Where Will Nebius Stock Be in 3 Years?

Nebius Group, an AI cloud infrastructure company, has secured over $40 billion in customer commitments and achieved 454% revenue growth in Q2 2026. However, the analyst projects a wide valuation range of $125-$835 per share by 2029, depending on per-megawatt pricing trends. The company faces significant shareholder dilution from convertible notes and massive capital expenditures ($8.1 billion in H1 2026), leading the analyst to remain on the sidelines until pricing stability is confirmed.