Key Highlights
- Shares of Nebius jumped 8.7% to reach an unprecedented peak of $259.23 following a 13G filing from Situational Awareness LP revealing a 5.6% ownership position.
- Leopold Aschenbrenner, formerly of OpenAI, established Situational Awareness LP in 2024 based on the belief that artificial intelligence will fuel massive demand for computing infrastructure.
- First quarter 2026 revenue totaled $399 million, representing a 684% increase compared to the prior year, while AI Cloud revenue specifically soared 841% to $389.7 million.
- The company has increased its 2026 capital expenditure guidance to $20–$25 billion, supported by a $27 billion agreement with Meta and a $19.4 billion contract with Microsoft.
- Wall Street analysts at Citigroup maintain a $287 price objective, while BNP Paribas Exane launched coverage with a neutral stance and $255 target.
Shares of Nebius Group (NBIS) climbed to an unprecedented all-time peak of $259.23 on June 1, 2026, posting an impressive 8.7% gain during morning hours while major market indices remained essentially flat. The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite each declined approximately 0.2% that session, highlighting NBIS’s significant outperformance driven entirely by company-specific developments.
The driving force behind the rally was a regulatory 13G filing submitted by Situational Awareness LP, revealing an acquisition of 12.4 million Nebius shares, equivalent to a 5.6% ownership interest in the organization. Leopold Aschenbrenner, who previously worked on the Superalignment team at OpenAI, established this investment fund in 2024. His core investment philosophy centers on the premise that accelerating artificial intelligence development will create unprecedented demand for semiconductors, data facilities, and computational resources.
The filing garnered significant attention specifically due to Aschenbrenner’s credentials and reputation. He maintains a prominent profile within AI research communities, and such a substantial concentrated investment in a single neocloud provider demonstrates strong conviction in the company’s prospects.
Institutional appetite for Nebius shares has steadily increased throughout recent quarters. Forsta AP Fonden initiated a new holding valued at approximately $3.98 million during Q4. Millennium Management established a position worth about $11.6 million in Q1. Both Royal Bank of Canada and UBS Asset Management also entered positions during the first quarter. Currently, hedge funds and institutional shareholders collectively control 21.9% of outstanding shares.
Exceptional Quarterly Performance
The growing institutional enthusiasm reflects the company’s outstanding operational results. During Q1 2026, Nebius delivered consolidated revenue of $399 million, marking a remarkable 684% surge compared to the year-ago period. The AI Cloud segment, which represents the core business, produced $389.7 million in revenue, climbing 841%. On an annualized run-rate basis, revenue reached $1.92 billion at the conclusion of March.
Adjusted EBITDA turned positive at $129.5 million. The company posted a loss per share of -$0.23, significantly outperforming the consensus forecast of -$0.77 by $0.54. Revenue similarly exceeded analyst projections of $375.13 million.
The stock has traded within a 12-month range spanning from $35.72 to $278.84, illustrating the dramatic momentum in AI infrastructure investments.
Investment Plans and Wall Street Perspectives
Nebius continues to expand aggressively. The company elevated its 2026 capital expenditure forecast to a range of $20–$25 billion, backed by substantial agreements including a $27 billion contract with Meta Platforms and a $19.4 billion arrangement with Microsoft. Management has also projected approximately 540% growth in data center revenue by the end of this year.
Among Wall Street firms, Citigroup maintains the most bullish stance with a $287 price objective. Citizens JMP follows with a $270 target. BNP Paribas Exane recently launched coverage with a neutral recommendation and $255 price target. The consensus rating among analysts stands at Moderate Buy, with an average price target of $188.31, though this figure has consistently trailed the stock’s actual trading level.
Not all recent developments have been entirely positive. Insider Andrey Korolenko divested 500,000 shares on May 13 at an average price of $203.24, generating proceeds of approximately $101.6 million and reducing his holdings by 46%. Director Elena Bunina similarly sold about 10,894 shares on the same date, cutting her position by half.
Roman Chernin, who serves as co-founder and Chief Business Officer, was slated to participate in a fireside discussion at the BofA Securities technology conference on June 3.
