Reference market
Open- Regular hours
- 09:30 AM – 04:00 PM EST
- Next holiday
- Nov 26, 2026 · Thanksgiving Day
Equity
Nebius Group N.V. (NBIS) perpetual futures
NBIS perpetual futures on 26 crypto exchanges – live perp price vs the stock, funding rate, open interest and where to trade NBISUSDT.
Nebius Group N.V. builds AI infrastructure with GPU clouds, data tools, edtech, and autonomous driving.
$112.95-10.5%NASDAQ open
Price chart
Interactive TradingView chart
TradingView symbol NASDAQ:NBIS
Loads TradingView's third-party widget (about 1 MB) on demand.
Auto: underlying reference priceOpen in TradingView
Trading data
Perpetual market activity
27/27 live markets
Trading data
Perpetual market activity
Venues
26
Live markets
27/27
24h volume
$588.6MCoverage: 23/27 marketsExchange-reported volume: $749.9M
Open interest
$166.1MCoverage: 24/27 markets
Best liquidity
$8.3M
MEXC
Tightest spread
+0.9 bps
Binance
Highest volume
$233.5M
Binance
Settlement mix
USDT · 18/27
Perp/spot vol.
0.26x
Spot volume $2.3B
OI / float
+0.64%
Float $25.8B
Spot performance
1D-14.70%
5D-16.01%
1M-46.95%
6M-47.06%
YTD+31.08%
1Y+23.81%
Venue matrix
27 markets
Some venue links are sponsored. We may receive a commission, and eligible users may occasionally receive trading-fee discounts, at no additional cost to you.
| Trade | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
 Binance | Trade | NBIS/USDT | Trading | $113.03 | +17.8% APR +0.016% every 8h | +0.9 bps | - | $233.5M | $72.6M | USDT | - | |
 Hyperliquid HIP-3 | Trade | xyz:NBIS | Trading | $112.90 | +28.4% APR +0.00324% every 1h | +3.6 bps | - | $47.5M | $47M | USDC | 10x | |
 OKX | Trade | NBIS/USDT | Trading | $113.00 | 0.0% APR 0.000% every 8h | +2.7 bps | $326.8K | $42M | $5.7M | USDT | 20x | |
 Bitget | Trade | NBIS/USDT | Trading | $113.08 | +4.7% APR +0.00430% every 8h | +5.4 bps | $4.5M | $31.6M | $4.2M | USDT | 20x | |
 Bybit | Trade | NBIS/USDT | Trading | $113.06 | +20.0% APR +0.018% every 8h | +3.6 bps | $721.7K | $29M | $13.4M | USDT | 50x | |
 MEXC | Trade | NBIS/USDT | Trading | $112.95 | +17.4% APR +0.016% every 8h | +0.9 bps | $8.3M13 min | $17.5M | $9.2M | USDT | 50x | |
 Gate.io | Trade | NBIS/USDT | Trading | $113.04 | 0.0% APR 0.000% every 8h | +8.0 bps | $1.2M | $13.5M | $2.4M | USDT | 50x | |
 Ondo Perps | Trade | NBIS/USD | Trading | $112.80 | - | +0.9 bps | $136.3K | $9.9M | $1M | USDC | 10x | |
| Hyperliquid HIP-3 | Trade | io:NBIS | Trading | $112.46 | +25.7% APR +0.00294% every 1h | +14.3 bps | - | $3.8M | $5.7M | USDC | 15x | |
 KuCoin | Trade | NBIS/USDT | Trading | $112.92 | +12.3% APR +0.011% every 8h | +18.7 bps | $32.8K | $1.8M | $972.1K | USDT | 20x | |
 Deribit | Trade | NBIS/USDC | Trading | $112.86 | +12.8% APR +0.012% every 8h | +12.5 bps | $975K | $1.1M | $357.8K | USDC | 10x | |
 Phemex | Trade | NBIS / USDT | Trading | $113.06 | 0.0% APR 0.000% every 8h | +14.3 bps | $46.8K | $1M | $1.3M | USDT | 10x | |
 Aster | Trade | NBISUSDT | Trading | $112.87 | +0.2% APR +0.00021% every 8h | +5.4 bps | $100.7K | $826K | $309.5K | USDT | - | |
 HTX | Trade | NBIS/USDT | Trading | $113.00 | +5.4% APR +0.00498% every 8h | +8.0 bps | $554K | $463.9K | $78.6K | USDT | - | |
 BloFin | Trade | NBIS/USDT | Trading | $113.14 | +18.3% APR +0.017% every 8h | +4.5 bps | $1.7M | $381.8K | $1.3M | USDT | 20x | |
 Vest | Trade | NBIS/USDC | Trading | $112.83 | +5.0% APR +0.00057% every 1h | +12.5 bps | - | $336.3K | - | USDC | 5x | |
 GRVT | Trade | NBIS/USDT | Trading | $113.12 | +17.7% APR +0.016% every 8h | +8.9 bps | $712K | $293.7K | $12.6K | USDT | - | |
 Crypto.com Exchange | Trade | NBIS/USD | Trading | $112.90 | 0.0% APR 0.00000% every 1h | +23.2 bps | $8K | $270.8K | $59.9K | USD | 50x | |
 Extended | Trade | NBIS/USD | Trading | $112.93 | +17.5% APR +0.00200% every 1h | +5.3 bps | - | $57.9K | $99.8K | USD | 10x | |
 Orderly Network | Trade | NBIS/USDC | Trading | $112.92 | +11.0% APR +0.010% every 8h | - | no public depth feed | $11.7K | $12.1K | USDC | - | |
 Aevo | Trade | NBIS/USDC | Trading | $112.95 | +11.4% APR +0.00130% every 1h | +36.7 bps | $161.9K | $0 | $0 | USDC | 10x | |
 XT.com | Trade | NBIS/USDT | Trading | $112.96 | +18.1% APR +0.017% every 8h | +2.7 bps | $119.1K | $151.4M | - | USDT | 20x | |
 BingX | Trade | NBIS-USDT | Trading | $113.13 | +19.7% APR +0.018% every 8h | +3.6 bps | $2.3M | $2.5M | - | USDT | - | |
 Deepcoin | Trade | NBIS/USDT | Trading | $113.04 | - | +2.7 bps | $604.4K | $77.3M⚠ | $2.9K | USDT | 25x | |
 LBank | Trade | NBIS/USDT | Trading | $113.06 | +17.8% APR +0.016% every 8h | +2.7 bps | $3.1M | $65.6M⚠ | $65.1K | USDT | 20x | |
 Ourbit | Trade | NBIS/USDT | Trading | $113.00 | +17.4% APR +0.016% every 8h | +1.8 bps | $1.6M | $13.1M⚠ | $112.4K | USDT | 50x | |
 Bitunix | Trade | NBIS/USDT | Trading | $113.11 | +5.8% APR +0.00533% every 8h | +3.6 bps | $306.3K | $5.3M⚠ | $258.2K | USDT | 25x |
Unverified volume: implausibly high against open interest, a typical sign of wash trading. These venues are listed last.
