Nvidia zveřejnila, že nepřímo drží 9,3 % v Nebius Group, hlavně prostřednictvím předfinancovaného warrantu z investice za 2 miliardy USD. Akcie Nebius v úterý vzrostly téměř o 19 % a uzavřely na 217,09 USD.
Nvidia (NVDA +2.39%) disclosed this week that it beneficially owns 9.3% of Nebius Group (NBIS +0.61%), an artificial intelligence (AI) cloud infrastructure provider that has become one of the market's hottest stocks. The disclosure came in a Schedule 13G (which Nvidia filed under the rule for passive investors) covering about 22.3 million shares.
Investors treated it as a vote of confidence. Nebius shares jumped nearly 19% on Tuesday, to close at $217.09. The stock is up more than 300% over the past year.
But the market may be reacting to the headline number rather than the fine print. What Nvidia actually owns, and why, tells a more useful story for investors.
Image source: Nvidia.
Mostly a prepaid warrant, locked up until September The 9.3% figure comes with two big qualifiers.
First, the composition. Only about 1.2 million of the shares are common stock Nvidia holds outright. The rest (roughly 21 million shares) comes from a pre-funded warrant Nvidia bought outright with its previously announced $2 billion investment in Nebius, at an exercise price of $0.0001 a share. Nebius already counts those shares as outstanding for earnings-per-share purposes. Nvidia simply can't exercise the warrant or sell the shares before Sept. 11.
Second, the intent. A Schedule 13G is a passive filing. It signals that Nvidia isn't seeking control or pushing for changes. This is a financial and strategic position, not the opening move of a takeover.
Put another way, Nvidia didn't suddenly buy a tenth of Nebius on the open market this week. The filing largely formalizes a stake investors have known about since the $2 billion investment was announced. The market's 19% response says more about sentiment toward anything Nvidia touches than about new information.
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Why Nvidia wants equity in its own customer Nebius is what the industry calls a neocloud. It buys enormous quantities of graphics processing units (GPUs), overwhelmingly Nvidia's, and turns them into rentable AI computing capacity for customers who can't build their own. Nvidia taking equity in a company like that deepens a loop that already exists: Nebius gets capital and credibility, and Nvidia strengthens a fast-growing buyer of its chips while collecting a slice of the upside.
The stake also says something about demand. Nvidia doesn't need to prop up customers if AI computing capacity is going unsold. Putting $2 billion behind a company whose business is renting out Nvidia hardware is a bet that demand for that capacity keeps outrunning supply.
And Nebius has momentum to point to. Its revenue over the trailing 12 months totals about $878 million, and the demand evidence keeps stacking up. In March, Meta Platforms signed a long-term agreement to spend up to $27 billion on Nebius' AI infrastructure.
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The stock has moved just as violently. Shares traded below $50 within the past year, peaked at $299.86, and even after Tuesday's jump still sit about 28% below that high. Swings like that are the price of admission in this corner of the AI market, and investors should expect more of them.
The problem is the price. After Tuesday's jump, Nebius commands a market capitalization of about $55 billion, which is more than 60 times its trailing sales. A multiple like that prices in years of hypergrowth and flawless execution in one of the most capital-hungry businesses in technology.
After all, building AI infrastructure requires staggering amounts of money for data centers, power, and chips, and Nebius will likely need to keep raising capital to fund its expansion. Every dollar of that spending has to earn a return in a market where the largest cloud providers are building the same capacity.
Additionally, a passive minority stake doesn't guarantee Nebius preferential access to chips. It doesn't change the company's economics or its capital needs, and it doesn't make the valuation cheaper. Nvidia's endorsement is a point in the bull case, not a substitute for one.
The stake itself, though, is a meaningful signal. The most important company in AI wants this neocloud to succeed, and it has put real money behind that preference. For Nebius shareholders, that's comforting.
But at more than 60 times sales, the growth stock already prices in an awful lot of success, and Tuesday's pop made that math harder, not easier. I'd watch this one from the sidelines and let the next few quarters show if the growth can keep pace with the expectations.
After soaring more than 400% over the past year to $299, Nebius Group (NBIS +2.70%) stock has finally pulled back, falling roughly 32% from its peak (as of writing).
For many investors, that naturally raises the question: Is this an opportunity to buy one of the market's fastest-growing artificial intelligence stocks?
While the decline has made the stock more attractive than it was just a few weeks ago, investors shouldn't rush to buy simply because the share price is lower. After all, stocks don't become bargains because they fall. They become bargains when the underlying business improves faster than investor expectations.
That's the question investors should be asking about Nebius today.
Image source: Getty Images.
The business may actually be stronger today Despite the recent correction, nothing much has changed about Nebius' business.
The company recently reported revenue growth of 684% year over year to $399 million, while its AI cloud business grew an even more impressive 841%. Annual recurring revenue (ARR) reached a run rate approaching $2 billion, and management still expects ARR to reach between $7 billion and $9 billion by the end of 2026.
Those numbers suggest demand for Nebius' AI cloud platform remains exceptionally strong.
The broader industry backdrop also continues to support the company's growth. As enterprises increasingly adopt artificial intelligence (AI), demand for graphics processing units (GPUs) and AI cloud infrastructure remains robust.
The beauty of Nebius's business model is that it isn't building AI models itself. Instead, it provides the computing infrastructure needed to train and run them. In many ways, the company is selling the picks and shovels behind the AI boom.
So, regardless of which model wins eventually, Nebius will own a share of the market.
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So why did the stock fall? If the business continues performing well, why has the stock price declined? The answer, while not straightforward, probably lies in changing expectations.
Following its extraordinary rally, Nebius's stock was priced for near-perfect execution. Investors weren't simply expecting strong growth -- they were expecting the company to become one of the biggest winners in AI infrastructure.
When expectations become that high, even excellent businesses can see their share prices fall. To put it into perspective, the stock still trades at a price-to-sales (P/S) ratio of 58 times despite its recent correction.
In other words, likely, the market wasn't disappointed by Nebius' results. Instead, investors became more selective about how much they were willing to pay for AI infrastructure stocks after months of extraordinary gains.
Besides, there are also legitimate risks. Nebius plans to invest aggressively to expand its AI cloud infrastructure, requiring enormous capital expenditures over the coming years. In the first quarter of 2026 alone, the company's capex was $2.5 billion. While that spending could strengthen its competitive position, it also increases execution risk if AI demand eventually slows or supply catches up.
What should investors do now? For long-term investors, the recent pullback certainly makes Nebius more interesting than it was a month ago. But it doesn't automatically make the stock a bargain.
One lesson investors should not forget is that an exceptional business and an exceptional investment are not always the same thing. Even great companies can produce disappointing returns if investors pay too high a price.
Instead of focusing on the recent share price decline, investors should watch to see whether Nebius continues to sign long-term customer contracts, expand annual recurring revenue, generate attractive returns on capital, and build competitive advantages beyond simply renting GPUs.
If investors have conviction that Nebius can deliver on those fronts and are willing to tolerate volatility down the road, the recent stock correction could be a starting point to buy shares. Even then, they don't need to rush to load up.
But for the average conservative investor, Nebius's stock remains extremely risky due to its high valuation.
Nebius v 1. čtvrtletí zvýšil tržby o 684 % meziročně a potvrdil výhled na rok 2026. C3.ai naproti tomu oznámil tržby 51,6 milionu USD a ne-GAAP čistou ztrátu 48,8 milionu USD.
