NEW YORK, January 2, 2026, 04:52 ET — Premarket
- Nebius Group shares fell 1.7% in premarket trading, lagging a firmer broader tape.
- Investors are weighing AI-linked risk appetite as U.S. equity futures climbed to start the year. Reuters
- Focus remains on delivery timelines tied to Nebius’ large contracted GPU buildout and funding needs. SEC
Nebius Group N.V. shares were down about 1.7% at $83.71 in premarket trading on Friday, compared with a prior close near $85.15.
The early move comes as traders return from the New Year holiday with a fresh set of macro cross-currents, and with the market’s “AI trade” still a key driver of risk-taking. Reuters
That matters for Nebius because the company is tied to the AI infrastructure buildout — capital-intensive work that tends to trade on confidence in demand, financing conditions and delivery execution. SEC
Broader sentiment looked supportive early Friday, with S&P 500 futures up 0.6% and Nasdaq futures up 1%, Reuters reported. Reuters
Still, investors have been warned to expect turbulence around the same theme that powered last year’s rally. “Bouts of volatility… around AI… are likely to remain,” Nuveen CIO Saira Malik said. Reuters
Nebius markets itself as an AI cloud and infrastructure provider that builds and runs large computing clusters. A “GPU,” or graphics processing unit, is the specialized chip widely used to train and run AI models.
A key operational marker is the company’s commercial agreement with Meta Platforms that calls for Nebius to provide access to two dedicated GPU infrastructure clusters over a five-year term, a filing showed. SEC
Those GPU services were scheduled to be deployed in two tranches during December 2025 and February 2026, with the order carrying an approximate contract value of $2.9 billion, the filing said. SEC
The same filing also flagged execution risk: if Nebius misses agreed delivery dates after a grace period, Meta can terminate the first tranche; after the first tranche is live, Meta can terminate the second tranche if delivery slips. SEC
Nebius has also pointed to big-tech demand beyond Meta. It said in September it had struck a multi-year agreement to deliver dedicated capacity to Microsoft from a new data center in Vineland, New Jersey, starting later that year. Nebius
Analyst targets circulating into the new year have stayed bullish. Northland Securities’ Nehal Chokshi has a $211 price target and Citizens JMP’s Gregory P. Miller has a $175 target, TipRanks reported; it put the average target at $164.20. TipRanks
Bulls and bears also keep coming back to the financing question. Nebius said alongside its third-quarter results that it planned to put in place an at-the-market equity program for up to 25 million Class A shares — a mechanism that lets a company sell stock into the market over time — and that it would evaluate it based on capital needs. Nebius