Tokenized wrappers of the real stock, tradable on-chain and on crypto exchanges around the clock. Premium/discount compares the token price to our stock reference price. Data: CoinMarketCap · Robinhood · DexScreener · GeckoTerminal.
| Product | Price | Premium vs stock | 24h Vol. | Market Cap | Chains |
|---|---|---|---|---|---|
| NBISBbStocks | $110.55 | -2.12% | $9.9M | $11.5M | BNB Smart Chain (BEP20) |
| NBISonOndo GM | $110.06 | -2.56% | $1.4M | $2.7M | Solana · Ethereum · BNB Smart Chain (BEP20) |
| rNBISTokenized | $115.58 | +2.33% | $779k | $790k | Arbitrum |
| NBISRobinhood | $110.45 | -2.21% | $47k | $205k | Robinhood Chain |
| Exchange | Pair | Price | 24h Vol. | Liquidity |
|---|---|---|---|---|
 uniswapDEX · robinhood | NBIS/USDG ↗ | $110.45 | $47k | $105k |
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100k
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100kBroad liquidity · 22 of 26 venues absorb $10k · Typical cost: +8.4 bps – +10.5 bps
No fresh book data: Hyperliquid HIP-3, Vest, Extended, Orderly Network
Taker execution estimate incl. approx. fees - maker fills are not guaranteed.
Best venues for this underlying
Best liquidity
NBISTightest spread
NBISHighest volume
NBISFunding history
Stored venue snapshots by market
Funding history
Stored venue snapshots by marketNext catalyst
Catalysts
Next catalyst
Catalysts
Earnings
2027-02-11
Revenue est. $1.34B · Updated 32m ago
No unusual perp activity right now.
Reference data
Market context
Reference data
Market context
NASDAQ
Extended-hours reference
Bid112.92
Ask113.13
Volume23,460,557
Research data
Analysts, filings and peer context
Research data
Analysts, filings and peer context
Estimates
6DateEPS estimateRevenue estimateGrowthAnalysts
FY 2026-1.45$3.3B+494%4
FY 2027-2.90$12B+267%7
FY 20280.98$24.4B+103%4
FY 20294.15$36.1B+48%2
FY 20309.88$53.8B+49%4
Q1 2027-0.64$2B-3
Source: FMP · Consensus
Company events
62027-02-11EarningsActual - / Estimate -0.785-
2026-11-12Earnings · Before market openActual 0.3 / Estimate -0.724Beat
2026-08-12Earnings · Before market openActual -0.12 / Estimate -0.717Beat
2026-05-13EarningsActual -0.23 / Estimate -0.768Beat
2026-02-12EarningsActual -0.99 / Estimate -0.58Miss
2025-11-11EarningsActual -0.39 / Estimate -0.557Beat
Peer comparison
Similar listed perpsRevenue mix
Latest annualUSGeographic$340.1M
Analysts
Price targets in USD| Consensus rating | Buy |
|---|---|
| Average 12-month price target | $284.33 |
| 12-month target range (low – high) | $144 – $410 |
| Ratings in the provider's consensus | 12 |
Price targets as of 2026-11-13
Analyst rating history
Ratings| Month | Strong buy | Buy | Hold | Sell | Strong sell |
|---|---|---|---|---|---|
| Nov 2026 | 2 | 13 | 6 | 1 | 0 |
| Oct 2026 | 2 | 13 | 6 | 1 | 1 |
| Sep 2026 | 2 | 12 | 6 | 1 | 1 |
| Aug 2026 | 1 | 10 | 6 | 0 | 1 |
| Jul 2026 | 1 | 10 | 6 | 1 | 1 |
| Jun 2026 | 1 | 8 | 6 | 1 | 0 |
| May 2026 | 2 | 9 | 5 | 1 | 1 |
| Apr 2026 | 2 | 10 | 4 | 1 | 1 |
| Mar 2026 | 2 | 9 | 3 | 0 | 1 |
| Feb 2026 | 2 | 7 | 3 | 0 | 1 |
| Jan 2026 | 2 | 5 | 3 | 0 | 1 |
| Dec 2025 | 2 | 5 | 2 | 0 | 1 |
Ownership
Institutional · 2026-Q3Free float95.3%228.7M shares
Shares outstanding240M shares
Institutional18.6%767 investors
Investor count change-402
Reference market activity
NBIS-PERPDay range (Nov 13)$109$123.68
52 week$73.52$299.86
Spot volume20M
Average volume-
Price performance
111D-14.7%
5D-16.0%
1M-47.0%
3M-57.0%
6M-47.1%
YTD+31.1%
1Y+23.8%
3Y+448.6%
5Y+448.6%
10Y+448.6%
MAX+448.6%
Insider activity
FY2026 Q4Acquisitions12 transactions9,014 shares
Dispositions36 transactions602,674 shares
Purchases11Ratio 0.33
Sales35
Insider transactions
25DateReporting persontransactionssharesPriceFilings
Director Boynton John Wilson IV sold 333 Class A shares of Nebius Group N.V. at $173.07, leaving 403,189 shares owned.
