Updated: Friday, December 12, 2025
Nebius Group N.V. (NASDAQ: NBIS) is having another volatile session—one that captures the push-and-pull investors have been feeling across “AI infrastructure” stocks: confidence in long-term demand, paired with fresh anxiety over the cost of building it.
As of 17:27 UTC (12:27 p.m. ET) on Dec. 12, NBIS traded at $89.88, down 4.67% on the day, after ranging from $86.45 to $95.56.
Below is a detailed roundup of the current news, the latest forecasts, and the key analyses driving today’s conversation around Nebius stock—plus what to watch as the market heads toward 2026.
NBIS stock price today: why Nebius is moving on Dec. 12, 2025
Today’s pressure on Nebius isn’t happening in isolation. The broader AI complex is reacting to renewed “AI overbuild” and profitability concerns—sparked this week by Oracle’s results and spending outlook, which re-ignited a debate investors thought was fading: are the industry’s AI ambitions outrunning near-term returns?
A market recap on Nasdaq.com framed the move as part of a broader tech slide, noting AI-infrastructure names (including Nebius) were lower after Oracle reported results and raised its 2026 capital spending outlook. [1]
That narrative strengthened on Dec. 11, when Reuters reported that Oracle’s guidance and capex plans revived “AI bubble” fears and dragged down AI-linked stocks—including AI infrastructure plays such as Nebius—while the Nasdaq slipped to a one-week low. [2]
What this means for NBIS:
Nebius is increasingly treated by traders as a high-beta proxy for AI data center buildouts and GPU capacity economics. So when the market gets spooked about capex intensity (even at other companies), NBIS can move sharply—regardless of whether Nebius-specific fundamentals changed that day.
The big Nebius catalyst: turning megadeals into deliverable capacity
Even after this pullback, Nebius remains one of the most talked-about AI infrastructure names of 2025 because of its megacontract narrative—and the operational challenge that comes with it: delivering enormous compute capacity on time and profitably.
Microsoft and Meta deals set the tone
Nebius disclosed a new agreement with Meta valued at about $3 billion over five years alongside its Q3 2025 update, and also said it planned to establish an at-the-market equity program of up to 25 million Class A shares—a move that investors often view through the lens of potential dilution. [3]
Reuters previously reported on the Meta deal in the context of Q3 results, highlighting that while revenue surged, capital spending and losses also expanded—adding to near-term skepticism even as the long-term pipeline grew. [4]
On the Microsoft side, Reuters described a blockbuster five-year AI infrastructure agreement with Microsoft worth $17.4 billion (with the potential to rise further depending on demand), which helped propel Nebius shares dramatically earlier in the year. [5]
“Demand outpacing supply” is bullish—until it collides with capex reality
A Reuters deep-dive published last week positioned Nebius as a fast-scaling “neocloud” provider leveraging those Microsoft and Meta agreements to expand beyond AI-native clients toward legacy industries, while also acknowledging the market’s growing sensitivity to bubble risk and long-dated economics. [6]
Investor takeaway:
The bulls see Nebius as a scarce “GPU + software stack” capacity provider in a market with structural demand. The bears see a company in an arms race where the bill (power, GPUs, buildouts, financing) arrives today, while the best revenue ramps arrive later.
Nebius fundamentals: growth is surging, but losses and spending are front and center
Nebius’ most recent detailed company update (Q3 2025) shows why the stock can inspire both excitement and caution.
Q3 2025 highlights (reported Nov. 11, 2025)
From Nebius’ Q3 2025 financial release:
- Revenue:$146.1 million (up 355% year-over-year) [7]
- Adjusted EBITDA loss:$5.2 million (improving significantly vs. prior year) [8]
- Adjusted net loss:$100.4 million (wider loss year-over-year) [9]
- Purchases of property, plant and equipment:$955.5 million in the quarter (a window into how capital-intensive the buildout is) [10]
Meanwhile, the company explicitly signaled an ongoing need for flexible funding, including the aforementioned ATM equity program (up to 25 million Class A shares). [11]
The “capacity roadmap” that matters for 2026
In its shareholder letter, Nebius laid out the operational roadmap investors keep coming back to:
- Targeting ~2.5 GW of contracted power by end of 2026
- Expecting 800 MW to 1 GW of connected power by end of 2026 [12]
- Targeting annualized run-rate revenue (ARR) of $7 billion to $9 billion by end of 2026 [13]
Nebius also described raising $4.3 billion in September 2025 via convertible notes and an equity offering to accelerate investments in infrastructure, power, land, and GPUs. [14]
Why this matters today (Dec. 12):
The market is increasingly pricing NBIS as a function of:
- how quickly capacity comes online, and
- the financing/dilution required to get there.
