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Nebius Group, the Amsterdam-based AI infrastructure company trading on Nasdaq under ticker NBIS, currently commands a market capitalization of roughly $48 billion. Its trailing twelve-month revenue sits at approximately $878 million. Quick math puts the stock at about 55 times trailing sales.
The numbers behind the hype
In the first quarter of 2026, Nebius posted $399 million in revenue. That represents a 684% increase compared to the same period a year earlier. For context, full-year 2025 revenue was $529.8 million, meaning Q1 2026 alone captured roughly 75% of last year’s entire haul in a single quarter.
The growth engine is the company’s core AI cloud services segment, which provides GPU computing infrastructure to enterprises training and deploying AI models.
Nebius has secured committed contractual backlog exceeding $40 billion to $50 billion in future revenue. The marquee contract is a multi-year agreement with Meta Platforms potentially worth up to $27 billion, anchored by a $12 billion firm commitment with additional spending expected as the partnership scales.
From Yandex to AI infrastructure play
Nebius didn’t materialize from thin air. The company was previously known as Yandex N.V., the Dutch-listed holding company behind Russia’s dominant search engine and tech ecosystem. Following Russia’s invasion of Ukraine, Yandex sold its Russian business interests in July 2024 for $5.4 billion, divesting its Russian operations entirely.
The company rebranded as Nebius and resumed trading on Nasdaq under the NBIS ticker in October 2024. Since the rebrand, Nebius has built out data center capabilities across Europe and the US, with power capacity currently exceeding 3.5 gigawatts. A strategic alliance with NVIDIA provides access to NVIDIA’s latest GPU architectures.
Financing the GPU arms race
On July 17, 2026, Nebius closed a $775 million senior secured debt facility dedicated to its GPU assets and associated cash flow commitments. The facility matures in 2030 and carries an interest rate of SOFR plus 2.50%.
What the 55x multiple actually assumes
At $878 million in trailing revenue, the $48 billion market cap implies investors believe Nebius will scale into a business generating many billions in annual revenue within the next few years. The contracted backlog supports that thesis on paper. The Meta deal alone, at up to $27 billion over multiple years, could drive substantial top-line growth if fully realized.
The competitive landscape is intensifying. CoreWeave, which went public in early 2025, operates in a nearly identical market segment. Major cloud providers like Amazon Web Services, Microsoft Azure, and Google Cloud continue to expand their own GPU offerings. Analysts tracking the stock are cautiously optimistic, generally expecting valuation multiples to moderate as revenue growth decelerates from triple-digit percentages.
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