Despite a nearly 20% decline from its October peak, Nebius’s fundamentals have remained strong. In Q3, the company reported $850 million in revenue, up 28% year-over-year, and raised its full-year revenue guidance from $3.2 billion to $3.4 billion. Management attributed the upgrade to continued strength in AI-compute demand and successful execution on new customer rollouts. Gross margins held steady at 42%, in line with prior quarters, underscoring Nebius’s ability to maintain pricing power even during industry volatility.

Nebius confirmed it will be one of the first partners to deploy NVIDIA’s next-generation Vera Rubin GPU platform in the second half of 2026. This collaboration grants Nebius early access to systems capable of over 2 exaflops of mixed-precision performance, positioning it to win multi-year contracts with hyperscale AI developers. Internal models suggest that Vera Rubin deployments could lift Nebius’s annualized compute hours sold by 35% in H2 2026 versus H2 2025.

Q3 2025 13F filings reveal a 42% sequential increase in institutional holders of Nebius shares, while institutions exiting positions fell by 30%. Among the largest new investors were two global pension funds adding a combined $120 million of exposure. At the same time, insider share purchases accelerated, with three board members acquiring over $2 million combined since the October sell-off, signaling confidence in the company’s long-term trajectory.