Director Grimme Arne bought 148 Class A shares of Nebius Group N.V. on the open market at $169.42 each, leaving 7,899 shares owned after the transaction.
Director Grimme Arne bought 353 Class A shares of Nebius Group N.V. in two open-market purchases on Oct 27-28, 2026, at $159.04-$169.84 per share, holding 7,751 shares after.
Nebius Group director Grimme Arne acquired 770 Class A shares in three open-market purchases at $153.96-$161.97, raising his holding to 7,398 shares.
Director Grimme Arne bought 299 Nebius Class A shares in two open-market purchases on Oct 20-21, 2026, at $164.62-$167.94, leaving 6,628 shares owned.
Nebius Group N.V. (NBIS) director Grimme Arne reported an open-market purchase of 148 Class A shares at $169.99 on 2026-10-19, leaving 6,329 shares held directly after the transaction.
Director Boynton John Wilson IV reported 15 open-market sales totaling 5,600 Class A shares of Nebius Group N.V. at prices from $164.80 to $182.21, leaving 410,582 shares held after the first reported sale.
Filings
80 · Latest SEC filings2026-11-024Insider transaction report (Form 4)
Director Boynton John Wilson IV sold 333 Class A shares of Nebius Group N.V. at $173.07, leaving 403,189 shares owned.
2026-10-304Insider transaction report (Form 4)
Director Grimme Arne bought 148 Class A shares of Nebius Group N.V. on the open market at $169.42 each, leaving 7,899 shares owned after the transaction.
2026-10-294Insider transaction report (Form 4)
Director Grimme Arne bought 353 Class A shares of Nebius Group N.V. in two open-market purchases on Oct 27-28, 2026, at $159.04-$169.84 per share, holding 7,751 shares after.
2026-10-264Insider transaction report (Form 4)
Nebius Group director Grimme Arne acquired 770 Class A shares in three open-market purchases at $153.96-$161.97, raising his holding to 7,398 shares.
2026-10-214Insider transaction report (Form 4)
Director Grimme Arne bought 299 Nebius Class A shares in two open-market purchases on Oct 20-21, 2026, at $164.62-$167.94, leaving 6,628 shares owned.
2026-10-204Insider transaction report (Form 4)
Nebius Group N.V. (NBIS) director Grimme Arne reported an open-market purchase of 148 Class A shares at $169.99 on 2026-10-19, leaving 6,329 shares held directly after the transaction.
2026-10-194Insider transaction report (Form 4)
Director Boynton John Wilson IV reported 15 open-market sales totaling 5,600 Class A shares of Nebius Group N.V. at prices from $164.80 to $182.21, leaving 410,582 shares held after the first reported sale.
2026-10-164Insider transaction report (Form 4)
Nebius Group N.V. director Grimme Arne bought 296 Class A shares over two open-market purchases at $169.99 each (Oct 15-16, 2026), holding 6,181 shares after.
2026-10-134Insider transaction report (Form 4)
Officer Marc Boroditsky exercised 7,000 stock options into Class A shares at $40 and sold all 7,000 Class A shares at $211.23.
2026-10-064Insider transaction report (Form 4)
Nebius COO Nave Ophir sold 500,000 Class A shares in 12 open-market transactions on 2026-10-05 at prices from $231.12 to $243.50, leaving 454,685 shares owned.
2026-10-054Insider transaction report (Form 4)
Nebius Group N.V. officer Andrey Korolenko sold 29,090 Class A shares on the open market at $234.16 per share, leaving 522,248 shares owned.
2026-10-054Insider transaction report (Form 4)
Nebius Group N.V. officer Danila Shtan (CTO) sold 14,546 Class A shares on the open market at $234.16 per share on 2026-10-01, leaving 260,217 shares owned.
2026-10-054Insider transaction report (Form 4)
NBIS director and CEO Arkadiy Volozh sold 37,778 Class A shares at $234.16 on Oct 1, 2026, leaving 785,236 shares owned.
2026-10-014Insider transaction report (Form 4)
Nebius Group N.V. director Boynton John Wilson IV sold 50 Class A shares at $235.01 on 2026-09-29, leaving 410,782 shares owned.
2026-09-214Insider transaction report (Form 4)
Nebius Group officer Marc Boroditsky (Chief Revenue Officer) reported selling 26,886 Class A shares in two open-market sales at prices from $197 to $250, leaving 0 shares owned after the second sale.
2026-09-174Insider transaction report (Form 4)
Director John Wilson Boynton IV sold 6,364 Class A shares of Nebius Group N.V. in 9 open-market sales on 2026-09-15 at prices from $207.67 to $216.52. He held 410,832 shares after the sales.