Key Takeaways NBIS is expanding AI cloud capacity, products and partnerships while demand continues to exceed supply.C3.ai is restructuring operations, expanding AI adoption and improving enterprise product execution.NBIS reaffirmed its 2026 guidance, while AI faces revenue and profitability challenges Nebius Group N.V. (NBIS - Free Report) and C3.ai, Inc. (AI - Free Report) are capitalizing on the rapid adoption of AI, but they are pursuing distinct growth strategies to capture the expanding market opportunity. While Nebius is building an AI-native cloud infrastructure platform with a focus on hyperscale computing capacity, C3.ai is strengthening its enterprise AI software business through organizational changes, product enhancements and broader adoption of AI across its operations.
Both companies remain focused on expanding their AI capabilities and scaling their businesses to meet rising enterprise demand. However, their growth strategies, execution priorities and business models differ significantly, making the comparison important for investors seeking exposure to the AI sector.
Let’s evaluate their fundamentals, growth prospects, market challenges and valuations to determine which stock presents a stronger investment opportunity.
The Case for NBISNebius is rapidly expanding its AI-native hyperscaler platform by investing aggressively in capacity, products, customers and capital to strengthen its position in the AI infrastructure market. During the first quarter of 2026, the company increased its contracted power capacity from more than 2 gigawatts to more than 3.5 gigawatts and now expects to reach at least 4 gigawatts by the end of 2026. It also announced a new Pennsylvania facility that will support 1.2 gigawatts of power when fully operational. More than 75% of its contracted capacity is now owned, supporting its strategy of building a vertically integrated full-stack AI cloud platform. Management stated that the company is executing across four key pillars, capacity and scale, product and functionality, customers and demand, and capital, while remaining focused on disciplined execution across each area.
The company continues to expand beyond compute into cloud services that cover the complete AI lifecycle, including bare-metal infrastructure, multi-tenancy, inference and emerging agentic capabilities. NBIS strengthened its software and AI offerings through the acquisitions of Tavily, Eigen AI and Clarifai, which added experienced AI engineers and researchers while improving inference optimization, Token Factory capabilities and agentic search functionality. Management emphasized that these acquisitions accelerate product development, deepen customer engagement and strengthen Nebius' position as a full-stack AI cloud provider capable of serving a broader range of AI workloads.
Nebius is further reinforcing its AI leadership through an expanded partnership with NVIDIA Corporation (NVDA - Free Report) . The company achieved NVIDIA Exemplar Cloud status for GB300 training workloads, making it one of only a small number of cloud providers recognized across multiple GPU generations. Management noted that the partnership extends beyond hardware, providing differentiated GPU supply, closer collaboration on future NVIDIA platforms and deeper software integration for inference and agentic AI workloads. These initiatives strengthen Nebius' vertically integrated AI cloud platform while supporting future deployments built around NVIDIA's latest technologies.
Customer demand for Nebius' AI infrastructure remains exceptionally strong across AI-native companies, enterprises and software vendors, as well as industries including fintech, physical AI, life sciences, manufacturing, energy and pharmaceuticals. Management stated that several customers typically compete for every GPU brought online, while first-quarter pipeline generation increased 3.5 times sequentially. Demand continues to exceed available capacity, allowing the company to maintain strong pricing across GPU generations, extend contract durations, increase average contract values and receive growing customer prepayments to secure future AI capacity. The company also highlighted increasing momentum for its inference-focused Token Factory platform as AI adoption expands across enterprise and developer workloads.
Nebius delivered outstanding financial and operational performance during the first quarter, reflecting the strength of its expanding AI cloud business. Group revenue increased 684% year over year, while the Nebius AI business recorded 841% revenue growth and reached an annualized run-rate revenue of $1.9 billion. Group adjusted EBITDA margin improved to 32%, while the Nebius AI business achieved a 45% adjusted EBITDA margin. The balance sheet was further strengthened by a $4.3 billion convertible note offering, a $2 billion equity investment from NVIDIA and record customer prepayments, increasing cash and cash equivalents to $9.3 billion. Supported by this momentum, the company reaffirmed its 2026 guidance for annualized run-rate revenue of $7-$9 billion, group revenue of $3-$3.4 billion and an adjusted EBITDA margin of around 40%.
However, Nebius expects quarterly adjusted EBITDA margins to fluctuate during 2026 as it invests ahead of future capacity deployment. Management indicated that margins are likely to decline in the second quarter because infrastructure investments and operating expenses will be recognized before newly deployed capacity begins generating revenue. The company has also increased its 2026 capital expenditure guidance to $20-$25 billion from the previous $16-$20 billion range to support additional AI infrastructure planned for 2027. Nebius expects to utilize a combination of asset-backed financing, corporate debt, customer prepayments and other funding alternatives while maintaining a disciplined capital structure.
The Case for AIC3.ai is gaining from a broad restructuring initiative aimed at strengthening execution across the business. The company has reorganized its sales, products, services and federal operations under new leadership while introducing a strategic plan with clearly defined objectives. Product development has been consolidated under a single organization responsible for designing, developing, quality-assuring and delivering products, while the services organization has been redesigned with dedicated customer teams to support deployments through completion. Management highlighted that these changes are intended to improve customer satisfaction, enable more successful deployments and support the expansion of enterprise customer relationships.
The company is expanding its AI-first strategy by integrating agentic AI tools across the organization to improve productivity and execution. The company stated that its product teams are now using AI tools for programming activities, while legal, finance, sales and marketing functions have also adopted these agentic technologies. Sales teams are utilizing these tools to enhance market development, business development and customer penetration strategies. Management added that employees across every function are operating with an agentic AI-first mindset as the company focuses on execution and improving overall business performance.
C3.ai also highlighted several operational strengths, including a strong liquidity position and continued customer engagement. In fourth-quarter fiscal 2026, it signed nine initial production deployments, bringing the cumulative total to 417, with 251 remaining active through ongoing deployments, extensions or subscription and consumption agreements. Management also stated that cost reduction initiatives are progressing as planned and are expected to improve operating efficiency, free cash flow and support the company's long-term objectives.
However, C3.ai continues to face challenges from weak financial performance and declining revenue. Management acknowledged that the company's recent performance has been disappointing, describing sales execution as unacceptable and attributing the decline in revenue, remaining performance obligations and profitability primarily to poor sales discipline. The company reported quarterly revenue of $51.6 million, a non-GAAP operating loss of $54.4 million, a non-GAAP net loss of $48.8 million and negative free cash flow of $54.8 million.
C3.ai also indicated that uncertainty remains as it implements its new go-to-market strategy. On the last earnings call, management stated that the company has changed its sales organization and go-to-market approach, making it difficult to predict the future mix between software revenue, professional services, prioritized engineering services and demonstration licenses.
Share Performance for NBIS & AIIn the past six months, NBIS stock has surged 79.8% while AI lost 30.1%.
Image Source: Zacks Investment Research
Valuation for NBIS & AIIn terms of Price/Book, NBIS shares are trading at 6.21X, higher than AI’s 2X.
Image Source: Zacks Investment Research
How Do Estimates Compare for NBIS & AI?Over the past 60 days, analysts have marginally revised estimates upward for NBIS’ bottom line for the current year.
Image Source: Zacks Investment Research
For AI, estimates have been revised significantly upward over the past 60 days.
Image Source: Zacks Investment Research
NBIS or AI: Which Stock is the Better Investment?While NBIS sports a Zacks Rank #1 (Strong Buy) at present, C3.ai has a Zacks Rank #3 (Hold). Consequently, in terms of Zacks Rank, NBIS seems to be a better pick at the moment. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Nebius získal zajištěné financování ve výši 775 milionů USD na rozšíření AI infrastruktury. Zároveň představil nový asset-light model pro partnery v jejich datových centrech.
