Nebius Group delivered a remarkable 437% increase in revenue to $302 million during the first nine months of 2025, driven by surging demand for its dedicated AI data center platform. Over the same period, the company reduced its adjusted net loss by 61%, highlighting improving operational leverage as it scales its full-stack infrastructure offerings for training, deploying and scaling large AI models.

Trading at a price-to-sales ratio of 65, Nebius commands a substantial premium compared with the broader U.S. technology sector’s average multiple of just under 9. That valuation is underpinned by a projected 9 gigawatt supply gap in U.S. data center capacity for 2026, according to Goldman Sachs, and by the company’s sold-out status on existing capacity. Nebius plans to expand connected data center power capacity by 4x to 5x this year to address that supply surplus environment.

Analysts forecast a 521% jump in Nebius’s full-year 2026 revenue to $3.45 billion, up from estimated 373% growth in 2025. If the company meets that projection and its shares trade at a 20x revenue multiple—a discount to its current trailing multiple—Nebius’s market capitalization could rise to approximately $69 billion, implying potential share-price gains in excess of 150% by year-end.