Canadian Halal Investor.

NASDAQ Shariah screener · October 2026

Is Nebius Group N.V. (NBIS) Halal?

PASS

Nebius Group N.V. · NASDAQ: NBIS · Technology

The short answer

Yes — Nebius Group (NBIS) passes this Shariah stock screen. The Amsterdam-based AI cloud company (GPU clusters for AI training and inference, spun out of Yandex in 2024; Nasdaq trading resumed October 2024; also Avride autonomous vehicles and TripleTen edtech) has no prohibited business lines. Interest-bearing debt of $8,545.7M at June 30, 2026 is about 13.4% of its ~$63.7B market cap (October 1, 2026), well under the ~33% ceiling, and interest income of $38.3M is about 3.9% of H1 2026 revenue ($981.3M), under the 5% non-compliant income ceiling. Zoya covers NBIS and currently flags it not Shariah-compliant — but on its older FY2025 figures, where it cites a ~6% interest income ratio; no Musaffa or ShariaPortfolio rating was found — reported as absent, not invented.

Gate 1 — Business activity: PASS

Nebius Group N.V. (NASDAQ: NBIS) is an Amsterdam-headquartered AI cloud company building full-stack infrastructure for the global AI industry — it operates large clusters of GPUs rented out as compute capacity for AI training and inference to startups and enterprises. It was spun out of Yandex N.V. in 2024 (the Russian business was divested; the international assets were renamed Nebius Group and Nasdaq trading resumed in October 2024). Consolidated businesses also include Avride (an autonomous-vehicle platform) and TripleTen (an edtech service), plus equity stakes in companies including ClickHouse and Toloka. None of the disclosed lines — AI cloud infrastructure, autonomous vehicles, edtech — are prohibited lines (no alcohol, gambling, pork, conventional banking/insurance, tobacco, cannabis, or adult entertainment). Gate 1 passes. Facts only.

Gate 2 — Debt and cash: PASS

At June 30, 2026 Nebius reported Debt, current of $46.7M and Debt, non-current of $8,499.0M — total interest-bearing debt of $8,545.7M, per the Q2 2026 financial results. Against a market cap of about $63.7B (NBIS closed at $232.28 on October 1, 2026; 271,855,218 shares outstanding at June 30, 2026), debt ÷ market cap is about 13.4%, well below the ~33% ceiling. Operating lease liabilities of $1,510.4M (non-current) sit outside the Debt lines — including them would bring the ratio to about 15.8%, still under the ceiling. Cash and cash equivalents of $8,042.1M are about 12.6% of market cap, within the ~33% guideline. Gate 2 passes. Facts only.

Gate 3 — Non-compliant income: PASS

Interest income was $38.3M for the six months ended June 30, 2026 ($24.1M in Q2), per the Q2 2026 financial results, against revenue of $981.3M ($582.3M in Q2) — about 3.90% of revenue, under the 5% non-compliant income ceiling. The interest is earned on cash balances (cash and cash equivalents were $8,042.1M at June 30, 2026), not from lending. On a Q2-only basis the ratio is about 4.14% ($24.1M ÷ $582.3M), also under 5%. Note: FY2025 showed a higher ratio — Zoya reports $31.8M of interest income on $529.8M of FY2025 revenue (about 6%), which is why Zoya currently flags NBIS as non-compliant; the more recent H1 2026 figures used here are below the ceiling. Gate 3 passes. Facts only.

Key figures used

Frequently asked questions

What does Nebius Group do?

Nebius Group N.V. (NASDAQ: NBIS) is an Amsterdam-based AI cloud company building full-stack infrastructure for the global AI industry — large GPU clusters rented out as compute capacity for AI training and inference, serving startups and enterprises building AI products. It was spun out of Yandex N.V. in 2024 (the Russian business was divested; the international assets were renamed Nebius Group and Nasdaq trading resumed in October 2024). Consolidated businesses also include Avride, an autonomous-vehicle platform, and TripleTen, an edtech service, plus equity stakes in companies including ClickHouse and Toloka. None of the disclosed business lines — AI cloud infrastructure, autonomous vehicles, edtech — are prohibited lines (no alcohol, gambling, pork, conventional banking or insurance, tobacco, cannabis, or adult entertainment), so the business gate passes.

Why does Nebius Group pass this Shariah stock screen?

Nebius Group passes all three gates of this screen. Its business is AI cloud infrastructure (GPU compute), autonomous vehicles (Avride), and edtech (TripleTen) — no prohibited lines, so the business gate passes. At June 30, 2026 it carried $8,545.7M of interest-bearing debt (Debt, current $46.7M plus Debt, non-current $8,499.0M) against a market cap of about $63.7B, a debt-to-market-cap ratio of about 13.4%, well under the ~33% ceiling; cash of $8,042.1M is about 12.6% of market cap. Interest income of $38.3M for H1 2026 is about 3.9% of revenue ($981.3M), under the ~5% non-compliant income ceiling. This is a factual screen, not a religious ruling — consult a qualified scholar for personal guidance.

What is Nebius Group's interest-bearing debt ratio?

At June 30, 2026 Nebius reported Debt, current of $46.7M and Debt, non-current of $8,499.0M — total interest-bearing debt of $8,545.7M, per the Q2 2026 financial results. With a market capitalization of about $63.7B (October 1, 2026; NBIS closed at $232.28 with 271,855,218 shares outstanding), debt divided by market cap is about 13.4%, well below the ~33% ceiling. Operating lease liabilities of $1,510.4M (non-current) sit outside the Debt lines; including them would bring the ratio to about 15.8%, still under the ceiling. Cash and cash equivalents of $8,042.1M are about 12.6% of market cap, within the ~33% guideline. The debt-and-cash gate passes.

What is Nebius Group's non-compliant income ratio?

For the six months ended June 30, 2026 Nebius reported interest income of $38.3M ($24.1M in Q2) against revenue of $981.3M ($582.3M in Q2), per the Q2 2026 financial results — about 3.90% of revenue, under the 5% non-compliant income ceiling. The interest is earned on cash balances (cash and cash equivalents were $8,042.1M at June 30, 2026), not from lending. On the same basis for Q2 alone the ratio is about 4.14% ($24.1M of $582.3M), also under 5%. Note that FY2025 showed a higher ratio — Zoya's page reports $31.8M of interest income against $529.8M of FY2025 revenue, about 6% — which is why Zoya currently flags NBIS as non-compliant on its FY2025-based assessment; the more recent H1 2026 figures used here are below the ceiling.

Do Zoya, Musaffa, or ShariaPortfolio cover Nebius Group?

Zoya covers Nebius Group (NBIS) and, as of September 2026, flags it as not Shariah-compliant — based on FY2025 figures (Zoya cites $31.8M of interest income on $529.8M of revenue, about 6%, over its 5% threshold), reported here honestly rather than ignored. No rating or coverage of NBIS was found on Musaffa or ShariaPortfolio in a search conducted October 2026 — honestly reported as absent, not invented. This page applies the screen directly from the company's more recent filings: the Q2 2026 financial results (H1 2026 income statement and June 30, 2026 balance sheet) and market data as of October 1, 2026.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).