Nebius Raises $775M for AI Buildout“This financing is an important step in that strategy, and reinforces our confidence that our disciplined, diversified approach… will enable us to build a sustainable AI cloud business with strong and durable margins,” said Ophir Nave, COO of Nebius.
The New Partnership ModelSeparately, Nebius introduced a business model allowing infrastructure partners to deploy its AI cloud platform within their own data centers. Partners finance, own, and operate the facilities, while Nebius supplies its architecture, hardware design, and software stack, then brings the resulting capacity to market through its sales organization — expanding Nebius’ available capacity with minimal incremental capital.
“Our new asset-light model gives infrastructure partners a flexible way to benefit from the explosive growth of AI,” said Arkady Volozh, founder and CEO of Nebius.
Nebius Shares RiseNBIS Price Action: At the time of publication, Nebius shares are trading 4.42% higher at $185.57, according to data from Benzinga Pro.
Image via Shutterstock
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Nebius vzrostl o 8 % poté, co oznámil první zajištěný seniorní úvěr ve výši 775 milionů USD na financování expanze v oblasti AI bez nové emise akcií. Tím zmírnil obavy z ředění, které stály za čtvrtečním propadem o 14 %.
Nebius Group (NASDAQ:NBIS | NBIS Price Prediction) shares are up 8% to $186 in Friday afternoon trading, rebounding after Thursday’s 14% plunge that closed the stock at $171.77. The catalyst: Nebius’s first-ever senior secured debt facility, a deal designed to fund its AI buildout without new share issuance.
The move stands out because the broader tape is soft. The Invesco QQQ Trust (NASDAQ:QQQ) was tracking lower, underscoring that this is an idiosyncratic, positive catalyst rather than a beta rally. Nebius stock remains up 117% year to date.
Today’s price action follows a rough ride on Thursday, July 16, with Nebius sinking as the neocloud trade unraveled. Today’s rebound directly addresses the dilution fear at the heart of that selloff.
Debt Deal Eases the Dilution Overhang According to the company’s announcement, Nebius landed a $775 million loan backed by GPU hardware already deployed in its data centers plus cash flows from an existing customer contract. The structure converts revenue-generating infrastructure into fresh growth capital, and Nebius says it can be replicated.
The importance is straightforward. Nebius had guided to $22.5 billion in 2026 capital expenditures, and how to fund that number was the central investor question. By tapping asset-backed debt instead of equity, Nebius answers the bear thesis from Thursday head-on. The company also cited more than $40 billion in additional contracted revenue from investment-grade customers, including Microsoft (NASDAQ:MSFT) and Meta Platforms (NASDAQ:META), and confirmed it remains on track with its Microsoft capacity deployment.
Nebius’s $2 billion pre-funded warrant investment from NVIDIA (NASDAQ:NVDA) remains the anchor validation for its GPU fleet. NVIDIA stock was little changed during Friday’s afternoon session.
CoreWeave Wrote the Playbook CoreWeave (NASDAQ:CRWV) is the closest neocloud pure-play, and it used the same approach earlier this year. Per the reporting, CoreWeave closed an $8.5 billion asset-backed delayed-draw term loan to fund its GPU buildout. Asset-backed debt has effectively become the sector’s preferred way to finance AI infrastructure without diluting shareholders.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Nebius Group didn't make the cut. Grab the names FREE today.
CoreWeave shares tell the other side of the story. CoreWeave stock is up 1% Friday but is down 44% over the past year as debt-load concerns and profitability questions have weighed on the name. Nebius’s positive EBITDA profile has become a key differentiator in that comparison.
A Diversified Way to Play the Theme For investors who want AI infrastructure exposure without single-stock volatility, the Global X Data Center and Digital Infrastructure ETF (NASDAQ:DTCR) is worth a look. The ETF doesn’t hold Nebius or CoreWeave and skews toward established data-center REITs, plus chipmakers like NVIDIA.
The trade-off is clear. The DTCR ETF sacrifices direct AI-compute leverage for lower volatility, and single-sector concentration risk remains.
Bull and Bear Cases: What to Watch The bull case is that non-dilutive, asset-backed financing answers the dilution worry, reinforces Nebius’s capital-efficiency narrative, and comes on top of the NVIDIA anchor and a large contracted revenue book. Retail sentiment reflects that, with r/stocks activity hitting a very bullish sentiment score of 82 during and after the announcement window.
The bear case is that Nebius still adds secured leverage against its GPU fleet, its trailing P/E ratio of 70x is elevated, and today is a one-day bounce after a brutal month. The neocloud derating could resume.
Given NBIS stock’s high-beta profile, position sizing matters here. Investors can watch for whether Friday’s gains hold into the close, updates on the Meta Platforms contract ramp, and the Q2 FY2026 report for the next capacity milestones.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Nebius Group didn't make the cut. Grab the names FREE today.
Nebius představil nový asset-light model, v němž partneři provozují vlastní datová centra pro AI a firma do nich dodává svou full-stack AI cloud platformu. Cílem je rychle rozšířit kapacitu pro zákazníky při minimálních dodatečných kapitálových nárocích.
AMSTERDAM--(BUSINESS WIRE)--Nebius (Nasdaq: NBIS), the AI cloud company, today announced a new business model that lets infrastructure partners deploy Nebius’s full-stack AI cloud platform in their own AI data centers. The model brings additional capacity to Nebius customers, and expands the availability of value-added AI compute globally at a time when demand continues to outstrip supply.
Under the model, partners finance and own the infrastructure and hardware, and operate the data centers. Nebius supplies its systems architecture and supply-chain access; deploys and maintains its hardware design and software and services stack on the partner infrastructure; and takes the resulting capacity to market through its global sales organization.
Partners get fully-owned AI infrastructure assets, designed to Nebius standards, and a fast route to serve the AI cloud market. Nebius’s architecture and platform transform a partner’s raw capacity into a production-ready AI cloud, which Nebius then connects to customers. Because Nebius brings the demand, partners can begin generating a return as soon as the capacity goes live.
For Nebius, this asset-light approach expands the capacity it can offer its customers, such as AI natives and enterprises, with minimal incremental capital requirements. Partners’ data centers will join the Nebius capacity pool, adding incremental capacity to that coming online from Nebius’s owned data centers and colocations.
Arkady Volozh, founder and CEO of Nebius, said:
“Our new asset-light model gives infrastructure partners a flexible way to benefit from the explosive growth of AI. Our software allows partners to reach a much wider customer base with much better margins than conventional wholesale bare-metal contracts. We're inviting data center investors, regional partners and others with capacity or capital to contribute to join us in serving this demand – combining their assets and local strengths with Nebius's technology, platform, operational expertise and customer demand.”
Nebius anticipates pursuing a variety of economic arrangements under this partnership model, including revenue-sharing agreements, licensing fees and commissions, as well as committed capacity arrangements that would provide Nebius with access to additional compute to be sold to customers. The company has already entered into initial arrangements under this asset-light model.
As part of the partnership agreements, Nebius will equip partner teams to run the site and will remain responsible for the cloud software and service levels, while the partner manages the facility and hardware. Customers receive the same standard of service whether they run on Nebius’s own infrastructure or a partner’s.
Prospective partners can learn more at nebius.com/infrastructure-partners or contact [email protected].
About Nebius
Nebius, the AI cloud company, is building the full-stack platform for developers and companies to take charge of their AI future — from data and model training to production deployment. Founded on deep in-house technological expertise and operating at scale with a rapidly expanding global footprint, Nebius serves startups and enterprises building AI products, agents and services worldwide.
