New York, June 24, 2026, 18:08 (EDT)
- Nebius fell 5.66% to $259.66 at the close, 13.4% under its 52-week high from June 22. In after-hours, the stock bounced to $273.00.
- Shares fell about 13 times as much as the Nasdaq-100’s 0.43% drop. Volume came in at 86% of the 65-day average.
- Aether 3.6 dropped the same day as the Komodor deal, putting a spotlight on operations. Q1 capex came in at roughly 6.2 times revenue.
Nebius Group N.V. (NASDAQ:NBIS) traded in after-hours as this was filed. Regular Nasdaq trading ends at 4 p.m. Eastern. The 2026 full-closure schedule lists Juneteenth on June 19 and Independence Day observed July 3 near this week, according to .
Nebius lost 5.66% Wednesday, in its third session after joining the Nasdaq-100 ahead of Monday’s open. The drop outpaced the Nasdaq-100’s 0.43% slip, matching the move in the Nasdaq Composite.
Stock slipped earlier but the drop didn’t stick. Volume came in at 15.1 million shares, lower than the 65-day average of 17.3 million. As of 6:07 p.m. EDT, shares rose 5.14% after hours to $273.00, clawing back about 86% of what they lost during the regular session.
That’s key since the index bid now plays into the Nebius trade. Nasdaq Inc. (NASDAQ:NDAQ) said over 200 products follow the Nasdaq-100, holding more than $800 billion worldwide. Getting added can drive passive flows, but it won’t resolve the valuation question after the first rebalance is through.
Nebius put out a product update Wednesday, not news of a hyperscale deal. The company announced AI Cloud 3.6, which adds Nebius Echo—an agent for managing cloud infrastructure with natural language. The update also brings customer-managed encryption keys and extra controls for sensitive workloads.
Komodor said Nebius picked its platform for Kubernetes troubleshooting in Nebius’ hyperscale AI cloud. Nebius CTO Danila Shtan called uptime and performance “mission-critical,” adding that Komodor helps “shorten the path from symptom to root cause.” Komodor’s co-founder and CTO Itiel Shwartz said manual reliability and cost work “becomes untenable” as AI workloads get more complex. GlobeNewswire
Capital intensity remains a tough point for shareholders. Nebius reported $399.0 million in Q1 revenue, but it spent $2.47 billion buying property, equipment, and intangible assets. Operating costs and expenses hit $527.0 million, coming in at 132% of revenue. As of March 31, it had $9.30 billion in cash and equivalents, with non-current debt at $8.43 billion.
Nebius said Q1 group revenue jumped 684% from last year. Nebius AI cloud revenue was $389.7 million in the quarter, making up around 98% of group revenue. The company showed a $1.92 billion annualized run-rate at March-end, up 54% from December. Nebius is aiming for $3.0 billion to $3.4 billion of revenue in 2026 and $7 billion to $9 billion of ARR. Revenue growth isn’t the problem for now.
Investors are watching the speed at which contracted power turns into operational data center capacity. Nebius put contracted capacity above 3.5 GW and lifted its contracted-power target for year-end past 4 GW. The company is still guiding for just 800 MW to 1 GW of connected power by the end of the year, covering only built-out, fully equipped data centers.
Strategic contracts give Nebius some clarity on future revenue but mean some returns get kicked into 2027. The company said its newest deal with Meta Platforms (NASDAQ:META) involves a five-year, $12 billion compute purchase set to start in early 2027. There’s also a $15 billion contract, letting Nebius sell compute capacity to Meta at locked-in terms or to AI cloud buyers at market prices. Nebius pointed to customer deals and long contracts with both Microsoft (NASDAQ:MSFT) and Meta. Nvidia Corp. (NASDAQ:NVDA) put in a $2 billion investment in the first quarter.
Financing is the next hurdle for the stock. Nebius says it’s negotiating debt deals—both asset-backed financing and corporate debt—and expects to begin raising “mid-single digits billions of dollars” soon. The company also said the at-the-market program hasn’t been tapped yet.
