Nebius Group N.V. (NBIS) Stock Price & How to Invest

Nebius Group is an AI infrastructure company that builds and operates cloud platforms optimized for training and running artificial-intelligence models. It emerged from the international assets of the former Yandex business after Yandex's Russian operations were divested, and it relisted on Nasdaq as a standalone company headquartered in Amsterdam. Nebius's core business is an AI-focused cloud: it builds data centers packed with NVIDIA GPUs and rents that compute capacity to companies training large AI models, competing with the GPU-cloud and neocloud providers that have grown alongside the AI boom. The company designs its own server hardware and software stack to deliver high-performance, cost-efficient AI compute. Beyond the core cloud, Nebius holds several other technology businesses, including an autonomous-driving unit, an edtech platform, and a generative-AI data-labeling business, plus a stake in a data-center and other ventures. As a relatively young public company, Nebius is in a heavy-investment phase, spending aggressively on GPU capacity and data centers to capture AI-infrastructure demand, and is not yet consistently profitable. Over the trailing twelve months to June 2026, Nebius reported ~$1.36 billion of revenue, a gross margin near 74% and roughly break-even operating results, while capital spending pushed free cash flow to about -$9.6 billion. The balance sheet carried ~$8 billion of cash against ~$10.2 billion of debt as of mid-2026.

Nebius is an early-stage, capital-intensive business: building GPU data centers requires enormous upfront spending, and free cash flow was about -$9.6 billion over the trailing year to June 2026. Debt has grown to ~$10.2 billion, so rising borrowing costs or tighter credit for AI infrastructure (the worry that hit neocloud stocks in October 2026) could slow expansion or dilute shareholders. Reported earnings are lumpy: the March 2026 quarter showed a large profit (~$621 million) while the quarters on either side were losses, and analysts expect losses per share in the coming quarters, so the trailing P/E of ~137 says little about underlying profitability. It competes against hyperscalers (AWS, Azure, Google Cloud) with vast resources and against well-funded neoclouds like CoreWeave, plus NVIDIA's own cloud ambitions. The economics depend on keeping expensive GPUs highly utilized; any softening in AI demand, faster GPU depreciation, or price competition could pressure returns. Customer concentration, reliance on NVIDIA supply, and the complexity of its post-Yandex corporate history add uncertainty. The stock is volatile (its 52-week range runs from ~$74 to ~$300) and trades on growth expectations rather than current earnings.

20 analysts publish price targets on NBIS, averaging $283.60 against a $165.47 price as of October 2026, or +71.4%. The published targets run from $84.00 to $410.00, a wide spread, and the ratings split 15 buy, 5 hold, 2 sell. Over the last six months there have been 4 raises and 2 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full NBIS forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Nebius Group N.V.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. AI compute demand tailwind. Demand for GPU compute to train and run AI models has far outstripped supply, and specialized GPU-cloud providers have grown rapidly to meet it. The most optimistic published target, $410.00, assumes this works close to its best case.

The case against. Nebius is an early-stage, capital-intensive business: building GPU data centers requires enormous upfront spending, and free cash flow was about -$9.6 billion over the trailing year to June 2026. The most pessimistic target, $84.00, is roughly what NBIS is worth if this bites instead.

Read the full bull and bear case on NBIS, including what would have to change to break either one. Walnut is not an investment adviser.

No. Nebius Group N.V. (NBIS) has not split its stock in the last 10 years. That is a statement about the window we check rather than about the company’s entire history, so an older split is possible. It also matters less than it once did: fractional shares mean a high price per share no longer keeps smaller investors out, which removed most of the practical reason to split.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Nebius Group N.V.'s investor relations page or your broker.

• Revenue (TTM): ~$1.36 billion (to June 2026)
• Revenue growth: ~454% year over year in the June 2026 quarter (~$582 million)
• Margins: Gross ~74%; operating roughly break-even (~-0.2%)
• Net income (TTM): ~$42 million, lifted by a large one-quarter gain in Q1 2026
• P/E: ~137 trailing; forward negative (analysts expect losses)
• Price to sales: ~32x trailing revenue
• Free cash flow (TTM): ~-$9.6 billion during the GPU build-out
• Market cap: ~$44 billion (close ~$172 on Oct 16, 2026)

Nebius trades at ~32 times trailing sales, a valuation that leans on analysts' expectations of ~$3.3 billion in 2026 revenue and ~$12.3 billion in 2027 rather than on current profits. The shares are up ~91% year to date but have fallen ~23% in the past month as financing costs for neoclouds came into focus, and the next report, due November 10, 2026, is expected to show revenue near ~$905 million with a loss of ~$0.65 per share.

Other names that sit close to NBIS: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get NBIS exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so NBIS sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where NBIS fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

Nebius (NBIS) is an early-stage, capital-intensive AI-cloud bet valued on future capacity and revenue rather than current profits. Revenue is compounding fast (~$582 million in the June 2026 quarter, more than four times a year earlier), but free cash flow is deeply negative (about -$9.6 billion over the trailing year) and debt has climbed to ~$10 billion to fund the GPU build-out. In a portfolio it behaves as a volatile, speculative position tied directly to AI-compute demand, NVIDIA supply, financing costs, and data-center execution, swinging with AI-infrastructure sentiment alongside other neocloud names rather than acting as a stable holding.

Whether NBIS is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is NBIS a buy or a sell?, and where the stock could go from here in the NBIS stock forecast.

For income investors, whether NBIS pays a dividend and how the payout looks is covered in does NBIS pay a dividend? And to weigh NBIS against a peer, read the full side-by-side comparisons: NBIS vs CRWV and NBIS vs NVDA.