Nebius is listed on Nasdaq (Nasdaq: NBIS) and headquartered in Amsterdam.
For more information please visit www.nebius.com.
Media kit nebius.com/media-kit.
Disclaimer
Forward-looking statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our ability to enter into acceptable arrangements with partners, our ability to ensure the same standards of service across both partner and Nebius-owned facilities, our ability to sell this capacity through our global go-to-market organization, our forecast revenue from this service in 2026, our future financial and business performance, strategy, expected growth, planned investments and capital expenditures, capacity expansion plans, anticipated future financing transactions and expected financial results, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “guide,” “intend,” “likely,” “may,” “will” and similar expressions and their negatives are intended to identify forward-looking statements.
These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. Actual results may differ materially from the results predicted or implied by such statements, and our reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted or implied by such statements include, among others, our ability to successfully identify appropriate partners; the ability of our identified partners to fully finance their infrastructure and to operate data centers that meet our requirements; market, macroeconomic and geopolitical conditions; competitive pressures; technological developments; our ability to secure and retain customers; our ability to secure additional capital to enable the growth of the business; unpredictable sales cycles; and potential pricing pressures; as well as those risks and uncertainties related to our continuing businesses included under the captions “Risk Factors” and “Operating and Financial Review and Prospects” in our Annual Report on Form 20-F for the year ended December 31, 2025, filed with the SEC on April 30, 2026, which is available on our investor relations website at https://nebius.com/investor-hub and on the SEC website at www.sec.gov.
All information in this press release is as of the date hereof (unless stated otherwise). Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date hereof and, while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.
Nebius zvýšila výhled kapitálových výdajů na rok 2026 na 20 až 25 miliard USD po zajištění více než 6 miliard USD financování a drží přes 9 miliard USD v hotovosti. Cílí také na nejméně 4 GW smluvního výkonu v roce 2026.
Key Takeaways NBIS targets at least 4 GW of contracted power in 2026 after expanding beyond 3.5 GW in the first quarter.Nebius broadened its AI platform with Aether 3.6 and acquisitions of Tavily, Eigen AI and Clarifai.NBIS raised 2026 capex to $20-$25B after securing more than $6B and ending with over $9B in cash. Nebius Group N.V. (NBIS - Free Report) is building an AI-native hyperscaler by executing across four strategic dimensions. It is expanding its capacity and scale, enhancing its products and functionality, growing its customer base and demand, and strengthening its capital position.
On the capacity front, Nebius is rapidly expanding its AI infrastructure. After increasing contracted power from more than 2 GW at the end of 2025 to over 3.5 GW in the first quarter of 2026, the company now targets at least 4 GW this year. It also announced a new Pennsylvania site that will support up to 1.2 GW of power, marking its second company-owned GW-scale AI campus in the United States.
Nebius is expanding beyond AI compute to build a fully integrated AI platform. With more than 75% of its contracted power now coming from company-owned infrastructure, it is strengthening its full-stack offering across the AI lifecycle, including bare-metal, multi-tenant cloud, inference and agentic AI services. The launch of Aether 3.6, along with the acquisitions of Tavily, Eigen AI, and Clarifai, further enhances its platform, particularly its AI inference optimization capabilities. Demand is the third growth pillar, led by its full-stack AI platform, which serves a diverse customer base across industries. First-quarter pipeline generation reached a record, growing 3.5x sequentially, while demand continues to outpace available GPU capacity, with new deployments fully committed.
To meet this strong demand and existing customer commitments, Nebius raised its 2026 capex guidance to $20-$25 billion, accelerating capacity that is expected to begin generating revenue in the first half of 2027. Capital is the fourth pillar of Nebius' growth strategy. To fund its rapid expansion of AI infrastructure, it raised more than $6 billion this year, including over $4 billion through convertible notes and $2 billion from NVIDIA's equity investment. As a result, Nebius ended the period with a cash balance exceeding $9 billion, providing ample financial flexibility to support its long-term growth plans.
Inside the Playbooks of NBIS’ Cut-Throat CompetitorsCoreWeave, Inc. (CRWV - Free Report) , like NBIS, highlighted four key themes– rising AI demand across hyperscalers and enterprises, a broader platform supporting training, inference, agentic AI workloads, rapid infrastructure expansion with more than 3.5 GW of contracted power and stronger financing that has secured more than $20 billion in debt and equity this year. AI workloads are shifting from training to inference and enterprise production, driving deeper commitments from existing customers while attracting new enterprise clients. This momentum fueled record backlog additions in the first quarter, with most of the new business expected to support its 2027 growth targets.
Microsoft (MSFT - Free Report) capitalizes on AI business momentum and Copilot adoption alongside Azure cloud infrastructure expansion. Its AI capabilities are translating into tangible commercial success, with Microsoft Copilot now deployed across more than 20 million paid Microsoft 365 Copilot seats and growing adoption across productivity, coding and security applications. MSFT’s business model spans multiple high-growth segments that collectively reduce concentration risk while providing numerous expansion vectors. Moreover, financial strength enables simultaneous investment in growth initiatives and substantial shareholder value return, with the company distributing $10.2 billion through dividends and share repurchases in the fiscal third quarter.
NBIS Price Performance, Valuation and EstimatesShares of Nebius have gained 151.5% year to date compared with the Internet – Software and Services industry’s growth of 15.2%.
Image Source: Zacks Investment Research
In terms of price/book, NBIS’ shares are trading at 7.36X, higher than the Internet Software Services industry’s 3.97X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for NBIS’ earnings for 2026 has been revised significantly upward over the past 60 days.
Image Source: Zacks Investment Research
NBIS currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
AI startup Reflection uzavřel s Nebius smlouvu na výpočetní kapacitu za více než 1 miliardu USD, včetně přístupu k nejnovějším čipům Nvidia. Dohoda navazuje na červnovou dohodu se SpaceX.
Branding for Nebius at the Nebius AI UK data centre, a new facility hosting NVIDIA and other computer firms, at Ark Data Centres, in Chertsey, Britain, November 6, 2025. REUTERS/Toby Melville Purchase Licensing Rights, opens new tab
July 14 (Reuters) - AI startup Reflection said on Tuesday it has signed a more than $1 billion deal to secure computing capacity from Nebius (NBIS.O), opens new tab, including access to Nvidia's latest chips.
The move builds on Reflection's June agreement with SpaceX for computing capacity, a deal that media reports said would see the startup pay about $150 million a month through 2029.
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AI startups are racing to lock in the computing power needed to train and run their models as demand growth from businesses adopting the technology outpaces new data-center supply.
Reflection, launched by two former Google DeepMind researchers, develops open-source models that serve as an alternative to the offerings from OpenAI and Anthropic.
Open-source models, typically easier to customize and cheaper to run than closed-weight rivals, have drawn growing interest as rising AI bills push businesses to cut costs. Last month's U.S. curbs on Anthropic's advanced models also exposed the risks of relying on providers that can be cut off overnight.
"The need for open models is clear, and this additional compute capacity will allow Reflection to continue to build and train frontier AI models at scale," said Reflection's chief technology officer and co-founder, Ioannis Antonoglou.
Reporting by Aditya Soni in Bengaluru; Editing by Shilpi Majumdar
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TTRF Capital v novém podání u SEC uvedl novou pozici v Nebius Group za odhadovaných 64,0 milionu USD, která na konci čtvrtletí vzrostla na 89,2 milionu USD.
A July 6, 2026 SEC filing shows TTRF Capital Ltd established a new Nebius Group N.V. (NBIS 4.13%) position estimated at $64.0 million using quarterly average pricing.
