What Is NBIS Stock? Nebius and CoreWeave Shares Soar After Entering the Nasdaq-100

What is NBIS Stock? NBIS is the stock ticker of Nebius Group N.V., an Amsterdam-based technology company that builds specialized cloud infrastructure for the development and operation of artificial intelligence.

Nebius and CoreWeave shares gained renewed attention after Nasdaq announced that they would be added to the Nasdaq-100 in its June 2026 quarterly rebalancing. Technically, the addition was announced on June 12 and only took effect before the market opened on June 22, 2026.

Key Takeaways

• NBIS is a share of Nebius Group, an AI infrastructure provider that operates GPU clusters, cloud computing, storage, and inference services.
• Nebius' revenue in the first quarter of 2026 grew 684% year-on-year to US$399 million, while its AI cloud business revenue grew 841%.
• Entering the Nasdaq-100 may increase demand for index funds, but high valuations, large capital requirements, and execution risks remain important considerations.

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What is NBIS Stock?

NBIS Stock is a common stock of Nebius Group N.V. traded on the Nasdaq under the symbol NBIS buying NBIS shares means owning an economic stake in the Nebius Group, based on the number of shares owned, not purchasing the company's crypto tokens or cloud services.

Nebius builds full-stack infrastructure for the AI ​​industry. The company provides access to high-performance GPUs, compute, storage, networking, managed services, serverless AI, inference, and the tools developers need to train and run AI models at scale.

The company has an unusual corporate history. Its shares previously traded under the name Yandex N.V. and ticker YNDX. After the divestment of its Russian business assets and separation of its ties to those operations, the company changed its name to Nebius Group and changed its ticker to NBIS in August 2024.

Trading of its shares resumed on the Nasdaq in October 2024. Since then, Nebius has focused most of its resources on building a global cloud AI business.

In addition to the core business of Nebius AI Cloud, the group also has other businesses and investments, including:

• Avride, a developer of autonomous vehicle technology and delivery robots;
• TripleTen, a technology education platform;
• Share ownership in ClickHouse;
• Investment ownership in Toloka.

However, the largest contribution to current revenue growth comes from Nebius AI Cloud. In the first quarter of 2026, the AI ​​cloud business accounted for approximately 98% of the group's total revenue.

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Nebius and CoreWeave Enter Nasdaq-100

Nasdaq announced five companies that will be added to the Nasdaq-100 in its June 2026 quarterly rebalancing, namely:

• Aster Labs;
• CoreWeave;
• Nebius Group;
• Rocket Lab;
• Teradyne.

The changes will take effect before the market opens on June 22, 2026. Nebius and CoreWeave were not yet officially index components at the announcement date, but the market responded immediately to the news.

On June 12, 2026, Nebius shares closed at around US$232.36, after rising approximately 4.7%. CoreWeave shares also rose approximately 5%, closing at around US$100.55.

This movement reflects not only optimism about the AI ​​business outlook. Investors also anticipate mechanical demand from ETFs and investment funds that track the Nasdaq-100.

Funds with index replication strategies need to adjust their portfolios to reflect the new composition. Therefore, adding a stock to a major index can generate additional demand before the effective date.

However, inclusion in the Nasdaq-100 doesn't automatically change a company's ability to generate revenue or profit. The index effect can be temporary if price increases reflect purchasing expectations from passive funds.

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Why Did Nebius Stock Rise After the Nasdaq-100 Announcement?

There are several factors that supported the increase in Nebius shares after the announcement.

First, its status as a candidate member of the Nasdaq-100 increases NBIS's visibility among institutional investors. The Nasdaq-100 is one of the most widely followed technology and growth indexes in the world.

Second, the announcement comes at a time when Nebius' fundamentals are growing rapidly. The company reported accelerated revenue, improved core business margins, capacity expansion, and long-term contracts with major customers.

Third, AI infrastructure stocks are becoming a key market theme. The growth of generative models, AI agents, inference, and enterprise applications is driving demand for GPUs, electricity, data centers, networking, and cloud platforms.

