Nebius Group N.V. (NASDAQ: NBIS) heads into the Friday, Dec. 26, 2025 session as one of the market’s most-watched “AI infrastructure” names—thanks to blockbuster multi-year contracts, rapid capacity buildouts, and a business model that depends on executing a capital-intensive scaling plan without upsetting shareholders with excessive dilution.
Below is a pre-market guide to what matters most for NBIS right now: the latest company headlines, what recent filings and results say about growth and cash needs, where analysts see the stock going, and the risks that could swing the tape when trading resumes after the holiday pause.
NBIS stock snapshot heading into Dec. 26
Last close: NBIS closed at $91.13 on Dec. 24, 2025. [1]
Recent trading range (context): In the final stretch before the holiday, the stock saw sharp moves—down in mid-December and then a strong rebound into Dec. 19–24, based on daily closes and intraday ranges reported by Nasdaq market activity pages. [2]
Why that matters: Late-December sessions can be thinner on volume, and NBIS has already shown it can swing hard on product headlines, financing updates, and “AI complex” sentiment.
The biggest NBIS catalysts right now
1) The Microsoft contract: long runway, huge execution expectations
A core pillar of the NBIS bull thesis is the Microsoft GPU infrastructure agreement, disclosed via SEC filing. The filing states the total contract value is about $17.4 billion through 2031, with Microsoft able to add services/capacity that could lift total value to about $19.4 billion; cash flow from the agreement is intended to help finance part of the capex tied to delivery. [3]
Why investors care before the open:
- It’s an enormous demand signal in a market where GPU capacity is scarce.
- It also sets a high bar for deployment timing, hardware procurement, power availability, and service reliability—all of which can affect revenue recognition and margins.
2) The Meta deal: a second mega-customer (and more concentration risk)
Nebius also announced a new agreement to deliver AI infrastructure to Meta valued at approximately $3 billion over five years. [4]
This strengthens Nebius’ “credible counterparties” narrative—but also intensifies a recurring investor question: does signing mega-deals increase customer concentration risk? Nasdaq-hosted analysis of the situation explicitly flags that risk, noting that reliance on a small number of very large customers can amplify the impact of deployment timing or demand shifts. [5]
3) Blackwell Ultra momentum: AI Cloud 3.1 and “first in Europe” GB300 NVL72 deployment
In mid-December, Nebius pushed fresh product-and-platform news into the market:
- A Business Wire announcement said Nebius AI Cloud 3.1 brings next-generation NVIDIA Blackwell Ultra compute and emphasizes transparent capacity management; it also says Nebius is deploying Blackwell Ultra globally and is the first cloud in Europe to operate both GB300 NVL72 and HGX B300 platforms in production. [6]
- Nebius’ own blog post stated Europe’s first operational production deployment of NVIDIA GB300 NVL72 is live in its expanded Finland data center, following an earlier Blackwell Ultra infrastructure announcement tied to the UK. [7]
Notably, some coverage pointed out that NBIS shares fell around the time of the AI Cloud 3.1 news—an example of how this stock can trade on expectations and positioning, not just “good headlines.” [8]
What Nebius said in its latest results: hypergrowth, heavy spending
Nebius’ Q3 2025 release showed explosive top-line growth but also underscored how capital-intensive the ramp is:
- Revenue:$146.1 million in Q3 2025 (up 355% year-over-year). [9]
- Adjusted EBITDA: loss of $5.2 million (per company presentation of non-GAAP results). [10]
- Net loss from continuing operations:$119.6 million in Q3 2025 (vs. a loss of $43.6 million in Q3 2024). [11]
- Capex intensity: purchases of property, plant, and equipment were $955.5 million in the quarter and $2.01 billion for the first nine months of 2025. [12]
The company also disclosed share counts as of Sept. 30, 2025, including 251.8 million shares issued and outstanding (with Class A and Class B breakdowns and a large number of Class A shares held in treasury). [13]
The forward-looking “north star”: run-rate revenue, not current GAAP revenue
In its shareholder letter, Nebius said it believes it can reach $7–$9 billion in annualized run-rate revenue (ARR) by the end of 2026, and it defined ARR as last-month-of-quarter revenue × 12. [14]
That framing is important for tomorrow’s pre-market narrative:
- Bulls see it as a credible ambition supported by multi-year contracts and capacity buildout plans.
- Bears argue the gap between run-rate targets and current profitability/cash generation is where execution risk and dilution fears live.
Power and capacity: the “real” gating factor for 2026–2027 growth
Nebius repeatedly emphasizes that this isn’t just a software story—it’s a power + hardware + deployment story.
From the shareholder letter, Nebius said it was on track for 220 MW of connected power and 100 MW of active power by the end of 2025, and it expects over 2.5 GW of contracted power by end of 2026, with 800 MW to 1 GW of connected power. [15]
Reuters reporting in early December similarly highlighted the company’s push to secure large power capacity as it expands across the U.S. and Europe. [16]
Why this matters before the Dec. 26 open: Any incremental update—about site readiness, grid interconnects, or GPU delivery schedules—can move NBIS quickly because capacity timing is directly tied to revenue timing.