What happenedAccording 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 knowThe 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 4.13%): $89.2 million (58.8% of AUM)Palantir Technologies (PLTR +3.44%): $20.0 million (13.2% of AUM)AST SpaceMobile (ASTS 4.45%): $7.8 million (5.1% of AUM)SoFi Technologies (SOFI 2.15%): $7.7 million (5.1% of AUM)Meta Platforms (META +1.30%): $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 OverviewMetricValueShare Price (as of market close 2026-07-06)$215.08Market Capitalization$51.75 billionOne Year Total Return328.0%Employees1,371Company SnapshotNebius 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 investorsTTRF 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 5.72%) 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 +0.90%) 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.
Howard Smith has positions in Nvidia. The Motley Fool has positions in and recommends AST SpaceMobile, Meta Platforms, Nvidia, and Palantir Technologies. The Motley Fool has a disclosure policy.
Nebius v červnu vzrostl o 19,5 % díky růstu kapacity pro AI cloud a zvýšenému výhledu na více než 4 GW. Firma zároveň míří na tržby přes 3 miliardy USD v roce 2026.
Growth for artificial intelligence (AI) cloud infrastructure company Nebius Group (NBIS 6.09%) has exploded over the last year, and investors have poured into the stock. A nearly 20% surge in shares in June reversed course in July, though, and investors should continue to expect volatility of this kind.
Nebius stock jumped 19.5% in June, according to data provided by S&P Global Market Intelligence. But it crashed nearly the same amount in the first trading week of July. Here's what investors need to know, and what they should expect ahead.
Image source: Nebius Group.
Building out capacity Investors have been attracted to Nebius stock in droves because of its spectacular growth rates. In its May earnings report, the company said it was again raising its guidance for contracted power capacity to support its data centers, which provide cloud computing infrastructure for AI model development and growth.
That guidance has soared since last August, from at least 1 gigawatt (GW) to over 4 GW. In May, Nebius said it has already secured as much as 1.2 GW of power and land for an AI factory at a new site in Pennsylvania.
Investors continued to boost Nebius stock when it announced it would also partner with fuel cell maker Bloom Energy to install additional power capacity for its data center build-out.
What to make of Nebius stock Revenue has grown stunningly alongside Nebius' data center expansion.
From sales of just $105 million in Q2 a year ago, the company reached an annual revenue run rate of $1.25 billion by the fourth quarter. That remarkable growth rate continues to accelerate. Management now anticipates exceeding $3 billion in revenue for 2026, concluding the year at a rate that could more than double once again in 2027.
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But the stock movement has also anticipated that growth, with shares rising more than 150% year to date and more than quadrupling over the last 12 months. It has reached a market cap of about $55 billion, which puts it at a lofty valuation even for its expected 2027 sales.
While demand is extremely strong, competitors like CoreWeave are also in the space. Any sign of a slowdown in spending for cloud capacity will likely hit shares of companies like Nebius and CoreWeave disproportionately compared to the tech sector as a whole.
That makes it a good candidate for investing over time. Long-term investors can purchase more as the stock corrects along the way. There's a good chance that better opportunities will come with the volatility.
Howard Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bloom Energy. The Motley Fool has a disclosure policy.
Nebius zvýšil kapitálové výdaje pro rok 2026 na 20–25 miliard USD a potvrdil výhled ročního běžného výnosu na 7–9 miliard USD. Poptávka po jeho AI cloudu zůstává silná a pipeline vzrostl na rekordní úroveň.
Key Takeaways NBIS pipeline generation grew 3.5 times quarter over quarter to a record level amid strong demand.Nebius raised 2026 capital spending to $20B-$25B to expand capacity with customer commitments secured.NBIS reaffirmed 2026 revenue guidance as utilization, pricing and added capacity support growth. Nebius Group N.V. (NBIS - Free Report) is seeing strong momentum in customer demand, supported by a rapidly expanding sales pipeline and increasing adoption of its AI cloud platform. During the first quarter, the company reported that pipeline generation grew 3.5 times from the previous quarter, marking a record level. Management stated that the growing pipeline, together with strong customer demand, is driving continued investments in infrastructure, platform capabilities and capacity expansion. The company noted that several customers are typically competing for every GPU it brings online, while contract durations, average contract values and customer prepayments continue to increase.
Alongside growing demand, Nebius continues to expand its AI infrastructure and full-stack cloud platform. The company increased its contracted power capacity to more than 3.5 gigawatts and now targets at least 4 gigawatts by the end of 2026. It also announced a new Pennsylvania site capable of supporting 1.2 gigawatts of power. To strengthen its platform, Nebius acquired Tavily, Eigen AI and Clarifai, adding engineering talent and enhancing its inference optimization, agentic search and Token Factory capabilities.
The company highlighted its pipeline excludes strategic hyperscaler agreements such as Meta Platforms, Inc. (META - Free Report) and consists of qualified opportunities across its AI cloud and Token Factory offerings, serving AI-native companies, software vendors and enterprises. Nebius maintained strong win rates while shortening sales cycles, increasing average selling prices and securing customer wins across healthcare, life sciences, physical AI, automation and fintech.
For 2026, Nebius raised capital expenditure guidance to $20 billion-$25 billion from the previous $16 billion-$20 billion range. The increase reflects investments for 2027 capacity, with customer commitments already secured, including Meta. Management expects these investments to begin contributing to revenue during the first half of 2027.
Nebius reiterated its full-year 2026 guidance for annualized run-rate revenue of $7 billion-$9 billion, group revenue of $3 billion-$3.4 billion and a group adjusted EBITDA margin of around 40%. The company said utilization and pricing remain strong, while additional capacity will remain the key factor supporting growth throughout the year.
Taking a Look at NBIS’ CompetitorsMicrosoft (MSFT - Free Report) capitalizes on AI business momentum and Copilot adoption alongside accelerating Azure cloud infrastructure expansion. Strong Microsoft 365 Commercial cloud demand has been propelling Productivity and Business Processes revenue growth. ARPU is increasing through E5 and M365 Copilot uptake across key segments. Strategic execution through expanding scale and enterprise customer growth is driving non-AI services. Azure growth for the fourth quarter is projected to be 39-40% at cc, suggesting demand saturation, with customer demand exceeding available capacity. For the fourth quarter of fiscal 2026, Microsoft expects total company revenues between $86.7 billion and $87.8 billion, suggesting growth of 13% to 15%, with accelerating commercial growth partially offset by the consumer business.
CoreWeave (CRWV - Free Report) is seeing strong demand for inference-ready compute across GPU generations, which management expects to support long-term margin and earnings growth. The company also expects its storage business to grow rapidly, while software, CPU and networking offerings are each projected to exceed $100 million in ARR by 2026. AI adoption is expanding its customer base and platform opportunities as clients scale deployments across training, inference and agentic AI workloads. CoreWeave has surpassed 3.5 GW of contracted power capacity, secured more than $20 billion in financing and grown its backlog to nearly $100 billion, supporting growth through 2026 and 2027.
NBIS Price Performance, Valuation and EstimatesShares of Nebius have gained 4.4% in the past month against the Internet – Software and Services industry’s decline of 0.3%.
Image Source: Zacks Investment Research
On a price-to-book basis, NBIS’ shares are trading at 9.65X, above the Internet Software Services industry’s 4.21X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for NBIS’ earnings for 2026 has been revised significantly upward over the past 60 days.
Image Source: Zacks Investment Research
NBIS currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Nebius po nedávném výprodeji zůstává asi 13 % pod historickým maximem, ale firma dál potvrzuje růstový příběh. Cílí na tržby 3 až 3,4 miliardy USD v roce 2026 a ARR 7 až 9 miliard USD.
