One major advantage of $NBIS compared to its peers is its portfolio of subsidiaries and strategic stakes.

Currently, there are only two autonomous vehicle partners on the Uber platform; one of them is Avride, a subsidiary of $NBIS.

Given its positioning and the long-term potential of autonomous mobility, I wouldn’t be surprised if Avride is worth tens of billions of dollars by the end of this decade.

Next is ClickHouse, an open-source database management system built for real-time data processing and analytics. It’s used by some of the world’s largest companies, including:

• Anthropic

• Netflix

• MercadoLibre

• Tesla

The business is growing at an impressive pace. As of its most recent equity raise, ClickHouse was valued at $15B, implying that $NBIS 25% stake is worth approximately $4.25B.

Briefly on the other subsidiaries:

• Tripleten - An edtech business that delivered strong revenue growth in 2025 (+88%), driven by new student acquisition and global expansion.

• Toloka – A leading data provider for LLM and GenAI developers. While $NBIS no longer holds voting control, it retains a significant economic interest.

Overall, these subsidiaries have the potential to unlock substantial capital, supporting the continued expansion of $NBIS core business.