Key facts
- Nebius stock reached an all-time high of $259.23, up 8.7%.
- Situational Awareness LP disclosed a 5.6% ownership stake in Nebius.
- Nebius reported Q1 2026 revenue of $399 million, up 684% year over year.
- AI Cloud revenue increased 841% to $389.7 million in Q1 2026.
- Nebius raised its 2026 capex target to $20–$25 billion.
- The company has contracts worth $27 billion with Meta and $19.4 billion with Microsoft.
Nebius Group (NBIS) stock reached a new all-time high of $259.23 on June 1, 2026, marking an 8.7% surge in morning trading. This significant outperformance against a flat broader market was driven by a 13G filing from hedge fund Situational Awareness LP, which revealed a 5.6% ownership stake in the company. The fund is led by Leopold Aschenbrenner, a former OpenAI Superalignment researcher, who bases his investment thesis on the anticipated explosive demand for compute infrastructure driven by AI advancements.
Institutional interest in Nebius has been growing, with several funds, including Forsta AP Fonden, Millennium Management, Royal Bank of Canada, and UBS Asset Management, having established or increased positions. Hedge funds and institutional investors collectively own 21.9% of Nebius.
The company's strong financial performance supports this interest. In the first quarter of 2026, Nebius reported consolidated revenue of $399 million, a 684% increase year over year. Its AI Cloud business was a primary driver, generating $389.7 million, an 841% jump. The annualized run-rate revenue reached $1.92 billion by the end of March. Adjusted EBITDA turned positive at $129.5 million, and Earnings Per Share (EPS) was -$0.23, beating the consensus estimate of -$0.77.
Nebius is significantly expanding its infrastructure, raising its 2026 capital expenditure target to $20–$25 billion. This expansion is supported by substantial contracts, including a $27 billion deal with Meta Platforms and a $19.4 billion deal with Microsoft. The company aims for approximately 540% data center revenue growth by year-end.
Analyst sentiment is largely positive, with Citigroup maintaining the highest price target at $287. BNP Paribas Exane initiated coverage with a neutral rating and a $255 target. However, the stock's current trading price is well above the average consensus price target of $188.31.
Recent insider activity includes the sale of 500,000 shares by Andrey Korolenko and approximately 10,894 shares by Director Elena Bunina, representing significant reductions in their respective positions.