Fourth, Nebius has received strategic support from NVIDIA. In the first quarter of 2026, NVIDIA made a US$2 billion equity investment in Nebius. The technical partnership between the two companies also extends to AI factory design and the development of inference and agentic AI technologies.

Fifth, the contract with Meta provides long-term revenue visibility while helping Nebius access financing for new capacity development.

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Nebius Revenue Growth 2026

Nebius revenue growth 2026 meThis is one of the main reasons why this stock is gaining market attention.

Nebius Group posted first quarter 2026 revenue ofUS$399 millionThis figure represents a 684% increase compared to US$50.9 million in the same period last year and a 75% increase compared to the fourth quarter of 2025.

Nebius AI Cloud business generates revenue ofUS$389.7 million, up 841% year-over-year and 82% quarter-over-quarter. This growth was driven by increased capacity, high infrastructure utilization, and strong pricing for next-generation GPU services.

Annualized run-rate revenue or ARR of the AI ​​cloud business reachedUS$1.92 billionby the end of March 2026. This figure is up 674% year-on-year and 54% compared to ARR of US$1.25 billion by the end of December 2025.

ARR isn't the revenue already received over the course of a year. Nebius calculates it by multiplying the AI ​​cloud revenue in the last month of the quarter by 12. This metric reflects the current revenue velocity if that month's performance can be maintained.

For 2026, management is targeting:

• Revenue between US$3 billion and US$3.4 billion;
• Year-end ARR between US$7 billion and US$9 billion;
• Adjusted EBITDA margin of AI cloud business is around 40%;
• Contracted power of more than 4 gigawatts by the end of the year.

This target is quite aggressive. To achieve it, Nebius must bring new capacity online on time, acquire GPUs, complete data center construction, and maintain customer demand.

Is Nebius Profitable Yet?

Nebius reported group adjusted EBITDA of US$129.5 million in the first quarter of 2026, an improvement of US$183.2 million compared to the previous year.

The AI ​​cloud business alone generated adjusted EBITDA of approximately US$174 million with a 45% margin. This demonstrates that operational infrastructure can generate attractive margins when utilization is high.

However, adjusted EBITDA is not net income. This metric excludes several expenses such as depreciation, amortization, stock-based compensation, interest, and certain non-operating items.

Nebius' depreciation and amortization reached US$212 million in the quarter. Total operating costs and expenses also exceeded revenue. Therefore, investors should compare adjusted EBITDA growth with operating profit, cash flow, and financing needs.

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Nebius Meta Contract Worth Up to US$27 Billion

Nebius' contract with Meta is one of the biggest catalysts in NBIS's investment thesis.

OnIn March 2026, Nebius signed a new Infrastructure Services Agreement with Meta. This agreement includes a number of five-year GPU service orders with a total potential value of up toUS$27 billion.

The structure of the agreement consists of two main parts.

The first part is worthUS$12 billionand includes dedicated GPU capacity clusters in multiple locations. Capacity deployment is planned to take place in phases starting in early 2027, complete with storage and connectivity services.

The second part has a potential value of up toUS$15 billionUnder this arrangement, Nebius can sell certain capacity to other AI cloud customers. If that capacity remains unsold, Meta is obligated to purchase the remaining unused capacity under the terms of the agreement.

This structure is attractive because Nebius still has the opportunity to sell capacity at market prices to other customers, but gains protection.requests from Meta for unabsorbed capacity.

However, the US$27 billion figure should not be treated as a guaranteed lump-sum revenue. Part of the value depends on capacity availability, fulfillment of service obligations, construction schedules, and the conditions stipulated in each order.

Companies also face the risk of delays. Contracts include provisions regarding service levels, discounts in the event of delays, termination rights, and limitations on liability.

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Nebius as an AI Infrastructure Stock

Nebius is often grouped as a company neocloud, which is a cloud provider that specifically builds infrastructure for AI workloads.

Unlike traditional cloud providers that serve a wide range of applications, neocloud focuses its infrastructure on GPUs, high-performance computing, training, inference, and large-scale AI needs.

