New Position: TTRF Capital Loads Up on AI Infrastructure Company Nebius Stock

A July 6, 2026 SEC filing shows TTRF Capital Ltd established a new Nebius Group N.V. (NBIS 6.06%) position estimated at $64.0 million using quarterly average pricing.

What happened

According to an SEC filing reported on July 6, 2026, the firm initiated its stake in the AI infrastructure provider. This entry into Nebius Group followed the company's rebranding from Yandex N.V. in August 2024. The stake's valuation reached $89.2 million by quarter-end. Separately, the firm reported 13 total equity positions in the quarter.

What else to know

• The July 6, 2026 filing confirms a new position for the firm, representing 58.8% of reported 13F assets.
• Top five holdings as of the filing date:
  • Nebius Group (NBIS 6.06%): $89.2 million (58.8% of AUM)
  • Palantir Technologies (PLTR +2.36%): $20.0 million (13.2% of AUM)
  • AST SpaceMobile (ASTS 5.63%): $7.8 million (5.1% of AUM)
  • SoFi Technologies (SOFI 3.41%): $7.7 million (5.1% of AUM)
  • Meta Platforms (META +0.94%): $7.5 million (4.9% of AUM)
• Nebius Group has outperformed the S&P 500 index by about 300 percentage points over the past year.

Company Overview

| Metric | Value | | --- | --- | | Share Price (as of market close 2026-07-06) | $215.08 | | Market Capitalization | $51.75 billion | | One Year Total Return | 328.0% | | Employees | 1,371 |

Company Snapshot

• Nebius Group operates a comprehensive AI infrastructure platform that provides GPU computing clusters, cloud services, and developer tools to support demanding artificial intelligence workloads globally.
• The company generates revenue from its diversified portfolio, including Nebius (an AI cloud platform), Toloka AI (data solutions for generative AI development), TripleTen (technology education), and Avride (autonomous driving technologies).
• The company serves enterprise customers, AI developers, technology learners, and autonomous vehicle manufacturers seeking scalable infrastructure and specialized services within the artificial intelligence ecosystem.

Nebius Group is a technology infrastructure company headquartered in Amsterdam with 1,371 employees and a market capitalization of $51.75 billion as of July 6, 2026. The company has established itself as a critical infrastructure provider for the global AI industry, leveraging its diversified business segments to address multiple facets of AI development and deployment. With operations spanning Europe, North America, and Israel, Nebius maintains a strategic focus on providing essential computational resources and specialized services that support the accelerating adoption of artificial intelligence technologies across enterprise and consumer applications.

What this transaction means for investors

TTRF Capital is a young firm running a concentrated portfolio heavy on technology-related names. Nebius appears to be the firm’s highest-conviction stock, with the only other pure-play AI cloud infrastructure supplier being Iren Ltd. (IREN 7.56%) Iren isn’t among its top five holdings, however.

Most investors should work to build a more diversified portfolio, including stocks beyond the technology sector. However, owning Nebius in the higher-risk, technology portion of any portfolio may make sense for those with the proper risk tolerance.

Nebius’ services are in high demand for their GPU capacity, and even AI-leader Nvidia (NVDA 1.21%) owned nearly 1.2 million Nebius shares as of March 31.

Investors should be aware that the market has already built significant potential business into Nebius’ valuation. Its $50 billion market cap is lofty even given the company’s projection of revenue at an annual run rate of $7 billion to $9 billion entering 2027. Positions should be allocated accordingly, and potential volatility should be considered as the company works to manage its fast-growing sales base.