Nebius Heads Into Q1 With Stock Near Highs, Giant Backlog and New AI Deal

Overview

• Nebius enters its first‑quarter report with shares near record levels and Wall Street modeling $375–$389 million in revenue, roughly a sixfold jump from a year ago.
• The company cites $46 billion in signed contracts, led by a $27 billion Meta commitment with a $15 billion option and a $19.4 billion Microsoft deal, plus a $2 billion Nvidia stake.
• Nebius agreed to buy Eigen AI for $643 million to add model‑optimization and inference tools to its Token Factory platform, following February’s $275 million Tavily purchase.
• Management plans $16–$20 billion of 2026 capital spending with about 60% covered by contract‑bound funds, and a $4.34 billion convertible bond provides added funding.
• Guidance calls for $3.0–$3.4 billion of 2026 revenue and a $7–$9 billion year‑end run rate, with investors watching whether scale and recent deals lift margins and generate cash.