$FTX 投入 58 亿美元，重仓三家核心公司：1. Anthropic（13.56%，估值 25 亿）；2. Robinhood [ $HOOD ]（7.6%，估值 85.4 亿）；3. Solana [ $SOL ]（4100 万+代币）。如今，Anthropic 最新估值 3500 亿，该持股价值约 474 亿；Robinhood 市值超 1000 亿，持股价值约 76 亿；Solana 代币 131.5 美元，持股价值超 57 亿。仅这三家公司四年增值超 550 亿，还不包括 FTX 其他数十亿投资及 Chime、Layerzero、Aptos、Hidden Road（被 $COIN 收购）等。其投资组合价值超越了核心业务（试想若核心业务如 $GOOGL 搜索般增长该多好）。$NBIS 现在拥有与 $FTX（加密）、$META（社交）相同的结构，但在人工智能领域，且核心业务真实且快速增长。Nebius 持有：1. Clickhouse（28%，估值约 70 亿，2025H1 营收 6.3 亿）；2. Avride（83%，估值约 60 亿，Uber 领投后）；3. Toloka AI（~65%，估值约 6.4 亿）；4. TripleTen（100%，估值约 3 亿）。Clickhouse 服务于 Anthropic、$META、$TSLA、$NET 等；Avride 是自动驾驶出租车公司，$UBER 投资 3.75 亿以竞争 Waymo；Toloka 是 AI 标注平台，被 Amazon、Microsoft 等使用。投资组合估值合计 76 亿，增速快于多数公开成长股。而其核心业务同比增长 700%+，ARR 达 70-90 亿，现金 48 亿，服务于 $META、$MSFT 等。这可能是其被纳入 MSCI 指数前最后一个月低于 90 美元的机会，将获数亿至十亿流入。相比 $IREN 或 $CIFR，$NBIS 是唯一拥有此类投资组合的数据中心成长股。$NBIS 仅估值 210 亿，市场正在忽视这一机会。
英文原文
Nebius [ $NBIS ] is the most undervalued growth company right now. And it has the potential to become the next $GOOGL at a $21B market cap. There's one simple reason: It's portfolio companies are mindblowing. The most incredible example on this concept is the company $FTX. Here's the story: When we look at how $META grew into a $1T+ company, it wasn't just Facebook. It was their portfolio companies Instagram, Whatsapp, and others made Meta dominate the social media landscape. $FTX was doing something similar, but in digital assets and frontier technologies. Four years ago, in 2021, $FTX invested $5.8B into a large basket of assets. And put a large chunk into these three core companies: 1. Anthropic, 13.56% at a $2.5 Billion valuation. 2. Robinhood [ $HOOD ] 7.6% at a $8.54B valuation 3. Solana [ $SOL ], 41M+ tokens. Fast forward to today, that would have been: · Anthropic in it's latest round is worth $350B. That stake would have been worth ~$47.4B. · Robinhood is now worth over $100B. That stake would be worth ~$7.6B. · Solana is now worth $131.5 per token, making the stake well over $5.7B. Those three companies alone generated well over $55B+ in value in 4 years time, and this is not even including FTX's tens of billions of dollars + hundreds of other investments + holdings in Chime, Layerzero, Aptos, Hidden Road (bought by $COIN), and crypto. Their portfolio companies outlasted their core business (and imagine, how much it would have been worth if the core business kept scaling like $GOOGL search did alongside Youtube). $NBIS now has the same setup as $FTX did in crypto, $META in social media, but in artificial intelligence with a legitimate and incredibly rapidly growing core business. Nebius owns: 1. Clickhouse, 28% at a ~$7B valuation ($6.3 H1 2025) 2. Avride, 83% at a ~$6B valuation. (post Uber raise) 3. Toloka AI, ~65% at a ~$640 million valuation 4. TripleTen, 100% at a ~$300m valuation. · Clickhouse powers Anthropic, $META, $TSLA, $NET, and many fortune 500 companies. · Avride is a self-driving car robotaxi company, spun out of Yandex that $UBER invested in a $375M round in to compete with Waymo. · Toloka is a AI labeling platform that Amazon, Microsoft, Anthropic, and Shopify uses. $1.96B + $4.96B + $416M + $300m = $7.6B valuation in portfolio companies that are growing faster than most public growth companies. But if we look at their core business that is scaling to 700%+ Y/Y to $7-9B ARR, with $4.8B in cash, powering $META, $MSFT, Cursor, governments, and many more... This might be the last month it's under $90 before it receives hundreds of millions to low billions of extra inflows from MSCI inclusion today. There's no other datacenter growth company that has this type of portfolio if we look at crowd favorites like $IREN or $CIFR. $NBIS is only valued at $21B and the market is sleeping on this opportunity.