Nebius Set to Join Nasdaq-100 on June 22

Index-tracking funds are expected to buy shares, creating near-term demand that heightens scrutiny of the company's costly capacity builds and power permits.

Overview

Nebius will officially join the Nasdaq-100 on June 22, a change that typically forces index-tracking ETFs to purchase shares to match the index and can push the stock higher.
The company has shown rapid revenue growth, reporting $399 million in Q1 2026, up 684% year-over-year, with its AI business at a roughly 45% adjusted EBITDA margin.
Recent strategic moves include a reported $27 billion commercial arrangement with Meta, a separate Microsoft deal, a $2 billion equity investment from Nvidia, and the June completion of the Eigen AI acquisition.
Management is pursuing large capital spending and multi‑gigawatt power projects, including a £1.7 billion UK expansion announced June 8, which creates execution risks from permitting, construction and energy sourcing.
If passive buying and rising institutional attention extend the stock's momentum, the firm will face increased pressure to convert contracts and build capacity on schedule or face valuation and operational scrutiny.