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52-Week Range$43.89▼
$299.86P/E Ratio89.80
Price Target$203.25
Nebius Group NASDAQ: NBIS has been one of the standout AI stories in the market this year, with shares up almost 240% year to date. But the recent bout of AI-related volatility has tested the resolve of even the most committed believers in the neocloud thesis. After surging to an all-time high of $299.86 on June 22, the stock pulled back meaningfully as fears around AI valuations and the durability of the trade swept through the technology sector. Since reaching that all-time high earlier in June, the stock has fallen by almost 13%.
The question now facing investors is straightforward: Does Nebius' elevated valuation leave it dangerously exposed if those fears intensify, or is this still one of the best long-term ways to play the AI infrastructure buildout?
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Nebius Relief Rally Shows AI Sentiment Is StabilizingThe picture brightened considerably at the start of the week. On Monday, June 29, 2026, technology stocks caught a major bid, with memory, semiconductor, and neocloud names all outperforming. Some geopolitical relief appeared to ease pressure on the broader AI trade, and the higher-beta names that had sold off the hardest were among the biggest winners. Nebius rose almost 9% on the session, closing at $261.15.
Even after that move, however, the stock remains well off its peak. At current levels, NBIS sits almost 13% below its 52-week high. That is worth emphasizing because it captures the dynamic unfolding across much of the AI complex right now. Many of these names rallied hard on June 29, but a single strong session does not erase the damage from the recent selloff. Several leading AI infrastructure names, Nebius included, remain meaningfully below their recent peaks.
Nebius Valuation Leaves Little Room for ErrorOverall MarketRank™39th Percentile
Analyst RatingModerate Buy
Upside/Downside27.2% Downside
Short Interest LevelBearish
Dividend StrengthN/A
News Sentiment0.95 Insider TradingSelling Shares
Proj. Earnings GrowthGrowing
See Full Analysis
There is no avoiding the elephant in the room. Nebius trades at a price-to-sales ratio of roughly 80 and a trailing price-to-earnings (P/E) above 93. On any conventional measure, that is an extremely rich valuation, and it is precisely why the stock is so sensitive to shifts in sentiment around the AI trade. When a company is priced for years of hypergrowth, even small changes in the market's appetite for risk can produce outsized swings in the share price. That cuts both ways, as June 29's near-9 % jump demonstrated, but it does leave the stock vulnerable if AI fears genuinely intensify from here.
The bears have a legitimate point on this front. A stock trading at 75 times sales has very little margin for error. Any disappointment in execution, any slowdown in contracted revenue, or any broad derating of the AI infrastructure space could hit NBIS harder than its more reasonably valued peers.
Nebius Fundamentals Still Support the AI Growth ThesisThat said, the fundamental story underpinning the valuation has not deteriorated. If anything, it continues to strengthen. Nebius is guiding toward 2026 revenue of $3 billion to $3.4 billion, a staggering increase from the $529.80 million in annual sales it currently reports, and is targeting an annual recurring revenue (ARR) of $7 billion to $9 billion. The company has raised its contracted power capacity guidance to over 4 gigawatts by year-end. Its backlog of contracted revenue, anchored by major multi-year agreements with Meta NASDAQ: META and Microsoft NASDAQ: MSFT, provides forward visibility that few companies growing at this rate can match.
The recent news flow reinforces the trajectory. The 1.7 billion pounds (around $2.3 billion) UK expansion announced in early June, the move up the value stack through the Eigen AI acquisition, and the broader buildout across the US and Europe all point to a company executing aggressively against an enormous opportunity. This is not a speculative concept stock. It is a business converting hyperscaler demand into signed contracts and deployable infrastructure at a remarkable pace.
Nebius Stock: Worry and Opportunity Can CoexistThe honest answer is that both things can be true at once. The valuation genuinely does leave Nebius exposed to sharp drawdowns if AI sentiment sours, and investors should expect continued volatility. But the underlying business remains one of the best-positioned in the entire neocloud space, with contracted revenue visibility, accelerating expansion, and a clear runway for years of growth ahead.
For long-term investors who believe in the AI infrastructure thesis and can stomach the swings, the recent pullback, with the stock still sitting almost 13% below its high even after the surge on June 29, may represent a more attractive entry than chasing the stock at its peak. The key takeaway is this: the selloff was a sentiment event, not a fundamental one. As long as Nebius continues to execute, the long-term thesis remains very much intact.
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Robotics and automation are rapidly becoming essential infrastructure across healthcare, manufacturing, logistics, and many other industries.
"Physical AI" is coming to the United States, and there are four ways that investors can gain exposure to this new robotics revolution. Plus, learn which seven companies are most positioned to benefit as intelligent robots enter the workforce.
Nebius Group spustila Nebius AI Cloud Aether 3.6 s asistentem Echo pro cloudové operace a novými bezpečnostními a governance funkcemi. Zlepšila také úložiště, včetně 30% vyšší čtecí propustnosti Object Storage s jednovláknovými klientskými připojeními a podpory clusterů až do 100 PB.
Key Takeaways Nebius Group launched AI Cloud Aether 3.6, introducing Echo for AI-powered cloud operations.NBIS added managed SkyPilot, customer-managed encryption keys and governance upgrades.Nebius Group boosted storage with higher bandwidth, IOPS gains and support for 100 PB clusters. As AI adoption accelerates, cloud providers need intelligent infrastructure, security, operational efficiency and developer-friendly experiences. Addressing these evolving needs, Nebius Group N.V. (NBIS - Free Report) has unveiled Nebius AI Cloud Aether 3.6, a wide range of enhancements focused on developer productivity, enterprise-grade security, governance and storage performance. The release also marks the debut of Nebius Echo, an AI-powered infrastructure assistant that represents NBIS’ vision for agentic cloud computing.
Echo can answer cloud-related questions and execute core infrastructure operations while incorporating built-in guardrails to prevent accidental or unsafe actions. Powered by open-source models running on Nebius Token Factory, the assistant is designed specifically for production cloud environments. This first preview supports core cloud services, while Nebius has outlined an ambitious roadmap that includes infrastructure debugging, multi-step infrastructure provisioning, infrastructure-as-Code deployments and smarter resource recommendations.
A notable enhancement is the Managed Service for SkyPilot, providing one-click integration without requiring teams to maintain their own control plane. This simplifies multi-cloud AI workload orchestration while reducing operational overhead. Also, it rolled out several enterprise-focused capabilities that strengthen data protection and governance. A new Key Management Service enables organizations to manage their own encryption keys using Customer-Managed Encryption Keys.
Additional storage enhancements include a 30% increase in read bandwidth for Object Storage with single-threaded client connections, three times more IOPS for 4 KB file operations, up to 100 times higher metadata IOPS for metadata-heavy workloads and shared filesystem validation supporting clusters up to 100 PB. AI Cloud 3.6 meets the growing demand for autonomous, production-ready AI infrastructure. As enterprises adopt agentic AI, Nebius is evolving beyond a cloud provider with AI-powered tools like Nebius Echo, while ongoing infrastructure investments and partnerships strengthen its competitive edge in the AI cloud market.
NBIS vs. AI Rivals: A Competitive ComparisonCoreWeave, Inc. (CRWV - Free Report) recently demonstrated the strength of its AI-native cloud platform in the MLPerf Training v6.0 benchmark, completing the training of the DeepSeek-V3 671B model in just 2.02 minutes using 8,192 NVIDIA GB300 NVL72 GPUs. It served as a powerful validation of the company's AI cloud platform, poised to accelerate customer adoption while strengthening its competitive position. It also became the first AI cloud provider to complete the bring-up and full system-level validation of NVDA Vera Rubin NVL72, a next-generation AI platform, positioning CRWV at the forefront of next-generation AI infrastructure and strengthening its competitive advantage in the rapidly expanding AI cloud market.
