Nebius (NBIS) Stock Surges to All-Time Highs on Eigen AI Acquisition and Meta Deal

TLDR

• NBIS stock is up ~8.95% on the day, hitting a 52-week high of $179.96
• Nebius agreed to acquire Eigen AI for ~$643 million to boost its Token Factory AI platform
• A $27 billion Meta AI contract pushed total contracted backlog to nearly $50 billion
• Goldman Sachs raised its price target following the Meta deal; consensus is “Moderate Buy” at $154.75 average target
• Q1 2026 earnings are due May 13, with ARR and Eigen integration progress as key catalysts

Nebius Group (NBIS) stock opened at $175.92 on Wednesday, touching a 52-week high of $179.96, up nearly 9% on the day. Year-to-date, the stock has gained over 110%.

Nebius Group N.V., NBIS

The move comes on the back of two major catalysts hitting close together — a $643 million deal to acquire Eigen AI and a $27 billion contract with Meta.

The Eigen AI acquisition is designed to add model-optimization and inference capabilities to Nebius’s Token Factory platform. Analysts say the deal could improve margins and help the company compete for a larger slice of production AI workloads.

The Meta contract is the bigger headline. That single deal, alongside existing agreements with Microsoft and others, has pushed Nebius’s total contracted backlog to nearly $50 billion. That’s a number that tends to get Wall Street’s attention.

Goldman Sachs moved quickly, raising its price target on NBIS after the Meta deal. BWS Financial and DA Davidson both have $200 price targets with Buy ratings. Cantor Fitzgerald initiated coverage with an Overweight rating, though at a more conservative $129 target. The consensus sits at “Moderate Buy” with an average target of $154.75.

Institutional investors have also been building positions. Millennium Management opened a new stake worth ~$11.6 million in Q1. UBS added ~$9 million. Oppenheimer boosted its position by 90.9% in Q4. Total institutional ownership now sits at around 21.9%.

What’s Driving the Backlog Story

The $50 billion contracted backlog is the core of the bull case. Multi-year deals with hyperscalers like Meta and Microsoft give revenue visibility well into 2026, where Nebius has guided for $3.0–$3.4 billion in revenue.

That kind of forward visibility is rare, and it’s a key reason momentum investors have pushed the stock to all-time highs.

Risks Worth Watching

Not everything is clean. Operating cash flow for FY25 came in at roughly $402 million — but that figure included nearly $983 million in customer advances. Strip that out and the picture looks thinner.

Management has indicated that contracted cash flows will cover only about 60% of 2026 capital expenditure requirements. That gap raises real questions about potential dilution or refinancing.

Insider selling has also been active. CTO Danila Shtan sold over 13,000 shares in late March. Insider Andrey Korolenko sold more than 31,000 shares in early April. In total, insiders have sold around 135,622 shares worth over $15.6 million in the last three months.

The stock also carries a beta of 4.03 — it moves fast in both directions. With a negative EPS of -$2.44 expected for the full year and a PE ratio of -120.49, the valuation is entirely forward-looking.

Q1 2026 earnings are due May 13. The market will be watching ARR growth, updates on hyperscaler deployments, and early signals on the Eigen AI integration timeline.

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