For Every New Nebius Cluster, Four to Five Customers Are Waiting: Why the Nasdaq-100 Entry Is a Pivotal Moment
12.06.2026 - 14:26:29 | boerse-global.de
Nebius is racing to build capacity faster than almost any rival, because the demand for its AI compute infrastructure is overwhelming supply. On each newly deployed cluster, the company has four or five potential customers lined up, a ratio that explains why capital expenditure is soaring. The answer to that shortage is an unprecedented build-out that now includes a 300-megawatt data center in New Jersey, a gigawatt-scale “AI Factory” campus in Missouri, and a £2.3 billion investment in three British sites, all of which will be equipped with Nvidia Blackwell Ultra chips by 2027.
The supply-demand squeeze also helps explain why the technology-focused Nasdaq exchange recently tapped Nebius for admission to its flagship Nasdaq-100 index. The change becomes effective on June 22, alongside the inclusion of rival CoreWeave. With more than $800 billion in assets under management tied to the benchmark, passive index funds will be forced to buy the stock, further tightening a share count that has already been pushed higher by institutional accumulation. The news sparked a 6 percent post-market surge on Thursday, and by Friday the stock was trading at €203.35, extending the year?to?date gain to roughly 165 percent. That builds on a 151 percent advance before the announcement, with the 12?month return now approaching 340 percent.
That momentum is rooted in financials that few expected from an AI infrastructure provider still in its hypergrowth phase. In the first quarter of 2026, Nebius generated $399 million in revenue, a 684 percent increase compared with the same period last year, and posted an EBITDA margin of 32 percent. Management is guiding for full?year revenue between $3.0 billion and $3.4 billion, while capital expenditure is set to run between $20 billion and $25 billion. The backbone of those numbers is an order backlog of roughly $46 billion, anchored by a $27 billion contract with Meta and a $17 billion agreement with Microsoft. In March, the company raised billions through convertible bonds, with the proceeds earmarked for new data centers and graphics processors, particularly in the UK.
Should investors sell immediately? Or is it worth buying Nebius?
Analysts have responded by raising their price targets. Goldman Sachs lifted its target to $267 from $234 and reiterated a buy rating. Citigroup set its own bar even higher at $287, pointing to the sustained appetite for Nebius’s compute platform. The stock is still about 21 percent below its all?time high of €242.95, which it touched in early June, and the gap between the current price and the 200?day moving average stands at more than 90 percent — a technical reflection of the explosive rally.
The broader sector narrative is also supportive. Bank of America expects the server CPU market to exceed $170 billion by 2030, driven by a compound annual growth rate of 37 percent as so?called agentic AI systems — capable of autonomously planning and executing tasks — gain wider adoption. Nebius is already positioning itself to capture that wave. Alongside the U.S. build?out, the company has struck a partnership with Rowan University in New Jersey, launched on June 11, to train students in data science, cloud computing and AI, and is preparing a global partner program with TD Synnex set to launch in July or August, offering resellers double?digit margins on Nebius’s AI cloud services.
The next major test will be the half?year results, which will show whether the growth trajectory can be sustained as the company brings dozens of new megawatts online. With institutional buyers piling in and the Nasdaq?100 rebalancing about to amplify that flow, Nebius faces a new kind of challenge: proving it can fill those clusters as fast as it builds them.
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