Today’s “current” NBIS news: institutional filings and sentiment signals (Dec. 12, 2025)
Not all stock-moving information is a headline contract. On Dec. 12, the news cycle includes several institutional ownership and filing-related updates that can influence sentiment—especially in a volatile name.
- A MarketBeat report published Dec. 12 highlighted a 13F disclosure indicating Long Walk Management LP reported a new position (Q2 timeframe) valued around $27.67 million. [15]
- Another MarketBeat item published Dec. 12 noted Armistice Capital LLC reduced its holdings significantly in the second quarter, per its filing. [16]
Important context: these are backward-looking (primarily Q2) snapshots, not real-time trades. Still, in a high-volatility stock, investors often scan filings for signals about how professional money has been positioning.
Analyst forecasts for Nebius stock: price targets point to upside, but the spread is wide
Despite the drawdown from recent highs, Wall Street’s published target prices (as aggregated by major tracking platforms) still imply substantial upside—while also showing disagreement about valuation.
Consensus targets (12-month outlook)
- MarketBeat’s analyst compilation shows an average target of $144.71, with a wide range from $84 to $211. [17]
- TipRanks lists an average target around $164.20. [18]
With NBIS near $89.88 midday on Dec. 12, those averages imply roughly ~60% to ~83% upside—on paper—which is exactly why the stock remains on so many watchlists even during selloffs. [19]
Coverage initiations and ratings
Coverage has been expanding, including initiations that underscore the “AI infrastructure growth” framing—such as Citizens initiating coverage (reported via Nasdaq/Investing.com syndication). [20]
Reality check for readers:
Price targets in early-stage infrastructure stories can change quickly when the market re-prices risk—especially around capex, financing, and execution timelines.
The core debate: “AI gold rush” winner—or capex trap?
Nebius sits at the center of a broader market argument playing out across AI infrastructure:
The bull case in 2025–2026 terms
- Nebius is winning credibility with hyperscalers and major customers (Microsoft, Meta), supporting the idea that demand is real, not theoretical. [21]
- The company is positioning itself as a scaled “neocloud” alternative to U.S. hyperscalers, with ambitions to expand into traditional industries. [22]
- Management is explicitly targeting massive 2026 ARR ($7B–$9B) tied to scaling power and capacity. [23]
The bear case investors are trading today
- The market is hypersensitive to “overbuild” risk and the possibility that AI infrastructure spending is outrunning near-term profitability—an anxiety amplified this week by Oracle’s capex signals. [24]
- Nebius itself has highlighted funding tools that can imply dilution (ATM program) even if used opportunistically. [25]
- The entire data center buildout theme faces constraints and second-order risks—power availability, tenant quality, and long-cycle financing—topics raised broadly in Reuters commentary on the sector. [26]
What to watch next for NBIS stock after Dec. 12
For investors following Nebius into year-end and early 2026, the catalysts are likely to cluster around execution rather than hype:
- Capacity delivery milestones
Watch for updates tied to connected power and contracted power buildout pace, because these are gating items for revenue ramp. [27] - Microsoft/Meta ramp visibility
In the shareholder letter, Nebius said it expects revenue from the Microsoft deal to ramp throughout 2026, making timeline updates critical. [28] - Financing and dilution decisions
Investors will monitor how Nebius funds growth (debt vs. equity vs. asset-backed structures) and how frequently it uses equity tools like the ATM. [29] - Macro sentiment toward AI capex
Even if Nebius executes, NBIS can still swing with the market’s appetite for capital-intensive AI stories—especially when mega-cap tech earnings reshape capex expectations. [30]
Quick company context: what is Nebius Group N.V.?
Nebius Group N.V. is the Netherlands-based company that emerged from the restructuring of Yandex’s international assets and later rebranded as Nebius Group after the Russia split. [31]
Today, it describes itself as a company building full-stack cloud infrastructure for the global AI industry, with operations and R&D hubs spanning Europe, North America, and Israel. [32]
References
1. www.nasdaq.com, 2. www.reuters.com, 3. nebius.com, 4. www.reuters.com, 5. www.reuters.com, 6. www.reuters.com, 7. assets.nebius.com, 8. assets.nebius.com, 9. assets.nebius.com, 10. assets.nebius.com, 11. nebius.com, 12. assets.nebius.com, 13. assets.nebius.com, 14. assets.nebius.com, 15. www.marketbeat.com, 16. www.marketbeat.com, 17. www.marketbeat.com, 18. www.tipranks.com, 19. www.marketbeat.com, 20. www.nasdaq.com, 21. www.reuters.com, 22. www.reuters.com, 23. assets.nebius.com, 24. www.reuters.com, 25. nebius.com, 26. www.reuters.com, 27. assets.nebius.com, 28. assets.nebius.com, 29. nebius.com, 30. www.reuters.com, 31. www.reuters.com, 32. assets.nebius.com