Microsoft (MSFT - Free Report) capitalizes on AI business momentum and Copilot adoption alongside Azure cloud infrastructure expansion. The Azure AI platform continues to benefit from demand across AI and non-AI services, with customer demand exceeding available capacity. It added another GW of capacity during the quarter and remains on track to double its overall data center footprint within two years. New data center investments were announced across four continents. In May, it signed new agreements with U.S. and U.K. government partners, the Center for AI Standards and Innovation and the AI Security Institute to advance AI testing and safety evaluation frameworks.
NBIS Price Performance, Valuation and EstimatesShares of Nebius have gained 187.1% year to date compared with the Internet–Software and Services industry’s growth of 14.9%.
Image Source: Zacks Investment Research
From a valuation standpoint, NBIS trades at a forward price-to-sales of 8.83X, higher than the industry’s 4.3X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for NBIS’ earnings for 2026 has been revised upward over the past 60 day
Image Source: Zacks Investment Research
NBIS currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Nebius má po 1. čtvrtletí 2026 v hotovosti 9,3 mld. USD a zvýšil capex pro rok 2026 na 20–25 mld. USD. Firma říká, že poptávka převyšuje nabídku a volná kapacita je vyprodaná.
Key Takeaways Nebius ended Q1 2026 with $9.3B in cash after debt, equity and upfront-payment inflows.Nebius lifted 2026 capex guidance to $20B-$25B as it accelerates capacity expansion.Nebius says demand exceeds supply, available capacity is selling out and 2027 commitments are in place. Nebius Group N.V. (NBIS - Free Report) has built a sturdy cash profile with $9.3 billion in cash and cash equivalents at the end of the first quarter of 2026. A strong cash position offers ample financial flexibility to pursue expansion, both organic and inorganic.
The cash build was driven by various financial initiatives, including a $4.3 billion convertible debt raise (gross proceeds) and a $2 billion equity investment from NVIDIA, alongside customer upfront payments that boosted operating cash flow to $2.3 billion for the quarter.
This fortified balance sheet comes at a time when Nebius is rapidly focused on capacity expansion, which has led to a sharp acceleration in capital expenditures. Capex for 2026 is now expected to be $20-$25 billion, up from its earlier guidance of $16-$20 billion.
Management noted that the capacity deployment is tied to visibility into future demand, particularly for 2027, for which it already has customer commitments in place. The company also noted that it is already selling out the available capacity, with demand consistently exceeding supply, implying that spending is less speculative and more about meeting anticipated workloads.
Importantly, Nebius is using various sources to fund capacity expansion. The company is raising capital through asset-backed financing buoyed by its contracts with Meta and Microsoft (MSFT - Free Report) . Other financing options include corporate-level debt and an at-the-market program.
With demand continuing to exceed supply and most capacity already sold out, Nebius appears well positioned to convert its cash strength into capacity expansion. While execution remains key, the company’s sizable cash and funding flexibility provide a strong foundation to scale its AI cloud platform. However, the opportunity is unfolding in a highly competitive space with tech giants and pure plays like CoreWeave (CRWV - Free Report) aggressively focused on capacity build to capture a rapidly developing market.
Taking a Look at Competitors’ Financial ResourcesCoreWeave is shoring up its financial resources to support AI infrastructure buildouts. At the first quarter-end, the company had more than $3.3 billion in cash, cash equivalents, restricted cash and marketable securities, while securing more than $20 billion in debt and equity capital financing year to date (as announced on the last earnings call), widening access to capital while lowering its cost of debt.
Like NBIS, the company also raised $2 billion in equity tied to its NVIDIA partnership. CRWV has dramatically accelerated investments to keep up with AI demand. 2026 capital expenditures are projected to be between $31 billion and $35 billion, reflecting the broad scale of its AI infrastructure ambitions.
Microsoft’s financial resources are stupendous. As of March 31, 2026, cash, cash equivalents and short-term investments stood at $78.3 billion. For the last reported quarter, the company generated $46.7 billion in operating cash flow, up 26% year over year, while free cash flow stood at $15.8 billion despite accelerated capital spending. MSFT is scaling investments, with fiscal third-quarter capital expenditures hovering at $31.9 billion. Fiscal fourth-quarter capex is expected to exceed more than $40 billion, reflecting the continued buildout of AI infrastructure.
For calendar 2026, Microsoft plans to invest approximately $190 billion in capex, including about $25 billion attributed to component pricing pressures, underscoring both scale and inflationary pressures in AI infrastructure. Increasing capital intensity remains a key concern for investors. MSFT's long-term debt (including the current portion) was $40.3 billion as of March 31, 2026.
NBIS Price Performance, Valuation and EstimatesShares of Nebius are up 40.6% in the past month compared with the Internet – Software and Services industry’s 11.3% growth.
Image Source: Zacks Investment Research
On a forward price-to-sales basis, NBIS’ shares are trading at 10.62X, above the Internet Software Services industry’s 4.53X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for NBIS’ earnings for 2026 has been revised upwards over the past 60 days.
Image Source: Zacks Investment Research
NBIS currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Nebius Group (NBIS 6.44%) has come a long way in a short time. The company was formed in 2024, emerging from the remnants of the Dutch holding company Yandex N.V., which was primarily a Russian internet company. But after Russia invaded Ukraine and Russian companies faced sanctions, Yandex shed its Russian assets and rebranded as Nebius, an artificial intelligence cloud services company.
The newly formed Nebius began trading on Nasdaq on Oct. 21, 2024, and has been one of the biggest winners in the market ever since. The stock is up 1,320% since Nebius began trading, by far outperforming the overall market as investors recognized the critical role that data centers and computing capacity will have on the growth of AI. Shares jumped nearly 30% in the last week and are challenging the $300 mark.
Now, Nebius is getting some more good news -- starting June 22, it will be a member of the Nasdaq-100 index, meaning the stock will be scooped up by many index funds, potentially pushing shares even higher.
Let’s take a closer look at Nebius and why it’s been so popular.
Image source: The Motley Fool.
About Nebius stockNebius appears to have the right business model at the perfect time. The company provides cloud computing and graphics processing unit (GPU) capacity for running and training AI workloads.
The company operated seven data centers in North America, Europe, and Israel by the end of 2025, and has plans to operate 16 by the end of this year.
It also has some key partnerships. In March, Nebius announced a $2 billion investment from Nvidia to scale more than 5 gigawatts of next-generation full-stack AI capacity using Nvidia’s computing platform.
Nebius also has a five-year AI infrastructure deal with Microsoft, valued at up to $19.4 billion, to supply dedicated GPU capacity and more than 100,000 Nvidia GPUs. And it has commitments from Meta Platforms for additional AI infrastructure capacity, potentially valued at up to $27 billion.
Earnings for the first quarter included revenue of $399 million, up 684% from a year ago, and net income from operations of $621.2 million, up from a loss of $104.3 million in the first quarter of 2025.
Nebius also completed its acquisition of Eigen AI on June 10. Eigen, an inference and model optimization company, is expected to help Nebius improve its token factory inference platform, providing customers with faster time to production and the ability to adopt new models more quickly.
