Overview
- On Jan. 15, Morgan Stanley initiated at Equal Weight with a $126 target, citing scale potential yet warning on four-year depreciation, negative free cash flow through the 2.5 GW build by end-2026, and an aggressive $7–$9 billion Q4 2026 ARR goal.
- Northland reaffirmed an Outperform on Jan. 6 with a $211 target and named NBIS a 2026 top pick, pointing to visibility on sourcing 2.5 GW of power and a reported $17 billion Microsoft partnership.
- NBIS has climbed more than 80% over the past six months, and 75% of the 12 analysts covering the stock rate it a Buy, according to Yahoo Finance.
- Jim Cramer urged caution, saying a slowdown by a large tech customer could halve the stock and suggesting it suits more speculative, younger investors.
- Nebius develops full-stack AI infrastructure with large GPU clusters, cloud platforms and developer tools, and it also owns non-core assets including TripleTen, ClickHouse, Toloka and Avride.