Nebius Group NV (NASDAQ:NBIS) might be the most underappreciated player in AI infrastructure today. At a $12 billion market cap, it's trading like a mid-cap growth story.

Billions In Plain Sight -- Still Ignored

But a closer look by Ng Investing on X revealed the company is sitting on $3.7 to $5.7 billion worth of subsidiaries -- hidden in plain sight, yet not fully priced in by the market.

Take ClickHouse: Nebius owns 28% of the open-source database firm, last valued at $6 billion. That alone is worth $1.68 billion.

Add Jeff Bezos-backed Toloka, estimated at $1–2 billion, and autonomous vehicle platform Avride, also pegged at $1–2 billion, and Nebius's partial stakes in these companies amount to a massive chunk of its market cap.

Read Also: Nebius Emerges As Neutral AI Cloud Alternative, Deepens Ties With Nvidia, OpenAI, Microsoft: Analyst

What You're Really Paying For

Strip out the subsidiary value, and investors are effectively getting Nebius's core AI infrastructure business for just $7–9 billion. That business, per management’s latest guidance, is expected to generate $750 million to $1 billion in annual recurring revenue by the end of 2025 -- growing at triple-digit rates.

At 7x–9x forward ARR, Nebius is trading well below the multiples assigned to other AI players.

Compare that to CoreWeave Inc (NASDAQ:CRWV), which is burning over $1 billion per quarter and saddled with $7.5 billion in debt -- yet still commanding attention and valuation multiples that ignore risk.

Nebius, by contrast, is debt-free, diversified, and sitting on monetizable assets.

Wall Street Might Be Looking The Other Way

The market continues to reward risky, debt-heavy AI bets while missing what's right in front of it: a fast-growing, asset-rich company quietly trading at a discount. While CoreWeave stock is up 216.48% year-to-date, Nebius has gained 68.27% over the same period.

If Wall Street keeps overlooking the $5 billion sitting inside Nebius's portfolio, it may be handing savvy investors a rare shot at buying core AI growth with a multi-billion-dollar bonus built in.

This isn't just a conglomerate discount -- it's a visibility issue hiding in plain sight.

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