NEW YORK, July 2, 2026, 05:03 EDT
- Nebius Group N.V. NASDAQ:NBIS fell 17.01% to finish at $229.18 on Wednesday. The stock was last quoted at $228.27 ahead of the U.S. open Thursday.
- The $46.99 slump wiped out close to $12 billion in Nebius’s equity, based on its share count at the end of March.
- Short interest was 25.21% of float as of June 15, putting the stock among the more crowded risk trades.
- Meta’s move into the cloud eats into the bull story that made Meta such an important demand driver for Nebius.
Nebius Group N.V. NASDAQ:NBIS traded lower ahead of the U.S. session Thursday, quoted 0.40% down to $228.27. The stock had dropped 17.01% to $229.18 on Wednesday. Trading volume hit 30.68 million shares that day, or 174% of the 65-day average, with shares moving between $228.17 and $246.49.
The dollar loss from the selloff was bigger than the percentage figure shows. A $46.99 fall on 253.9 million outstanding shares as of March 31 works out to about $11.9 billion off Nebius’s equity value. Nebius’s market cap was $57.67 billion after Wednesday’s close, MarketWatch data shows.
The stock isn’t just another AI infrastructure play. Short interest totaled 50.93 million shares, or 25.21% of the float, as of June 15. In June, Nasdaq said Nebius was getting into the Nasdaq-100 Index, together with CoreWeave Inc. NASDAQ:CRWV, Astera Labs Inc. NASDAQ:ALAB, Rocket Lab Corp. NASDAQ:RKLB and Teradyne Inc. NASDAQ:TER.
| Name | Latest market move cited | Market read |
|---|---|---|
| Nebius Group N.V. NASDAQ:NBIS | Closed at $229.18, fell 17.01%. Premarket at $228.27, off another 0.40%. | Investors shifted from chasing demand to seeing more competition risk from Meta. |
| CoreWeave Inc. NASDAQ:CRWV | Traded at $85.69, off 13.92% | Dealing with the same neocloud drag |
| Meta Platforms Inc. NASDAQ:META | $612.91, up 8.83% | Street bought on signs of AI compute payoff |
| Invesco QQQ Trust NASDAQ:QQQ | $725.17, down 1.51% | Nasdaq-100 slipped but damage lighter than Nebius |
Meta Platforms Inc. NASDAQ:META is working on a cloud unit to sell its unused AI compute power, Bloomberg News said Wednesday, per Reuters. Meta would not comment. Reuters said it has not confirmed the Bloomberg report. “The impact of adding Meta’s capacity to the market is more likely to be on neoclouds than the big hyperscalers,” D.A. Davidson’s Gil Luria told Reuters. Luria said firms like CoreWeave and Nebius depend on Meta to grow. Meta “may not need them anymore.” Reuters
Nebius took a hit after the report because of the way the contract is structured. Back in March, Nebius said Meta agreed to buy $12 billion in AI computing capacity by 2027, with a possible extra $15 billion over five years if that capacity isn’t sold to others. Reuters put the total contract value as high as $27 billion. That comes after an earlier $3 billion Meta deal and a $17.4 billion agreement with Microsoft Corp. NASDAQ:MSFT, according to .
| Nebius metric | Figure | Investor read |
|---|---|---|
| Meta framework value | Up to $27 billion | Multiple is about 68x projected Q1 2026 revenue |
| Q1 revenue | $399.0 million, up 684% | Revenue is growing fast but still far from matching contract size |
| Q1 purchases of property, equipment and intangibles | $2.47 billion | Puts spend at about 6.2x Q1 revenue |
| Cash and equivalents at March 31 | $9.30 billion | Won’t cover even half the lower end of annual capex outlook |
| 2026 capex forecast | $20 billion to $25 billion | Funding risk remains the big question |
Nebius’s Q1 numbers kept the bulls happy after its addition to the Nasdaq-100. Revenue jumped to $399.0 million from $50.9 million last year. Adjusted EBITDA swung to $129.5 million. Cash and cash equivalents stood at $9.30 billion as of March 31.
Nebius is ramping up spending as it builds out. Reuters reported in May that the company bumped up its 2026 capex target to $20 billion to $25 billion, up from the previous $16 billion to $20 billion. First-quarter capex was about $2.5 billion. “We typically see several customers competing for every GPU we bring online,” CEO Arkady Volozh told Reuters. He said the increased spending is due to better visibility into 2027 demand, not rising costs. Reuters
The stock is now trading on two things that are still unknown for investors: if Meta keeps using Nebius capacity for the long haul and if Meta turns into a seller of the same compute Nebius is pushing. So the shares took a hit Wednesday, even though the stock was still up 173.79% for the year and 356.08% over the last twelve months after the close.
U.S. exchanges will trade Thursday, but Nasdaq says markets are shut Friday, July 3, for the Independence Day holiday. That gives funds, shorts, and Nasdaq-100 tracker funds one more regular session before the break to make any final moves.
