Added to YB: 2026-09-25
Pitch date: 2026-09-23
NBIS [bullish]
Nebius Group N.V.
+5.02%
current return
Author Info
Gus Wisanggeni is a financial analyst breaking down the AI buildout and tracing where the money actually flows. Sign up for the newsletter.
Company Info
Nebius Group N.V., a technology company, engages in building full-stack infrastructure to service the global AI industry in the United States, the United Kingdom, and internationally.
Market Cap
$64.7B
Pitch Price
$231.84
Price Target
512.32 (+110%)
Dividend
N/A
EV/EBITDA
149.61
P/E
1.4K
EV/Sales
49.35
Sector
Software
Category
growth
Valuing Nebius, Part 1: Capacity, Revenue, and Financing
NBIS (hold): Nebius remains a one-to-two-year holding: the capacity-based model supports the near-term growth thesis, with a 2028 base value of $512.32 versus the $223.54 reference price, assuming 3,100 MW of connected capacity and $19M of annual revenue per incremental active MW. However, it requires $18.2B of external financing in 2027 and $9.6B in 2028; in the bear case, higher capex, debt and dilution reduce the implied share price to $178.33.
Read full article (11 min)