2026-09-164Insider transaction report (Form 4)
Nebius officer Marc Boroditsky exercised 7,000 stock options at $40, converting them into 7,000 Class A shares, then sold those 7,000 Class A shares at $208.63-$209.26.
2026-09-034Insider transaction report (Form 4)
Director John Wilson IV received an award of 1,352 Class A shares (non-market transaction) on September 1, 2026, increasing his holdings to 417,196 shares.
2026-09-034Insider transaction report (Form 4)
Director received a grant of 1,352 Class A shares with no cost, now holding 273,885 shares.
2026-09-034Insider transaction report (Form 4)
Director Grimme Arne received an award of 1,352 Class A shares of Nebius Group N.V. on September 1, 2026, with no purchase price. After the transaction, he held 5,885 shares.
2026-09-034Insider transaction report (Form 4)
Director Matthew Robert Weigand received a stock award of 1,352 Class A shares of Nebius Group N.V. on September 1, 2026.
2026-09-034Insider transaction report (Form 4)
Director Elena Bunina received a grant of 1,352 Class A shares at no cost on September 1, 2026, increasing her holdings to 12,124 shares.
2026-09-034Insider transaction report (Form 4)
COO Nave Ophir received an award of 1,352 Class A shares of Nebius Group, increasing her direct holdings to 954,685 shares.
2026-09-034Insider transaction report (Form 4)
Director Kira Radinsky received an award of 1,352 Class A shares of Nebius Group on September 1, 2026, at no cost, as per an SEC Form 4 filing.
2026-09-034Insider transaction report (Form 4)
Director and CEO Arkadiy Volozh received an award of 1,352 Class A shares of Nebius Group on September 1, 2026, at no cost.
2026-09-024Insider transaction report (Form 4)
The reporting person sold 470 Class A shares at $196 each on September 1, 2026, retaining 12,202 shares afterward.
2026-08-184Insider transaction report (Form 4)
Nebius Group N.V. director Boynton John Wilson IV sold 5,296 Class A shares in 12 open-market sales on 2026-08-14 at prices from $258.55 to $277.86, leaving 415,844 shares owned.
2026-08-184Insider transaction report (Form 4)
Director Ryan Charles E sold 50,000 Class A shares of Nebius Group N.V. in 6 open-market transactions on 2026-08-14 at prices from $263.32 to $269.64, leaving 272,533 shares owned.
2026-08-054/AInsider transaction report (Form 4)
John Wilson Boynton IV, a director, sold 5,112 Class A shares on 2026-06-15 in 5 transactions at prices ranging from $248.73 to $260.76, leaving 428,198 shares owned afterward.
2026-07-244Insider transaction report (Form 4)
Nebius Group General Counsel Almog Yael was awarded 7,793 Class A shares, bringing total holdings to 7,793 shares.
2026-07-174Insider transaction report (Form 4)
Director Boynton John Wilson IV sold 6,958 Class A shares of Nebius Group N.V. on 2026-07-15 in 11 open-market sales at $187.79-$202.29 per share, leaving 421,140 shares owned.
2026-07-083Initial insider ownership statement (Form 3)
This Form 3 filing shows Almog Yael, General Counsel of Nebius Group N.V., reported no beneficial ownership of Class A Shares as of 2026-07-01.
2026-07-064Insider transaction report (Form 4)
Nebius Group Chief Infrastructure Officer Andrey Korolenko sold 33,871 Class A shares on 2026-07-01 at $235.45 per share, leaving 551,338 shares owned afterward.
2026-07-064Insider transaction report (Form 4)
Arkadiy Volozh (CEO, director, 10% owner) sold 46,627 Class A shares of Nebius Group on 2026-07-01 at $235.45 per share, leaving 821,662 shares owned afterward.
2026-07-064Insider transaction report (Form 4)
Nebius Group CTO Danila Shtan sold 16,937 Class A shares on the open market at $235.45 per share, leaving 274,763 shares owned afterward.
2026-06-154Insider transaction report (Form 4)
Director Boynton John Wilson IV sold a total of 5,812 Class A shares of Nebius Group across 10 transactions on June 15, 2026, at prices ranging from $246.17 to $262.09.
2026-06-054Insider transaction report (Form 4)
Nebius Group CTO Danila Shtan sold 15,678 Class A shares at $238.9621 on 2026-06-04, leaving 291,700 shares owned afterward.
2026-06-034Insider transaction report (Form 4)
Nebius Group's Chief Revenue Officer Marc Boroditsky sold 10,776 Class A shares on 2026-06-02 at $276.2002 per share, leaving 26,886 shares owned afterward.
2026-06-034Insider transaction report (Form 4)
Nebius Group CFO Alonso Sanchez Maria del Dado sold 1,509 Class A shares on 2026-06-02 at $276.2002 per share, leaving 12,672 shares owned afterward.
2026-05-224Insider transaction report (Form 4)
Tal Boaz, General Counsel of Nebius Group, sold 5,100 Class A shares on the open market on 2026-05-20 across 3 transactions at prices of $199-$200, leaving 80,754 shares owned afterward.
2026-05-194Insider transaction report (Form 4)
Nebius CRO Marc Boroditsky sold 4,500 Class A shares at $217.55 on 2026-05-15, leaving 37,662 shares owned.
2026-05-154Insider transaction report (Form 4)
Director Elena Bunina sold 10,894 Class A shares in two transactions at prices between $203.18 and $210, leaving 10,772 shares owned afterward.