Nebius' main products include:

• GPU compute for training and inference;
• Bare-metal infrastructure;
• Managed Kubernetes and Slurm;
• AI storage and networking;
• Serverless AI;
• Model inference;
• Agentic search;
• DataOps and ModelOps;
• Nebius Token Factory for running AI models in production.

Nebius strives to compete not only on GPU count, but also through software and system optimization. The company develops integrated hardware, orchestration software, a cloud platform, and managed services.

A full-stack model can increase customer loyalty and margins. However, this strategy also requires significant investment in research, engineering, hardware, and data centers.

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Nebius vs CoreWeave: What's the Difference?

Nebius and CoreWeave both provide cloud infrastructure for AI, but their scale and financial profiles differ.

CoreWeave already has a base greater revenue. In the first quarter of 2026, CoreWeave recorded revenue of approximatelyUS$2.08 billion, up approximately 112% year-on-year. The company's revenue backlog reached US$99.4 billion.[6]

In contrast, Nebius generated US$399 million in revenue, but its growth was 684%. Nebius has a revenue base that is smaller so that the growth percentage can be seen to be much higher.

CoreWeave also has a larger capital expenditure and financing scale. The company estimates 2026 capital expenditures will be between US$31 billion and US$35 billion. Despite its high adjusted EBITDA, CoreWeave still reported a net loss of approximately US$740 million in the first quarter.

Nebius recorded capital expenditure of approximately US$2.5 billion in the first quarter of 2026. The company stated that it will use a combination of operating cash, customer prepayments, debt, and other funding instruments to support the expansion.

A simple comparison is:

• CoreWeave is bigger in terms of revenue and backlog;
• Nebius grows faster from a smaller base;
• Both require huge capital;
• Both depend on the ability to bring data centers and GPUs online in a timely manner;
• Both benefit from the high demand for AI computing;
• Both face financing risks, customer concentration, and hyperscaler competition.

The entry of NBIS and CRWV into the Nasdaq-100 demonstrates that the market is beginning to recognize neocloud as an important category of public companies in the AI ​​value chain.

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What Impact Will Entering the Nasdaq-100 Have on NBIS Stock?

Entering the Nasdaq-100 could have several positive impacts.

Increasing Demand for Index Funds

ETFs and passive funds tracking the Nasdaq-100 will need to adjust their holdings. This could lead to stock purchases ahead of the effective date.

Increasing Liquidity

Trading volumes have the potential to increase as stocks are traded more by institutional investors, ETFs, and algorithmic strategies.

Expanding Investor Exposure

NBIS will appear in investment products and reports that use the Nasdaq-100 as a benchmark. This could introduce Nebius to investors who haven't previously followed the company.

Strengthening Market Perception

Index inclusion can be seen as a recognition of a company's market capitalization and relevance. However, Nasdaq does not provide a judgment that a stock is cheap, safe, or guaranteed to be profitable.

Stocks can also decline after being included in the index. Investors may take profits after the index fund purchase is complete, especially if the increase before the effective date is too large.

Positive Catalysts for Nebius Stock

Nebius' stock prospects are supported by several catalysts.

First, demand for AI computing continues to exceed available capacity. Nebius stated that its sales pipeline in the first quarter increased approximately 3.5 times compared to the previous quarter.

Second, the company continues to expand its data center capacity. Contracted power has surpassed 3.5 gigawatts, and management has raised its target by the end of 2026 to over 4 gigawatts.

Third, Meta contracts provide long-term demand visibility.

Fourth, the NVIDIA partnership can help Nebius acquire hardware, optimize the architecture, and strengthen the platform's credibility.

Fifth, companies are developing inference and agentic AI services. The inference market has the potential to grow as more AI models are used in production applications.

Sixth, Nebius still has additional assets such as Avride, TripleTen, ClickHouse, and Toloka that can create value for shareholders.

Risks of Buying NBIS Shares

Valuations and Expectations Are Already High

Nebius stock has seen a significant rise throughout 2026. While prices reflect aggressive growth expectations, a slight delay could trigger a sharp correction.

Very Large Capital Requirements

Building an AI data center requires GPUs, electricity, land, cooling systems, networking, and large-scale construction. Nebius will likely still need to raise debt or issue shares to fund growth.