Financing and dilution: the headline risk investors keep pricing in
Nebius has been explicit that it will use multiple financing channels to support its growth plan, including debt, asset-backed financing, and equity, while trying to remain “dilution-sensitive.” [17]
Key items on the financing timeline:
- September fundraising: Reuters reported Nebius planned to raise $3 billion via a $2 billion private offering of convertible senior notes plus a $1 billion public offering of Class A shares, shortly after the Microsoft contract news. [18]
- ATM program: Nebius announced an at-the-market equity program for up to 25 million Class A shares, and the SEC prospectus supplement is dated Nov. 12, 2025. [19]
Pre-market takeaway: NBIS can trade down even on strong operational news if investors believe the next leg of growth requires meaningful equity issuance at inopportune prices.
Analyst forecasts heading into the next session
Analyst outlooks remain bullish overall—but widely dispersed, reflecting both upside potential and execution risk.
MarketBeat’s summary (as of late Dec. 25 updates) shows:
- Consensus rating: “Buy” (based on 10 analyst ratings)
- Average 12‑month price target:$144.71
- High / low targets:$211 high and $84 low [20]
Nasdaq-hosted coverage of a November initiation similarly cited an average one‑year price target (with a wide range), underscoring that Street forecasts vary substantially. [21]
How to use this before the open: Treat price targets as scenarios, not promises. The dispersion is a signal that the market is still debating (1) how fast Nebius can activate capacity and (2) how much shareholder dilution is needed to get there.
Sentiment check: short interest is elevated
Short interest can amplify moves in both directions—especially in a volatile, news-driven AI infrastructure stock.
MarketBeat reported that as of Dec. 15, 2025, NBIS had 33.07 million shares sold short, about 13.13% of the public float, with 2.8 days to cover. [22]
This doesn’t guarantee a squeeze, but it does mean headline-driven gaps can be sharper than investors expect.
Bull case vs. bear case: what the market is weighing into Dec. 26
Why bulls stay interested
- Mega-deals validate demand: Microsoft and Meta agreements provide multi-year visibility (even if revenue ramps in tranches). [23]
- Clear scaling blueprint: Management is anchoring investors to power capacity milestones and rapid expansion across regions. [24]
- Leading-edge NVIDIA platforms: Nebius is marketing early production access to Blackwell Ultra-era systems in Europe, a strong selling point for AI builders. [25]
Why bears remain active
- Customer concentration risk rises as hyperscaler-sized contracts become a larger share of the forward story. [26]
- Capital intensity is extreme: recent capex and guidance imply ongoing funding needs—and equity programs raise dilution concerns. [27]
- Profitability is not near-term: despite huge growth, losses and depreciation-heavy economics make valuation sensitive to any hiccup in demand, power, or GPU supply. [28]
What to watch before the bell on Dec. 26
- Any overnight filings or corporate updates
NBIS has moved sharply in 2025 on SEC filings, financing news, and contract disclosures. Re-check for fresh filings before the opening auction. [29] - AI infrastructure peer sympathy moves
NBIS often trades as part of the broader “AI compute capacity” theme alongside other infrastructure names, hyperscalers, and NVIDIA-driven hardware narratives. Reuters and other coverage explicitly frame Nebius inside the neocloud buildout wave. [30] - End-of-year liquidity and volatility
With the calendar near year-end, thinner liquidity can exaggerate swings—especially for a stock with elevated short interest and a retail/institution mix that can shift quickly. [31] - The two questions that matter most for 2026
- Can Nebius convert power + GPU deployment into reliable, monetized capacity fast enough to support the company’s run-rate revenue ambitions? [32]
- Can it do that while keeping financing disciplined and dilution manageable? [33]
Bottom line for NBIS heading into the next open
Nebius enters the Dec. 26 session with a rare mix of validated demand (Microsoft/Meta), front-edge platform messaging (Blackwell Ultra), and a clearly stated power-and-capacity roadmap—but also with a market that remains laser-focused on capex, funding strategy, and customer concentration.
That combination is why NBIS can look like a long-duration AI infrastructure compounder on one day—and trade like a high-beta financing story the next.
This article is for informational purposes only and is not investment advice. Stocks can be volatile, and forecasts/price targets can change quickly.
References
1. www.nasdaq.com, 2. www.nasdaq.com, 3. www.sec.gov, 4. assets.nebius.com, 5. www.nasdaq.com, 6. www.businesswire.com, 7. nebius.com, 8. finance.yahoo.com, 9. assets.nebius.com, 10. assets.nebius.com, 11. assets.nebius.com, 12. assets.nebius.com, 13. assets.nebius.com, 14. assets.nebius.com, 15. assets.nebius.com, 16. www.reuters.com, 17. assets.nebius.com, 18. www.reuters.com, 19. assets.nebius.com, 20. www.marketbeat.com, 21. www.nasdaq.com, 22. www.marketbeat.com, 23. www.sec.gov, 24. assets.nebius.com, 25. www.businesswire.com, 26. www.nasdaq.com, 27. assets.nebius.com, 28. assets.nebius.com, 29. www.sec.gov, 30. www.reuters.com, 31. www.marketbeat.com, 32. assets.nebius.com, 33. assets.nebius.com