2026-05-154Insider transaction report (Form 4)
Korolenko exercised 500,000 stock options at $100 to acquire 500,000 Class A shares, then sold all 500,000 of those shares at $203.24.
2026-05-084Insider transaction report (Form 4)
Director Elena Bunina sold 10,819 Class A shares of Nebius Group in two open-market transactions at prices between $180 and $190, leaving 21,666 shares owned afterward.
2026-05-054Insider transaction report (Form 4)
Director Elena Bunina sold 5,882 Class A shares of Nebius Group at $170 per share on 2026-05-04, leaving 32,485 shares owned afterward.
2026-04-164Insider transaction report (Form 4)
Nebius Group's Chief Revenue Officer Marc Boroditsky sold 4,500 Class A shares at $160.10 on 2026-04-15, leaving 42,162 shares owned afterward.
2026-04-144Insider transaction report (Form 4)
Director Elena Bunina sold 20,060 Class A shares in 3 open-market transactions between April 10-14, 2026, at prices from $140 to $161.22, leaving her with 38,367 shares.
2026-04-084Insider transaction report (Form 4)
Andrey Korolenko (Chief Infrastructure Officer) sold 31,357 Class A shares of Nebius Group at $111.2002 on 2026-04-06, leaving 585,209 shares owned afterward.
2026-04-024Insider transaction report (Form 4)
Arkadiy Volozh, CEO and director of Nebius Group, sold 33,358 Class A shares on 2026-04-01 at $103.7314 per share, leaving 868,289 shares owned afterward.
2026-04-014Insider transaction report (Form 4)
Nebius Group CTO Danila Shtan sold 13,489 Class A shares at $98.7754 on 2026-03-31, leaving 307,378 shares owned afterward.
2026-04-014Insider transaction report (Form 4)
Andrey Korolenko (Chief Infrastructure Officer) sold 26,976 Class A shares at $98.7754 on 2026-03-31, leaving 616,566 shares owned afterward.
2026-04-014Insider transaction report (Form 4)
Tal Boaz (General Counsel) sold 3,036 Class A shares of Nebius Group at $98.7754 on 2026-03-31, leaving 85,854 shares owned afterward.
2026-03-183Initial insider ownership statement (Form 3)
Nebius Group N.V. COO Nave Ophir filed an initial Form 3 on 2026-03-18 reporting holdings of 2,000,000 stock options and 953,333 Class A shares (536,249 + 417,084), with no reported transactions in these holdings.
2026-03-183Initial insider ownership statement (Form 3)
This Form 3 filing discloses initial beneficial ownership by director John Wilson Boynton IV, reporting no new transactions—just existing holdings of 384,377, 45,000, and 4,533 Class A Shares across three separate positions.
Transcripts
Earnings callsFY2026 Q12026-05-13
Earnings calls
AI summary
positiveNebius reported strong Q1 2026 results with revenue growth of 684% YoY and Nebius AI business revenue of $390M (841% YoY growth). The company expanded adjusted EBITDA margins to 45% for Nebius AI and raised full-year CapEx guidance by $4-5B to $20-25B, reflecting investments in 2027 capacity with customer commitments in place. The company also announced a $27B Meta contract and raised over $6B in capital including a $2B NVIDIA equity investment.
Key takeaways
- Q1 2026 group revenue grew 684% YoY to $399M; Nebius AI revenue grew 841% YoY to $390M
- Contracted power capacity increased to 3.5+ gigawatts (up from 2GW target last quarter), with new Pennsylvania site supporting 1.2GW once fully operational
- Announced $27B five-year Meta contract consisting of $12B dedicated compute commitment plus $15B discretionary capacity option at Nebius's discretion
- Raised $6B+ in capital in 2026 including $4.3B convertible notes and $2B NVIDIA equity investment; cash position reached $9.3B
- Completed three strategic acquisitions: Tavily, Eigen AI, and Clarifai to strengthen inference optimization and agentic search capabilities
Financial highlights
- Q1 2026 group revenue: $399M (684% YoY growth, 75% QoQ growth)
- Nebius AI revenue: $390M (841% YoY growth, 82% QoQ growth) representing 98% of group revenue
- Nebius AI annualized run rate revenue: $1.9B at end of March (up from $1.25B in Q4 2025)
- Group adjusted EBITDA: $130M with 32% margin vs. $15M in Q4 2025; Nebius AI adjusted EBITDA margin expanded to 45%
Guidance
- FY2026 CapEx guidance raised to $20B-$25B (from prior $16B-$20B range)
- FY2026 annualized run rate revenue guidance: $7B-$9B
- FY2026 group revenue guidance: $3B-$3.4B
- FY2026 group adjusted EBITDA margin guidance: approximately 40%
Q&A themes
- Pricing dynamics: Raised prices again in latest quarter; strong pricing across all GPU generations with extended contract durations and growing average contract values
- CapEx increase drivers: Primarily driven by 2027 capacity investments with customer commitments; component cost inflation accounted for low single digits as percentage of total spend due to 2025 procurements at prior price levels
- Software and inference: Token Factory showing strong product-market fit; inference is fastest-growing segment with Eigen and Clarifai acquisitions strengthening optimization capabilities; agentic workloads emerging as next opportunity
- Capacity timeline: Pennsylvania site first lights expected end of 2027 with 250-300MW initially, adding 300MW annually to reach 1.2GW by mid-2030; significant capacity additions in Q3 and Q4 2026, with major projects Alabama and Missouri starting Q1 2027
Risks
- Customer concentration: Large contracts with Meta and Microsoft represent significant portion of revenue, though company states intentional pairing with diversified AI cloud customer base
- Capacity deployment timing: Quarterly adjusted EBITDA margin progression is nonlinear and heavily dependent on timing of capacity additions; Q2 margins expected to decline before recovery in Q3-Q4
FY2025 Q42026-02-12
Earnings calls
AI summary
positiveNebius delivered exceptional 2025 results with Q4 group revenue of $228M (547% YoY growth) and core AI cloud revenue growing 830% YoY, achieving $1.2B ARR and positive group adjusted EBITDA. The company announced nine new global data centers and secured over 2 gigawatts of power as of February 2026, raising its full-year power target above 3 gigawatts. Management expressed strong conviction in delivering $7-9B ARR and 40% adjusted EBITDA margin in 2026 through continued capacity expansion and strong customer demand.
