Analysts have lifted their stance on Nebius Group, citing a complete sell-out of NBIS capacity in the third quarter. The firm reported a 70% quarter-on-quarter acceleration in its sales pipeline, driven by enterprise customers seeking dedicated AI compute resources. This robust demand underscores NBIS’s position as a leading provider of scalable AI infrastructure and has prompted several research firms to remove bearish ratings and adopt a neutral or positive outlook.

Nebius secured multi-year, multi-hundred-million-dollar AI infrastructure agreements with both Meta and Microsoft, marking its first direct hyperscaler partnerships at this scale. These contracts include commitments for custom GP T4 racks and Blackwell GPU clusters, with delivery schedules spanning 2026 and early 2027. The deals are expected to contribute over 25% of NBIS’s total revenue bookings for those years, reinforcing the company’s strategic focus on high-performance AI workloads.

Investors have begun to reassess NBIS’s valuation profile as forward multiples moderate. The stock currently trades at approximately 6 times projected 2026 revenue and 3.5 times projected 2027 revenue, levels that factor in both recognized and unrecognized contract value. This compares favorably to peers in the hyperscale and enterprise AI sectors, where forward revenue multiples range from 8x to 12x. Analysts note that these valuation metrics now more accurately reflect booked, contracted revenue visibility.

Nebius’s AI Cloud 3.1 platform upgrade integrates Nvidia’s latest Blackwell GPUs with proprietary modules—Capacity Blocks for dynamic scaling, real-time performance dashboards, and advanced compliance controls. Early adopters report a 30% improvement in job throughput and a 40% reduction in provisioning lead times. The release positions NBIS as a top-tier full-stack AI cloud provider for production-scale deployments and is expected to drive enterprise AI cloud revenue growth in 2026.