Few stocks have been as good an investment as Nebio (NASDAQ: NBIS) It has been this year. Its shares are up about 94% at the time of writing so far in 2026, and could easily cross the 100% threshold in the coming days if the artificial intelligence (AI) rally holds.
Many investors will look at the Nebius stock chart and assume they’ve missed the boat and need to look elsewhere. However, that is not the case. I think Nebius remains a solid investment choice now, as its projected revenue growth far outpaces its stock performance.
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Nebius is a neocloud company, meaning it is a cloud computing company focused on providing its customers with AI-centric computing infrastructure. If that seems like an obvious deal right now, that’s because it is. Nebius is experiencing tremendous growth and far exceeds what its share price has done so far in 2026.
In the fourth quarter, Nebius’ revenue growth was 547% year over year. Wall Street analysts actually expect that rate to last all year, with expected growth of 522% by 2026 and 195% in 2027. Few stocks can deliver that level of growth, and that would result in Nebius’ 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 grow nearly 20x in two years, so I think it’s safe to say the stock can also double several times and still grow at a slower rate than its business. However, it is not expected to turn a profit in the short term.
Nebius is spending every dollar to gain access and expand its footprint because the demand is there. It hopes to go 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 stock is complicated due to its rapid growth and profound lack of profitability. The best measure I have right now is its price-to-sales ratio, which looks incredibly expensive at 73 times sales.
However, after factoring in this year’s growth with the future sales metric, it doesn’t seem so bad. The biggest question surrounding Nebius is how it is a fully profitable business. If you can mirror some of the biggest players in cloud computing, 12 times future sales is probably a pretty reasonable price to pay, if Nebius manages to reach full profitability within a few years.