Nebius Joins Nasdaq-100 Armed With a $27 Billion Meta Deal and a $25 Billion Capex Plan

Nebius Group completes Eigen AI acquisition, joins Nasdaq-100, and reports 684% revenue surge, with $27B Meta deal and $19.4B Microsoft contract fueling expansion.

Nebius Group has just pulled off a week that most companies would envy over an entire year. The AI infrastructure provider closed a strategic acquisition, locked in a Nasdaq-100 listing, and smashed revenue records — all while demand for GPU capacity continues to outstrip supply. The flurry of catalysts has sent the stock into overdrive, with shares climbing more than 210% since the start of 2025.

The technology component of the week came with the completion of the Eigen AI purchase. Announced in May 2026 and cleared by regulators on June 10, the $643 million deal — paid in cash and stock — brings post-training, fine-tuning, and production inference capabilities for open-source models such as Llama, DeepSeek, and Gemma. Eigen AI’s founding team, led by MIT researchers Ryan Hanrui Wang and Wei-Chen Wang, will now head a new Nebius development hub in Silicon Valley, putting the company closer to the top US AI engineers. The technology will be woven into Nebius’s existing “Token Factory” platform.

That platform is already generating serious revenue. In the first quarter of 2026, Nebius reported $399 million in sales — an eye-popping 684% jump year-on-year. The company holds $9.3 billion in liquidity, raised through a $4.3 billion convertible bond and a $2 billion equity investment from Nvidia. That cash hoard is about to be put to work. Management has raised its 2026 capital expenditure forecast to between $20 billion and $25 billion, up from a previous range of $16 billion to $20 billion, to build “AI factories” in Missouri and Pennsylvania and expand European data centres. The ultimate target is to push total data-centre capacity toward one gigawatt — a scale that few can match.

The Nasdaq-100 inclusion, effective June 22, acts as a powerful mechanical tailwind. The index is tracked by passive funds managing more than $800 billion in assets, and when a new constituent is added, those funds must buy — not because they choose to, but because the rules demand it. The announcement on June 11 triggered a 22.21% surge in Nebius’s stock within seven days. The stock hit an all-time high of $297.93 on Wednesday before closing at $286.69 on Thursday, marking its sixth consecutive daily gain.

What really anchors the valuation, however, is a trio of long-term contracts. Meta Platforms has signed a deal worth up to $27 billion over five years, with $12 billion committed for dedicated compute capacity and an additional $15 billion in optional capacity. Microsoft has committed $19.4 billion for cloud infrastructure. And Nvidia’s $2 billion investment, which runs to 2030, secures Nebius preferential access to next-generation GPU platforms and networking gear — a critical edge in a market where hardware shortages often throttle growth.

CEO Arkady Volozh acknowledges that demand is running ahead of supply, and the company is using customer contracts rather than structured debt or equity raises to finance its expansion. This structural difference has not gone unnoticed by deep-pocketed investors. The Situational Awareness Fund, run by former OpenAI researcher Leopold Aschenbrenner, disclosed a 5.6% stake via a 13G filing with the SEC, representing 12.4 million shares worth roughly $2.6 billion at current prices. The fund’s thesis is that the real bottleneck for AI growth is physical infrastructure — data centres, chips, and power grids — and Nebius is building exactly that.

The technical picture reflects a stock that is running hot but not yet overheated. The relative strength index stands at 67.4 (or just below 65 by another calculation), showing strong momentum without entering overbought territory. The 52-week range in euro terms — from €38 to €260.75 — tells the story of a year that has seen the stock gain more than 545% from its lows. Annualised 30-day volatility is a staggering 109%, meaning the ride is far from smooth. Key support levels lie at $251 and $216, which could be tested if profit-taking sets in after the index-rebalancing flows are exhausted.

For now, the betting is that Nebius can execute on its extraordinarily ambitious capital programme. The combination of a Nasdaq-100 entry, a $643 million acquisition that expands its technical moat, and a $27 billion order book gives the company a foundation that few of its peers can claim. But with a market capitalisation hovering near $71 billion (or roughly €57.6 billion), the stock carries the weight of those expectations. The next chapter — and the real test — begins when the passive buying fades and the hard work of turning contracts into cash flow takes centre stage.