Key takeaways
- Q4 2025 group revenue of $228M (547% YoY); core AI cloud revenue grew 830% YoY with 63% QoQ growth
- ARR of $1.2B exceeded guidance, with core AI cloud adjusted EBITDA margin expanding from 19% in Q3 to 24% in Q4
- Announced 9 new data centers globally; secured over 2 gigawatts of power by February 2026, raising full-year target to over 3 gigawatts
- Reiterated 2026 guidance: $7-9B ARR, $3-3.4B revenue, and 40% adjusted EBITDA margin; planning $16-20B CapEx for 2026
- Acquired Tavily, adding agentic search capabilities and approximately 700,000 developers to the platform
Financial highlights
- Q4 2025 group revenue: $228 million (547% YoY growth, 56% QoQ growth)
- Annualized run-rate revenue: $1.2 billion at December 2025 (exceeded guidance range of up to $1.1 billion)
- Core AI cloud revenue grew 830% year-over-year with 63% quarter-over-quarter growth
- Generated $834 million operating cash flow in Q4; ended year with $3 billion in cash and cash equivalents
Guidance
- 2026 annualized run-rate revenue: $7-9 billion; full-year 2026 revenue: $3-3.4 billion
- 2026 power capacity target: over 3 gigawatts; deployed capacity by year-end: 800 megawatts to 1 gigawatt
- 2026 group adjusted EBITDA margin: approximately 40%
- 2026 CapEx: $16-20 billion; approximately 60% will be funded from cash on hand, operations, and long-term contract commitments
Q&A themes
- Strong conviction in AI demand driven by AI startups scaling from hundreds to tens of thousands of GPUs, enterprise adoption expanding, and favorable pricing with GPU prices holding firm across generations
- Meta contract fully deployed by early February 2026; Microsoft deliveries ongoing throughout 2026 with majority in H2, expected to reach full annual run rate in 2027
- Q1 2026 pipeline on track to exceed $4 billion; deal terms lengthening (nearly 2x more 12+ month deals in Q4 vs Q3) and average selling prices increased over 50%
- Software monetization in early stages; 100% attach rate of software with AI cloud customers; exploring consumption-based models like per-token pricing; Tavily acquisition strengthens platform for enterprise expansion
Risks
- Data center equipment shortages and supply chain risks; company mitigating through portfolio of sites, full-stack flexibility, and long-lead item contracting for major projects
- 2026 EBIT expected to remain at a loss as company invests in capacity expansion and R&D, though management maintains confidence in medium-term 20-30% EBIT target
FY2025 Q32025-11-11
Earnings calls
AI summary
positiveNebius achieved strong Q3 growth with 146M revenue, up 355% year-over-year, and sold out all available capacity. The company announced a major $3B five-year deal with Meta and raised 2026 ARR guidance to $7-9B from prior expectations. To support aggressive growth, Nebius is increasing 2025 CapEx guidance from $2B to ~$5B and plans to have 800MW-1GW of connected power by end of 2026, with 2.5GW of contracted capacity.
Key takeaways
- Q3 revenue of $146M (+355% YoY, +39% QoQ); core infrastructure business (90% of revenue) grew 400% YoY with ~19% adjusted EBITDA margin
- Signed $3B five-year deal with Meta; Meta deployment to complete within three months with full run rate expected in 2026; Microsoft deal ($17.4-19.4B) revenue ramp starting late Q4 2025 with most tranches in 2026
- Raised 2026 ARR guidance to $7-9B (more than half already booked) and 2025 full-year revenue guidance tightened to $500-550M; 2025 ARR guidance remains $900M-1.1B
- Accelerated capacity buildout: targeting 2.5GW contracted power by end 2026 (up from 1GW prior guidance) with 800MW-1GW connected power; raised 2025 CapEx guidance from $2B to ~$5B
- Launched Nebius 3.0 (Ether) enterprise cloud platform and Token Factory inference platform; added AI startups (Cursor, Black Forest Labs, World Labs) and expanded enterprise/healthcare customer segments
Financial highlights
- Q3 revenue: $146M (+355% YoY, +39% QoQ); core infrastructure revenue grew 400% YoY at 40% sequential growth
- Core infrastructure adjusted EBITDA margin: ~19% (expanded quarter-over-quarter)
- Annualized run rate revenue (ARR) at end of September: $551M
- 2025 CapEx guidance raised from ~$2B to ~$5B; 2025 full-year revenue guidance: $500-550M (vs prior $450-630M)
Guidance
- 2025 full-year revenue guidance: $500-550M (tightened from prior $450-630M); 2025 ARR guidance: $900M-1.1B
- 2026 ARR target: $7-9B (more than half already booked via Microsoft and Meta contracts); Microsoft revenue to ramp mostly in H2 2026; Meta to reach full run rate in 2026
- Capacity targets: 2.5GW contracted power by end 2026; 800MW-1GW connected power by end 2026; facilities in Israel, UK, New Jersey, Finland, with new US and Europe data centers starting 2026
- Adjusted EBITDA: expected to be slightly positive at group level by year-end 2025 while remaining negative for full year
Q&A themes
- Capacity constraints are primary revenue bottleneck; all capacity deployed was sold; Q3 pipeline generation expanded 70% QoQ with $4B generated pipeline; incremental ARR in September lower due to capacity limitations but expected to increase significantly in Q4
- Microsoft contract delivers first tranche late Q4 2025; nearly all remaining tranches deliver in 2026 with majority in H2; Meta deployment concludes within three months of Q4 with full run rate in 2026
- Demand environment remains extremely strong across all GPU types (Hopper and Blackwell); nearly sold out Q4 capacity; customers often upgrade/renew Hopper at better pricing while Blackwell capacity presold before facility opening
- Financing strategy includes asset-backed debt (leveraging customer creditworthiness), corporate debt, and equity; implementing ATM program for up to 25M Class A shares to access capital efficiently while remaining dilution-sensitive
Risks
