NEW YORK, May 27, 2026, 19:03 EDT
Nebius Group stock jumped after hours Wednesday. Benzinga put shares up 11.47% at the time of publication. The move came after a U.S. Schedule 13G showed Situational Awareness LP and related parties had taken a 5.6% stake in the AI cloud firm. The filing, used by passive or exempt holders when they cross 5%, reported shared beneficial ownership of 12,410,060 Class A shares. Leopold Aschenbrenner was listed among the persons in the filing.
Nebius’s numbers hit after the stock’s big surge. Shares are up about 444% over the last year, driven by major AI infrastructure deals and Nvidia’s $2 billion plan to invest, The Motley Fool said Wednesday.
The new holder draws more attention than a standard filing. Investors are looking to see if the AI infrastructure trade pushes past Nvidia and top cloud names, into companies that lease computing power, chips, and data-center capacity for customers developing AI systems.
Nebius handed bulls more ammo this month. The company posted first-quarter revenue of $399 million, up 684% from last year, with adjusted EBITDA at $129.5 million. Adjusted EBITDA, which strips out some costs, is seen as one way to gauge if AI demand is showing up in operating profit for Nebius.
The Schedule 13G said the shares were held in the ordinary course, not to change or influence control of the company. The filing named Carl Shulman as co-portfolio manager and said Aschenbrenner is a managing partner and control person.
Bulls are sticking around on Wall Street, but it’s hardly across the board. Citi’s Tyler Radke stuck to his Buy and boosted the price target to $287 as of May 15. Goldman Sachs’s Alexander Duval also reaffirmed Buy and moved his target up to $234, StockAnalysis data from TipRanks shows. Morgan Stanley’s Josh Baer left his Hold intact and took his target up to $144.
Citi cited stronger demand and rising GPU prices, according to The Motley Fool. GPUs—graphics processing units—are needed to train and run large AI models, and supply has tightened as the AI sector expands.
Nebius got a Strong Buy rating from The Curious Analyst on Seeking Alpha on Wednesday, with a $342 target. The contributor said Nebius is turning demand for AI infrastructure into both revenue and annual recurring revenue, as well as adjusted EBITDA. Their model projects 2027 revenue around $6.9 billion.
The company has been looking to secure growth with big customers. Nebius said in March that Meta will buy $12 billion of AI computing capacity starting in early 2027, and possibly push the deal to $27 billion over five years if Meta takes more capacity. CEO Arkady Volozh said the agreement should “accelerate the build-out and growth” of Nebius’s main AI cloud business. Nebius
Competition for GPU and power is fierce. Reuters reported that U.S. tech firms are scrambling for limited supplies from newer cloud companies like Nebius and CoreWeave. Nebius, meanwhile, signed significant agreements with Microsoft and Meta. Nvidia said in March it planned a $2 billion investment in Nebius.
Power is still the main cap. “Power remains a key constraint for AI infrastructure build-outs,” said Andrey Korolenko, chief product and infrastructure officer at Nebius, last week. That was as the company rolled out a Bloom Energy partnership that will bring 328 megawatts of fuel-cell capacity online this year. Nebius
The build-out isn’t cheap and there’s real execution risk. Nebius logged $2.47 billion in property, equipment and intangible asset buys for the first quarter. Its Bloom Energy announcement flagged technical and operational risks tied to scaling up power, plus the need to lock in more growth capital. A hot stock can make it easier to fund expansion, but it doesn’t offer much cushion for setbacks.
Situational Awareness disclosure brings in a well-known holder to a stock investors are taking as an AI play. But the bigger test is next—getting from filings, price targets, power deals, and chip supply to real computing capacity for customers.