Management says the company is on track to see $3 billion to $3.4 billion in revenue this year, and between $7 billion and $9 billion in annual recurring revenue (ARR). The company had $9.3 billion in cash on hand at the end of the first quarter and raised $6.3 billion in the quarter through convertible notes and the Nvidia investment.
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“We continue to see unprecedented demand across the market,” CEO Arkady Volozh said. “Compute and cloud needs are vastly exceeding capacity as more industries embrace AI and companies move beyond experimentation to real-world applications. We are seeing this demand firsthand and are capturing it with our full-stack AI-native cloud.”
About the Nasdaq-100The Nasdaq-100 tracks the 100 largest non-financial companies on the Nasdaq exchange, using a modified market-cap weighting system that caps the largest names to prevent the index from becoming overconcentrated. There are many exchange-traded funds that track the Nasdaq-100, including the Invesco QQQ Trust, or the Direxion Nasdaq-100 Equal Weighted Index ETF.
Nasdaq announced on June 11 that it was adding Nebius, Astera Labs, CoreWeave, Rocket Lab, and Teradyne to the index. The index will drop Charter Communications, Cognizant Technology Solutions, Insmed, Verisk Analytics, and Zscaler.
Nebius stock jumped nearly 10% on the announcement.
Patrick Sanders has positions in Invesco QQQ Trust, Nebius Group, and Nvidia. The Motley Fool has positions in and recommends Meta Platforms, Microsoft, Nvidia, Rocket Lab, Teradyne, Verisk Analytics, and Zscaler. The Motley Fool recommends Astera Labs, Cognizant Technology Solutions, and Nasdaq. The Motley Fool has a disclosure policy.
CBRE hlásí historicky nízkou neobsazenost datacenter a rostoucí ceny, zatímco Nebius uvedl tržby 399 milionů USD, backlog přes 50 miliard USD a kapacitu nad 3,5 GW.
Artificial intelligence is creating a new kind of infrastructure race. While investors often focus on Nvidia (NASDAQ:NVDA | NVDA Price Prediction) chips or the latest AI models, the real bottleneck is increasingly becoming physical capacity — power, land, and data centers.
The latest global data center report from CBRE shows that demand continues to outpace supply across nearly every major market in the world. Vacancy rates have fallen to historic lows, pricing continues to rise, and new facilities are being leased before construction is complete. For investors, that creates a powerful backdrop for companies that already control large-scale AI infrastructure.
Few companies are positioned more directly at the center of that trend than Nebius Group (NASDAQ: NBIS).
The AI Infrastructure Crunch Is Getting Worse According to CBRE’s Q1 2026 Global Data Center Trends Report, North America remains the tightest data center market in the world, with overall vacancy rates falling to just 0.9%.
The largest markets are effectively sold out:
Market Vacancy Rate Northern Virginia 0.3% Atlanta 1.0% Dallas-Fort Worth 1.8% Chicago 2.2% Those numbers are key because vacancy is the industry’s inventory. When available capacity approaches zero, customers have fewer options and providers gain pricing power.
CBRE reported that the four largest North American markets absorbed 2.2 gigawatts (GW) of capacity over the last year, a 34% increase from the prior period. Dallas-Fort Worth offers perhaps the clearest example of the imbalance. Of the 716.7 megawatts currently under construction, 88% has already been pre-leased. Customers are reserving space before the buildings are finished because they cannot risk waiting.
The same trend is appearing globally. CBRE found average monthly colocation pricing reached approximately $403 per kilowatt in Singapore and roughly $340 to $350 in Tokyo. Capacity is becoming a premium asset.
According to the company’s first-quarter 2026 earnings release:
Revenue reached $399 million, up 684% year over year. AI cloud revenue expanded 841%. Contracted backlog exceeded $50 billion. Total power capacity surpassed 3.5 GW. Those backlog figures are particularly important because they represent long-term customer commitments rather than speculative forecasts.
Among the largest agreements are a reported $17.4 billion commitment from Microsoft (NASDAQ:MSFT) through 2031 and a $27 billion five-year contract with Meta Platforms (NASDAQ:META). Together, those deals alone represent infrastructure demand that stretches years into the future.
Power has become the limiting factor in AI expansion, and Nebius already controls capacity that many rivals are still attempting to secure.
Nvidia’s Backing Creates Another Advantage The second pillar of the bull case is access to GPUs. Nvidia holds an equity stake in Nebius. Because AI infrastructure growth depends on obtaining enough advanced processors to meet customer demand, Nebius benefits from a direct relationship with the company supplying much of the world’s AI computing hardware. Many cloud providers are left competing for limited GPU allocations,
Nebius stock has gained 239% year-to-date and 492% over the last 12 months. Yet even after that rally, shares trade at roughly five times management’s projected exit annual recurring revenue.
Granted, high-growth AI stocks carry risk. Execution, customer concentration, and valuation all matter. That said, the CBRE data suggests the underlying market conditions remain exceptionally favorable.
Key Takeaway In short, CBRE’s latest report confirms that the global shortage of AI-ready data center capacity is intensifying rather than easing. Vacancy rates remain near zero, demand continues to exceed new supply, and pricing is moving higher across major markets.
Nebius sits at the intersection of all three trends: AI demand, power availability, and GPU access. With revenue growing 684%, a $50 billion backlog already in place, and more than 3.5 GW of contracted power capacity, the company possesses assets that are becoming harder to find each quarter.
Ultimately, if the global AI infrastructure shortage persists through 2027 as CBRE’s data suggests, a further 40% gain for Nebius stock by the end of the year looks less like an aggressive target and more like a plausible outcome.
Nebius letos stoupl asi o 240 %, ale po 684% růstu tržeb na 399 milionů USD v prvním čtvrtletí je podle článku už drahý. Nvidia do něj letos investovala 2 miliardy USD.
Buying a stock in the midst of a red-hot rally can be risky because it may eventually run out of steam. It's particularly concerning when the valuation has already gotten out of control and no longer has a grounding in fundamentals.
That's the scenario that investors find themselves in with Nebius Group (NBIS 6.44%). The tech stock is up around 240% this year. It's generated incredible growth, attracted an investment from Nvidia, and still offers attractive long-term opportunities, but there's no denying the stock has become expensive.
Is the stock still a good buy right now, or are you better off just putting Nebius on your watch list?
Image source: Getty Images.
Why has Nebius' stock been taking off this year? Nebius is a Dutch-based tech company that's right at the heart of the artificial intelligence (AI) revolution. It is an AI cloud company that provides a platform for businesses to train and deploy AI. It serves a variety of sectors, including healthcare, financial services, and retail, among others.
A quick look at its results confirms the growth has been incredible. During the first three months of the year, the company reported $399 million in revenue, which is an increase of 684% year over year. Although its operating loss actually increased from the prior-year period, investors appear to be willing to overlook that given Nebius' incredible top-line growth and continued growth opportunities.
Plus, with Nvidia announcing a strategic partnership with Nebius earlier this year that includes a $2 billion investment, investors likely see that as a strong vote of confidence in its future.
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Can Nebius stock rise even higher? Due to its significant run-up in value, Nebius stock now trades at close to 90 times its trailing revenue. Even with tremendous growth ahead, it may be a steep price to pay for the stock, given that CoreWeave, a comparable business that helps tech giants train and run AI models, trades at less than 10 times sales.
At its current valuation, Nebius investors are paying for a lot of future growth, which means expectations will be high and potentially difficult to meet in upcoming earnings reports. Although Nebius has performed exceptionally well this year, I wouldn't buy it right now as there's considerable downside risk given how hot the stock has become. It may be a good idea to track the stock and keep an eye on it, but at an egregiously high premium, it could be running out of room to rise higher.
