Nebius Group is forecasting up to 1,600% revenue growth by the end of 2026, driven by surging demand for AI compute infrastructure. Management projects an annualized run-rate of $900 million to $1.1 billion by the end of 2025 and $7 billion to $9 billion by the close of 2026. Longer-term, analysts expect NBIS revenue to exceed $14 billion by 2028, reflecting hyperscaler build-outs and enterprise migration to GPU-accelerated workloads.

NBIS has secured a multi-year agreement with Microsoft valued at over $19 billion and a five-year partnership with Meta Platforms worth $3 billion. To support these deals, the company is ramping connected power capacity from 220 megawatts to 800 megawatts—and ultimately to 1 gigawatt—by the end of 2026. Contracted power, including signed deals beyond Microsoft and Meta, totals 2.5 gigawatts, positioning NBIS as one of the largest pure-play AI infrastructure providers.

As NBIS scales, the company anticipates operating margins north of 30% on a run-rate basis, driven by 20% power-efficiency advantages over peers and dynamic pricing during GPU supply tightness. Rising spot rates for two-generation-old GPUs have enabled NBIS to command premium per-hour rental fees, supporting a near-term revenue uplift of 15% to 25% and an annualized run-rate in excess of $4 billion if current pricing holds. Analysts believe scale and long-term contracted baselines will sustain 30%+ margins from 2027 onward.

NBIS shares declined over 5% following new U.S. tariffs on European goods, including those from the Netherlands, reflecting investor concern over increased equipment and power-component costs. President Trump’s announcement introduced a 10% tariff on goods from several European nations starting February 1, with a potential rise to 25% on June 1 if broader negotiations do not resolve. While NBIS’s long-term contracts remain intact, higher import duties on critical components could modestly pressure CapEx budgets and equipment lead times through mid-2026.