Over the past year, Nebius Group’s market capitalization has more than tripled as revenue growth accelerated and its enterprise pipeline expanded. Investors who allocated $1,000 to the company twelve months ago would now hold a position valued at over $3,200. This performance reflects strong quarterly results driven by a $20+ billion contractual backlog, anchored by multi-year agreements including a $17.4 billion commitment from Microsoft through 2031 and a $3 billion deal with Meta Platforms spanning five years.

Demand for AI computing power continues to outpace available supply, with Deloitte forecasting U.S. data center power needs rising from 4 GW in 2024 to 123 GW by 2035. Nebius is expanding its connected power capacity from 220 MW at the end of 2025—ten times its 2024 level—to a targeted 800–1,000 MW this year, and has since lifted its contracted power goal for 2026 to 2.5 GW. All newly added capacity is pre-sold under long-term arrangements, insulating the company from build-out risk and securing predictable revenue streams.

Analysts project Nebius’s top line to climb significantly as it fulfills its $20+ billion backlog over the next five years. With contracted capacity ramping and customer financing tied directly to build-out costs, the company is positioned to translate projected annualized revenue of $7 billion to $9 billion by end-2026 into sustainable cash flow. Its end-to-end hardware and software platform for AI development makes it a compelling candidate for growth-oriented portfolios seeking exposure to the generative AI infrastructure boom.