Nebius Group shares have tripled in value over the past year, and the stock has added nearly 28% so far in 2026. This performance follows a red-hot run in 2025, driven by surging demand for its full-stack AI data center platform that supports training, deployment and scaling of machine-learning applications across industries such as healthcare, media and robotics.

Nebius currently trades at a price-to-sales ratio of 65, far above the U.S. technology sector average of just under 9. This premium valuation is supported by the company’s 437% revenue jump to $302 million in the first nine months of 2025, alongside a 61% reduction in adjusted net loss over the same period as it ramped out dedicated AI accelerators and storage solutions.

Goldman Sachs forecasts a U.S. data center supply shortfall of 9 gigawatts in 2026, and Nebius has already sold out its available capacity in this environment of elevated demand. The company intends to multiply its connected data center power capacity by 4x–5x over the course of the year, securing new contracts that should underpin another wave of robust revenue growth.

Ten analysts covering Nebius carry a 12-month consensus price target that implies a 44% gain from current levels. Meanwhile, consensus estimates project revenue to soar by 521% to $3.45 billion in 2026, up from 373% growth in 2025. If Nebius achieves those figures and trades at 20 times forward sales—a steep discount to its trailing multiple—its market cap could expand to $69 billion, suggesting a potential 155% total return for investors.