Equity financing can lead to dilution, while debt financing can increase interest expenses and financial risk.

Execution Risk

Revenue targets depend on capacity not yet fully operational. Delays in construction, power connections, GPU delivery, or permits could delay revenue.

Customer Concentration

A large contract with Meta strengthens the backlog but also increases dependence on a major customer. Changing requirements or contract negotiations could have a material impact.

Dependence on NVIDIA

Most modern AI infrastructure uses NVIDIA GPUs. Supply constraints, price changes, or the emergence of alternative hardware could impact Nebius's cost and competitiveness.

High competition

Nebius competes with CoreWeave, Crusoe, Lambda, as well as hyperscalers such as Microsoft Azure, Amazon Web Services, Google Cloud, and Oracle.

Downside Risk After Rebalancing

Part of the price increase could stem from expectations of index fund purchases. Once the rebalancing is complete, stocks could potentially sell off on the news.

Adjusted EBITDA Is Not Free Cash Flow

The cloud business's adjusted EBITDA margin looks strong, but investors should still pay attention to depreciation, interest, stock compensation, capital expenditure, and free cash flow.

Is Nebius Stock Worth Buying?

NBIS may be attractive to investors seeking direct exposure to AI infrastructure development and willing to accept high volatility.

The company has a combination of rapid revenue growth, large customer contracts, strategic partnerships, capacity expansion, and an increasingly recognized position after being selected to enter the Nasdaq-100.

However, stock prices aren't solely determined by business growth. Valuation, cost of capital, interest rates, data center execution, competition, margins, and sentiment toward AI stocks also influence investor returns.

Before buying Nebius shares, consider:

• Revenue and ARR growth;
• Margin development;
• Capital expenditure;
• Number of shares outstanding and potential dilution;
• Free cash flow;
• Capacity that is actually operational;
• Customer concentration;
• Valuation compared to CoreWeave and cloud companies;
• Ability to withstand large price drops.

NBIS is more suitable for investors with a high risk tolerance than investors looking for defensive stocks or stable dividend income.

Conclusion

NBIS Stock is a stock of Nebius Group, a full-stack AI infrastructure company that provides GPU compute, cloud platform, storage, networking, inference, and AI development support services.

Shares of Nebius and CoreWeave surged after Nasdaq announced they would join the Nasdaq-100. However, the change won't take effect until the market opens on June 22, 2026.

Nebius' fundamentals show rapid growth. First-quarter 2026 revenue increased 684% to US$399 million, while AI cloud revenue grew 841%. Meta's contract is worth up to US$27 billion and NVIDIA's US$2 billion investment further strengthens the company's prospects.

On the other hand, Nebius requires significant capital expenditures to build data centers and purchase GPUs. The company also faces execution risks, dilution, debt, customer concentration, competition, and a valuation that has reflected high optimism.

Nasdaq-100 listing is an important catalyst, but not the sole reason to buy a stock. Monitor revenue realization, capacity development, margins, and funding before making a decision. This article is for educational purposes and is not an investment recommendation.

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FAQ

What is NBIS Stock?

NBIS is the Nasdaq ticker for Nebius Group N.V. The company builds cloud infrastructure, GPU clusters, and software services for AI development and operations.

When will Nebius enter the Nasdaq-100?

Nasdaq announced the addition of Nebius on June 12, 2026. The changes to the new index composition are effective before the market opens on June 22, 2026.

How much will Nebius' revenue grow in 2026?

Nebius' revenue reached US$399 million in the first quarter of 2026, a 684% year-over-year increase. Revenue from its cloud AI business rose 841% to approximately US$389.7 million.

How much is Nebius' contract with Meta worth?

The latest infrastructure agreement with Meta has a potential total value of up to US$27 billion. This includes US$12 billion in dedicated capacity and up to US$15 billion in additional capacity arrangements.

What is the difference between Nebius and CoreWeave?

Both are AI-specific cloud providers. CoreWeave has larger revenue and backlog, while Nebius is growing faster from a smaller base and has additional businesses and strategic investments.