Nebius Group reported revenue of $302 million in the first nine months of 2025, representing a 437% year-over-year increase. During the same period, the company reduced its adjusted net loss by 61%, driven by robust demand for its AI-optimized data center services. This growth underscores Nebius’s ability to capitalize on the rapidly expanding market for full-stack AI infrastructure, as customers across healthcare, media and robotics seek dedicated compute and storage solutions for model training and deployment.

The company trades at a price-to-sales ratio of 65, a substantial premium to the U.S. technology sector average of just under 9. This elevated multiple reflects investor confidence in Nebius’s leadership in AI data center deployment and its first-mover advantage in a market forecasted by Goldman Sachs to experience a 9 gigawatt supply shortfall in 2026. Despite the rich valuation, Nebius has sold out all available capacity, validating its pricing power in a supply-constrained environment.

Nebius has committed to boosting its connected data center power capacity by four to five times in 2026. The company already holds several multi-year contracts that will fill this expanded footprint, positioning it to capture a disproportionate share of unmet demand. This planned rollout is expected to drive a corresponding surge in revenue, as each additional gigawatt of capacity can translate into hundreds of millions in incremental annual bookings.

Consensus estimates from 10 covering analysts project Nebius’s revenue will climb by 521% in 2026 to $3.45 billion, following the 373% gain recorded in 2025. Based on these figures, a valuation re-rating to 20 times next-year sales would lift the company’s market capitalization to approximately $69 billion. This scenario implies potential equity upside in excess of 150%, underpinning a strong bullish case for Nebius as it solidifies its role as a core AI infrastructure provider.