Nebius: The $45 Billion Backlog Nobody Is Pricing In

PropNotes10.49K FollowersFollow5ShareSavePlay(11min)CommentsSummaryNebius (NBIS) is positioned as a leading GPU-based 'neocloud' provider, set to capture substantial market share in the AI infrastructure arms race. With a $27B Meta deal and $17.5B Microsoft contract, NBIS boasts a $46B backlog, supporting management’s $7–9B ARR guidance for year-end. NBIS targets adjusted EBITDA margins in the 40% range by FY2026, with management’s historically accurate projections underpinning confidence in the growth trajectory. Trading near $100, NBIS is rated a 'Strong Buy' with a 2028 price target of $250, implying 35–60% annualized returns through 2030. Sharamand/iStock via Getty Images In recent months, it appears as though the AI infrastructure arms race has entered a new era. In the past, the question was whether or not AI compute had any real demand. With the proliferation ofThis article was written byPropNotes10.49K FollowersFollowHere at PropNotes, I focus on uncovering high-yield investment opportunities for individual investors.With a background in professional prop trading, my goal is to break down complex concepts into clear, actionable insights that help you achieve better returns.Follow me today and take control of your portfolio.Analyst’s Disclosure: I/we have a beneficial long position in the shares of NBIS either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.