- Capacity remains primary bottleneck limiting revenue growth; physical world constraints including supply chain limitations and permitting delays may constrain ability to meet 2.5GW contracted capacity target
- Q3 incremental ARR of $12M down from prior quarters ($180M and $159M), indicating near-term volatility despite strong long-term trajectory; timing of deployment execution affects quarterly results
- Potential AI market bubble concerns acknowledged; company mitigating through customer diversification, conservative capital deployment staged approach, and margin focus, but market downturn risk remains
FY2025 Q22025-08-07
Earnings calls
AI summary
positiveNebius Group reported exceptional Q2 2025 results with revenue up 625% YoY and 106% QoQ, driven by strong AI infrastructure demand and peak GPU utilization. The company achieved positive adjusted EBITDA in its core business earlier than expected and is aggressively expanding capacity to 220 megawatts by year-end and over 1 gigawatt by end-2026. Management raised ARR guidance while maintaining core revenue guidance at $400M-$600M, reflecting back-end weighted deployment of Blackwell GPUs in Q4.
Key takeaways
- Q2 revenue of $105.1M (+625% YoY, +106% QoQ) with AI cloud infrastructure revenue up more than 9x YoY
- Core AI business achieved positive adjusted EBITDA ahead of expectations; group expected to turn positive by year-end
- Expanded ARR guidance from $750M-$1B to $900M-$1.1B based on closed contracts and strong demand visibility
- Securing 220 megawatts connected power by end-2025 (100MW active) and pursuing 1 gigawatt by end-2026 across New Jersey, Finland, UK, and Israel
- Added enterprise customers including Shopify, Cloudflare, and Prosus; maintaining leadership with AI native startups
Financial highlights
- Q2 total revenue: $105.1M (up 625% YoY, 106% QoQ)
- AI cloud infrastructure revenue: more than 9x YoY growth with near peak utilization
- Adjusted EBITDA: positive in core business in Q2; group expected positive by year-end but negative for full year 2025
- 2025 CapEx guidance: approximately $2B; FY2025 group revenue guidance: $450M-$630M (excluding Toloka deconsolidation impact)
Guidance
- ARR guidance raised to $900M-$1.1B for year-end 2025 (from prior $750M-$1B), based on closed contracts and anticipated sales
- Core business revenue guidance maintained at $400M-$600M; group revenue $450M-$630M
- Group adjusted EBITDA expected slightly positive by year-end 2025, negative for full year, with positive EBITDA expected starting 2026
- Majority of GPU installations and capacity deployment expected in Q4 2025, making revenue back-end weighted; 1 gigawatt power target by end-2026
Q&A themes
- Strong demand environment with peak Q2 utilization; ability to sell through capacity as added; growing ability to attract larger customers requiring greater capacity
- Hopper GPU demand remains strong with stable pricing; Blackwell demand robust with premium pricing; Grace Blackwells generating interest
- Return on CapEx for Hoppers estimated at 2-3 years break-even on gross profit basis; Blackwell-specific returns too early to comment on
- Greenfield data center strategy preferred over build-to-suit for control, flexibility, phasing, and approximately 20% lower total cost of ownership
Risks
- U.S. tariff environment remains uncertain; early to determine definitive impact but acknowledged as affecting all market players
- Large multiyear hyperscaler/frontier AI lab deals not yet secured; current guidance excludes these potential deals, treating them as upside
- Back-end weighted capacity deployment in Q4 2025 creates execution risk for achieving revised guidance; significant CapEx ($2B in 2025) required for capacity expansion
FY2025 Q12025-05-20
Earnings calls
FY2024 Q42025-02-20
Earnings calls
Company news
Reuters, WSJ, Bloomberg and FT first, as far as our news provider delivers them; other publishers behind the second filter. Headlines link to the publisher.- Nebius Lowers Outlook, Addresses Worries Over Financing AI Buildout
- Nebius beats quarterly revenue estimates on strong AI demand
- Nebius gets $3.5 billion Citi facility for data center growth
- Nebius hikes AI cloud prices again as demand for computing power soars
- Nebius plans $4.5 billion convertible debt sale to fund data centers, AI platform
Company data
Company intelligence
Updated: Nov 13, 2026, 01:47 PM UTC
Company data
Company intelligence
Company profile
- Sector
- Technology
- Industry
- Software - Application
- Chief executive
- Arkady Volozh
- Employees
- 1,543
- IPO date
- May 24, 2011
- Country
- NL
- Exchange
- NASDAQ Global Select
Altman Z-scorei2.51
Piotroski scorei6/9
Overall ratingiC-
Owner earningsi-$2.83B-$10.09 per share
ESG risk ratingiBIndustry rank: 50/321
Rating factors
- Return on equityi
- 2/5
- Return on assetsi
- 2/5
- Debt to equityi
- 1/5
- Price to earningsi
- 1/5
- Price to booki
- 1/5
Company press releases
Palantir and Nebius Partner to Deliver a Complete Sovereign AI Stack to Palantir CustomersBusiness WireNebius to participate in upcoming investor conferencesBusiness WireNebius Group N.V. announces results of its Annual General MeetingBusiness WireNebius Group announces closing of private offering of convertible senior notes, with aggregate gross proceeds of approximately $5.75 billionBusiness WireNebius Group announces pricing of upsized private offering of $5.0 billion of convertible senior notesBusiness WireNebius Group announces proposed private offering of $4.50 billion of convertible senior notesBusiness Wire
Market cap history
$36.02B-49.6%Aug 2026 – Nov 2026
Latest: $36.02B · 2026-11-12High: $75.28B · 2026-08-17Low: $36.02B · 2026-11-12
Not comparable with the headline: the provider's history counts about 280M shares, the headline 240M. Shown as the provider reports it.
