Nebius Nears Nasdaq-100 With a $643M AI Acquisition and $25 Billion Infrastructure Bet

Nebius Group shares surge ahead of Nasdaq-100 entry, fueled by the Eigen AI acquisition and a raised $25 billion capex plan for global AI infrastructure.

A concentrated burst of catalysts has propelled Nebius Group into the spotlight this week. The AI infrastructure provider sealed its acquisition of Eigen AI, raised its capital expenditure forecast to as much as $25 billion, and is days away from joining the Nasdaq-100. The confluence has already sent shares to fresh all-time highs.

The $643 million acquisition of Eigen AI, announced in May and cleared by regulators on June 10, is now complete. The deal was financed through a mix of cash and stock. Eigen AI brings technology for post-training, fine-tuning, and production inference that works with popular open-source models such as Llama, DeepSeek, and Gemma. Those capabilities are being integrated into Nebius’s Token Factory platform, and the founding team — led by MIT researchers Ryan Hanrui Wang and Wei-Chen Wang — will run a new development center in Silicon Valley, putting Nebius closer to the U.S. developer community.

Behind the deal stands a formidable balance sheet. Nebius holds $9.3 billion in cash, sourced partly from a $4.3 billion convertible bond and a $2 billion equity investment from Nvidia. First-quarter revenue hit $399 million, an increase of 684 percent over the same period last year. Operating net profit came in at $621 million, providing a substantial cushion for what comes next.

That cushion will be needed. Management has again lifted its capex guidance, now expecting between $20 billion and $25 billion in capital spending for the full year, up from a prior range of $16 billion to $20 billion. The money is earmarked for AI factories in Missouri and Pennsylvania, as well as a major expansion in Europe. In Britain, Nebius is putting $2.3 billion into new data centers equipped with Nvidia hardware, targeting a capacity of 65 megawatts by 2027.

Long-term demand is already locked in. The company has signed cloud infrastructure contracts worth more than $45 billion in total, including a $19.4 billion deal with Microsoft and an agreement with Meta Platforms valued at up to $27 billion. CEO Arkady Volozh told analysts that demand for computing capacity currently exceeds everything the company can supply.

That supply-demand dynamic is about to get an additional jolt from index mechanics. On Monday, June 22, Nebius will officially join the Nasdaq-100. Passively managed ETFs tracking the index have combined assets under management exceeding $800 billion, meaning forced buying from portfolio rebalancing is all but guaranteed. The stock hit an all-time high of $297.93 on Wednesday before closing at $286.69 on Thursday, its sixth consecutive gain. The market capitalization now stands at roughly $71 billion, representing a year-to-date advance of more than 210 percent.

Not everyone is holding on. Chief Technology Officer Danila Shtan sold shares worth $3.7 million earlier this month under a prearranged trading plan. Institutional investors, by contrast, have been piling in. Virtu Financial notably increased its position significantly in recent weeks.

Technically, the move still has room to run. The relative strength index sits near 65, indicating strong momentum without entering overbought territory. Short-term support levels are pegged at $251 and $216 — levels that could become relevant if profit-taking emerges after the index reshuffle. But with a $45 billion order book, a Nasdaq-100 berth, and a capex plan that keeps scaling higher, Nebius has given traders few reasons to step aside.