Nebius 6-K carries ClickHouse stake at $1,517.7M on June 30, 2026, up from $737.1M
- Amount
- $1.5B
- Place in VP50
- #28
- Sources
- 2
- Claims verified
- 4 of 5
What happened
Nebius Group N.V. filed a Report on Form 6-K with the SEC on August 12, 2026, including unaudited condensed consolidated financial statements for the period ended June 30, 2026. A table of investments in non-marketable equity securities in the statements lists ClickHouse at $1,517.7 million at June 30, 2026, against $737.1 million at December 31, 2025. The balance sheet shows total investments in non-marketable equity securities of $1,606.7 million, against $836.6 million. The notes say Nebius holds a minority equity stake in ClickHouse, a business developed within the group and later spun out.
The results exhibit explains the change as a remeasurement. For the six months ended June 30, 2026, Nebius reported a gain from revaluation of investments in equity securities of $780.6 million. The exhibit said this gain included primarily the remeasurement of the ClickHouse investment following a third-party investment, based on observable price changes from ClickHouse's January 2026 Series D preferred stock financing. It described that round as raising $400 million at a reported valuation of approximately $15 billion. The carrying value is an accounting mark of Nebius's holding, not a new funding round.
Key points
- Nebius carried ClickHouse at $1,517.7 million at June 30, 2026, against $737.1 million at December 31, 2025.1
- Total investments in non-marketable equity securities were $1,606.7 million at June 30, 2026, against $836.6 million at December 31, 2025.1
- Nebius reported a $780.6 million revaluation gain for the six months ended June 30, 2026, tied primarily to remeasuring ClickHouse.12
- The remeasurement followed ClickHouse's January 2026 Series D, described as $400 million at a reported valuation of about $15 billion.2
Why it matters
The filing ties the change in carrying value to observable price changes from the January 2026 Series D, so the listed holder's books now reflect that round's pricing.
The carrying value is an accounting measure based on observable price changes. The exhibits describe no sale of ClickHouse shares, so they show no price at which a stake changed hands.
ClickHouse accounts for $1,517.7 million of the $1,606.7 million in Nebius's non-marketable equity securities, so Nebius's filings are a public reference point for this private stake.
In context
| Round | Date | Post-money valuation | Raised | Led by |
|---|---|---|---|---|
| Series B | Oct 28, 2021 | $2.0B | $250M | Altimeter and Coatue |
| Series C | May 29, 2025 | $6.3B | $350M | Khosla Ventures |
| Series D | Jan 16, 2026 | $15B | $400M | Dragoneer Investment Group |
Updated
Fact-check
- Nebius's 6-K, filed August 12, 2026, carries ClickHouse at $737.1 million at December 31, 2025 and $1,517.7 million at June 30, 2026.Rests on the writer's extract of Note 5 in [1] SEC EDGAR, exhibit 99.2, and on the event data (amount and August 12 filing date). The checker's fetch of [1] was truncated at the Note 5 heading, and neither exhibit's text states the filing date.Partly verified
- Total investments in non-marketable equity securities were $836.6 million at December 31, 2025 and $1,606.7 million at June 30, 2026.Confirmed by [1] SEC EDGAR, exhibit 99.2: the unaudited condensed consolidated balance sheet gives these figures.Verified
- Nebius holds a minority equity stake in ClickHouse, a business developed within and spun out of the group.Confirmed by [1] SEC EDGAR, exhibit 99.2, Note 1.Verified
- Nebius reported a $780.6 million revaluation gain for the six months ended June 30, 2026.Confirmed by [2] SEC EDGAR, exhibit 99.1 and [1] exhibit 99.2: both give $780.6 million for the six months ended June 30, 2026.Verified
- The gain came primarily from remeasuring ClickHouse after its January 2026 Series D, which raised $400 million at a reported valuation of approximately $15 billion.Confirmed by [2] SEC EDGAR, exhibit 99.1, which states the remeasurement and describes the round with these figures, the valuation as 'reported'.Verified
Sources
- [1]SEC EDGAR (opens in a new tab)Nebius Group N.V. 6-K exhibit 99.2holds minority equity stakes in ClickHouse, Inc. and Toloka
- [2]SEC EDGAR (opens in a new tab)Nebius Group N.V. 6-K exhibit 99.1includes primarily the remeasurement of our investment in ClickHouse, following a third-party investment in that company