Largest fund holders
| Fund | Weight | Shares held |
|---|---|---|
| ANNPX | 1.37% | 21M |
| AIO | 0.85% | 9M |
| NCV | 1.1% | 6.4M |
| NFJ | 0.38% | 5.7M |
| NIE | 0.64% | 5M |
| NCZ | 1.11% | 4.9M |
| QQQ | 0.23% | 4.9M |
| ACV | 0.86% | 2.1M |
| IEFA | 0.18% | 1.5M |
| QQQM | 0.22% | 1M |
| IEE | 0.24% | 721.1K |
| EFA | 0.21% | 719.8K |
Analyst track record
How the analysts covering NBIS have done: ratings, price-target accuracy and the measured reaction after their calls.
| 12 months | 3 years | |
|---|---|---|
| Ratings | 70 | 104 |
| Analysts | 23 | 26 |
| Buy / hold / sell | 52 / 16 / 2 | 85 / 17 / 2 |
| Upgrades / downgrades / initiations | 2 / 1 / 15 | 2 / 1 / 22 |
| Price targets hit / missed | 5 / 58 (8%) | 30 / 64 (32%) |
| Avg. return after a rating (TipRanks) | -34.0% | +10.1% |
| Best / worst call | +53.1% / -68.6% | +328.8% / -68.6% |
After buy calls on this stock: median 21-day move +17.6% vs S&P 500 +16.7% (n = 81)
Most accurate on this stock
Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.
- Alex PlattD.A. Davidson100% hit rate on this stock · 10 targets measuredHoldno targetMay 18, 2026
- Hamed KhorsandBWS Financial100% hit rate on this stock · 8 targets measuredBuytarget $200Mar 16, 2026
Latest ratings
| Date | Analyst | Call | Target | |
|---|---|---|---|---|
| Nov 13, 2026 | James FishPiper SandlerNov 13, 2026 | HoldMaintained | $148↗ | article ↗ |
| Nov 13, 2026 | Tal LianiBank of America SecuritiesNov 13, 2026 | BuyMaintained | $265↗ | article ↗ |
| Nov 12, 2026 | Robert OliverRobert W. BairdNov 12, 2026 | BuyMaintained | $200↗ | article ↗ |
| Nov 4, 2026 | Tyler RadkeCitiNov 4, 2026 | BuyMaintained | $265↗ | article ↗ |
| Oct 22, 2026 | Tal LianiBank of America SecuritiesOct 22, 2026 | BuyReiterated | $310↗ | article ↗ |
Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.
TipRanks data · computed Nov 13, 2026 · 70 ratings
Frequently asked questions
Where can I trade NBIS perpetual futures?
Nebius Group N.V. (NBIS) perpetual futures trade on 26 crypto venues, including Binance, XT.com, Deepcoin. PerpEquities compares them by live price, funding rate, open interest and liquidity.
Can I trade NBIS around the clock?
Yes. Unlike the underlying stock, NBIS perpetuals trade 24/7 — including weekends and outside regular market hours.
What is the funding rate on NBIS perpetuals?
Right now the NBIS perp funding rate is +11.1% annualized (venue median), ranging from 0.0% to +28.4% across 26 venues. A positive rate means longs pay shorts. PerpEquities shows the live rate and its history for every venue.
How does the NBIS perp price compare to the Nebius Group N.V. stock?
The venue-median NBIS perp mark is $113 versus a reference stock price of $113, a basis of 0.0%. Perps follow the stock through an index price; the gap widens when funding or liquidity diverge between venues.
What is a NBIS perpetual future?
A NBIS perpetual is a derivative that tracks the price of Nebius Group N.V. with no expiry date. It lets you take long or short exposure to Nebius Group N.V. on crypto venues, around the clock.
What is NBISUSDT perpetual?
NBISUSDT is the symbol most crypto exchanges use for the Nebius Group N.V. perpetual settled in USDT (Tether). It tracks the NBIS share price through an index, trades 24/7 with leverage and never expires.
Embed this asset
<a href="https://perpequities.com/stocks/nbis-perp"><img src="https://perpequities.com/badge/nbis-perp.svg" width="240" height="64" alt="NBIS perpetuals · perpequities.com" loading="lazy"></a>