SEC Filing Analysis: NEBIUS GROUP N.V.

Executive Summary

• Trading Significance: Medium
• Key Takeaway: The Goldman Sachs Group, Inc. and Goldman Sachs & Co. LLC reported a 5.1% passive stake comprising 13,023,110 Class A Ordinary Shares.
• Market Impact: Neutral to slightly positive due to steady institutional endorsement without activist intent.

Company Information

Field	Value
Company	NEBIUS GROUP N.V.
Ticker Symbol	Not specified in filing
CIK	0001513845
Industry	Computer Programming, Data Processing, Etc. [7370]

Insider Information

Field	Value
Name	THE GOLDMAN SACHS GROUP, INC. / GOLDMAN SACHS & CO. LLC
CIK	0000886982
Title/Position	Institutional Filer
Relationship	5% Beneficial Owner

Transaction Details

Field	Value
Form Type	SCHEDULE 13G/A (Amendment No. 2)
Transaction Date	2026-09-30
Transaction Code	N/A (Periodic 13G Holdings Statement)
Security Type	Class A Ordinary Shares
Shares Involved	13,023,110.37
Price Per Share	N/A
Total Value	~$3,386,000,000 (Market Equivalent)
Shares Owned After	13,023,110.37
Ownership Type	Indirect / Shared Voting & Dispositive Power

Financial Impact Assessment

Transaction Materiality

Metric	Value
Beneficial Stake Value	~$3.39 Billion
% of Market Cap	~5.13%
Shares Transacted	N/A (Beneficial Ownership Filing)
% of Shares Outstanding	5.13% (5.1% of Class A)
Post-Transaction Ownership	13,023,110.37 shares (5.13% of outstanding)
Materiality Assessment	Significant Position Size

Impact Evaluation

• Market Cap Context: Nebius Group has a market capitalization of $66.01B based on 253.90M shares outstanding. A 5.1% stake represents roughly $3.39B in market value, establishing Goldman Sachs as a major institutional holder.
• Ownership Concentration: The reporting units hold 13,010,366 shares with shared voting power and 13,010,758 shares with shared dispositive power, disclaiming beneficial ownership of certain managed accounts and investment partnerships.
• Dilution Impact: None. This is a secondary market institutional holding report under Rule 13d-1(b), not an issuance by the company.
• Transaction Significance: While a $3.39B stake is substantial in nominal terms, filing on Schedule 13G/A reflects ordinary course broker-dealer and asset management operations rather than an activist campaign.

Market Impact Analysis

Stock Impact Prediction

• Direction: Neutral
• Reasoning: Schedule 13G amendments by investment banking conglomerates represent routine aggregate tracking across diverse institutional client and asset management accounts.

Volume & Sentiment

• Expected Volume Impact: Negligible direct volume impact expected as shares were accumulated over prior periods.
• Sentiment Indicator: Neutral

Additional Context

Transaction Notes

• Timing: Event date triggering this amendment is September 30, 2026, filed pursuant to Rule 13d-1(b).
• Special Circumstances: The filing carries standard certifications under Item 10 indicating the shares were acquired in the ordinary course of business without intent to influence or change corporate control.