Nebius Group’s revenue surged by 437% to $302 million in the first nine months of 2025, driven by exceptional demand for its full-stack AI data center platform. During the same period, the company reduced its adjusted net loss by 61%, reflecting improved operating leverage as it scales GPU-powered compute and storage solutions for training and deploying AI models across healthcare, media, and robotics applications.

Despite trading at a lofty price-to-sales ratio of 65—well above the U.S. technology sector average of under 9—Nebius’s premium valuation is supported by its red-hot growth trajectory and a market environment where data center demand is set to outstrip supply by 9 gigawatts in 2026, according to Goldman Sachs. This supply squeeze has allowed Nebius to sell out its existing capacity and command favorable contract terms.

To capitalize on the demand surplus, Nebius plans to expand its connected data center power capacity by four- to five-fold in 2026. Management has already secured lucrative multi-year contracts for new hyperscale deployments, positioning the company to leverage economies of scale and further enhance gross margins as it brings additional GPU and AI accelerator racks online.

Consensus estimates project a 521% increase in Nebius’s 2026 revenue to $3.45 billion, up from 373% growth in 2025. At a conservative valuation of 20 times sales—a significant discount to its current multiple—the company’s market capitalization could reach $69 billion, implying a 155% share-price gain to around $276 by year-end. The 12-month analyst median price target of $155 suggests a more modest 44% upside, underscoring divergent views on sustainable valuation levels.