Nebius Rallies After Q4 Revenue Spike as Analyst Opinions Split

Overview

• Nebius reported fiscal Q4 2025 revenue of $227.7 million, more than 500% higher year over year, with EPS at negative $0.68 and both metrics missing consensus.
• The stock has climbed more than 9.8% since the earnings release, with Northland Securities reiterating a Buy at $211 and D.A. Davidson reaffirming a Buy at $150.
• Morgan Stanley maintained a Hold rating with a $126 target, citing competitive pressure from hyperscalers, capital intensity, and uncertainty around long‑term software monetization and pricing.
• The company highlighted multi‑year deals reportedly including a five‑year Microsoft agreement up to $19.4 billion tied to roughly 300 MW and a separate $3 billion, five‑year Meta contract.
• Nebius says it has secured over 2 GW of contracted power toward a 3 GW goal by end‑2026, reported $1.25 billion in 2025 ARR with guidance up to $9 billion for 2026, and plans NVIDIA Rubin deployment in H2 2026 alongside software expansion including the Tavily acquisition.