Nebius Group Amasses $20B Backlog with $17.4B Microsoft and $3B Meta Contracts
Nebius Group shares traded at $97.78 on March 4 with a trailing P/E of 794.04 and $5 billion cash, boosting liquidity versus peers. It holds a $20 billion backlog including $17.4 billion from Microsoft and $3 billion from Meta, and targets a $7–9 billion run-rate by 2026 at about three times forward sales.
1. Business Model and Integration
Nebius Group operates as a full-stack engineering provider for AI infrastructure, designing proprietary servers and orchestration software and managing end-to-end operations, enabling higher margins versus peers that rely on commodity GPU rentals and third-party integrators.
2. Financial Strength and Valuation
The company held $5 billion in cash and traded at a $97.78 share price on March 4 with a trailing P/E of 794.04, translating to an estimated valuation at roughly three times forward sales and reflecting a conservative leverage profile.
3. Contract Backlog and Growth Targets
Nebius has secured a confirmed contract backlog of $20 billion, including up to $17.4 billion from Microsoft and $3 billion from Meta, and aims for a $7–9 billion run-rate by 2026, driven by accelerating demand for high-performance AI compute.