Nebius Stock Has Nearly Doubled This Year. Here's Why It Still Has Room to Run.

Key Points

Wall Street analysts expect Nebius's revenue to catapult nearly 20-fold by 2027.

The stock looks expensive, but could be cheap when growth is taken into account.

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Few stocks have been as good an investment as Nebius (NASDAQ: NBIS) has been this year. Its stock is up around 94% as of the time of writing so far in 2026, and it could easily cross the 100% threshold over the next few days if the artificial intelligence (AI) rally is sustained.

Many investors will look at Nebius's stock chart and assume they've missed the boat on it and need to look somewhere else. However, that's not the case. I think Nebius is still a solid investment pick now, as its projected revenue growth far outpaces its stock performance.

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Nebius is seeing incredible growth

Nebius is a neocloud company, which means it's a cloud computing business focused on providing its clients with AI-first computing infrastructure. If that seems like a no-brainer business to be in right now, that's because it is. Nebius is undergoing tremendous growth, and it far outpaces what its stock price has done so far in 2026.

In Q4, Nebius's revenue growth was 547% year over year. Wall Street analysts actually expect that rate to last throughout the year, with 522% growth expected for 2026 and 195% in 2027. Few stocks can deliver that level of growth, and it would result in Nebius's annual revenue rising from $530 million at the end of 2025 to $9.7 billion at the end of 2027.

That indicates Nebius's revenue could increase by nearly 20x in two years, so I think it's safe to say the stock can double a few times as well and still be growing at a lower pace than its business. However, it isn't expected to make profits anytime soon.

Nebius is spending every dollar to have access to build out its footprint, as the demand is there. It expects to increase from seven operational data centers in 2025 to 16 by the end of 2026. That requires a lot of capital, but the demand is clearly there.

Valuing Nebius's stock is tricky due to its rapid growth and deep unprofitability. The best measure I have now is its price-to-sales ratio, which looks incredibly expensive at 73 times sales.

However, after you factor in this year's growth with the forward sales metric, it doesn't look so bad. The biggest question surrounding Nebius is what a fully profitable business looks like. If it can mirror some of the larger cloud computing players, 12 times forward sales is probably a fairly reasonable price to pay, if Nebius makes it to full profitability years down the road

As a result, I think Nebius is a solid wild card investment pick in the AI space. It's not a guaranteed winner, as there are still long-term issues, but there's enough upside here that I think it's worth at least a small investment.

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Keithen Drury has positions in Nebius Group. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.