AI Computing Infrastructure Play: Why Nebius Could Deliver Explosive Returns Through 2026

A Breakthrough Opportunity in AI Data Centers

The artificial intelligence boom has created a wave of investment opportunities across the tech sector. While household names dominate headlines, savvy investors are increasingly turning their attention to infrastructure providers—companies that literally power the AI revolution. One compelling candidate gaining momentum is Nebius (NASDAQ: NBIS), a data center operator specializing in providing GPU computing capacity to AI model developers and enterprises. This business model positions the company to capitalize on surging demand for training clusters without building everything from scratch.

What makes Nebius particularly intriguing is its operational focus: the company leases data center facilities and provides access to graphics processing units (GPUs) configured specifically for AI workloads. This infrastructure-as-a-service approach mirrors the explosive success trajectory of cloud computing providers, but with a laser focus on the AI sector. For investors seeking exposure to AI infrastructure at a smaller scale than mega-cap players, Nebius offers an interesting entry point—particularly for those hunting for stocks under $100 with significant upside potential.

The Explosive Growth Trajectory Ahead

Nebius’ recent trajectory has been nothing short of remarkable. The Netherlands-based company previously operated as the parent entity of Russian tech interests, but divested those assets in 2024 amid geopolitical pressures. The streamlined entity is now fully focused on its core AI data center mission, and the results speak volumes about market appetite.

The numbers tell a compelling story of accelerating expansion. Originally, management planned to contract for approximately 1 gigawatt of computing power throughout 2026. Recognizing exceptional demand signals, the company has nearly tripled that target to 2.5 gigawatts. This dramatic upward revision reflects genuine customer pull, not speculative optimism.

The revenue implications are staggering: Nebius projects its annualized revenue run rate will reach $7 billion to $9 billion by year-end 2026. To contextualize this growth, the company’s Q3 annualized run rate stood at just $551 million. That represents a roughly 13-fold expansion in a single year—a growth rate virtually unheard of outside the most dynamic sectors of the technology market.

Valuation: Currently Expensive, But Forward-Looking Math Suggests Asymmetric Upside

At first glance, Nebius’ valuation metrics appear stretched. The company trades at approximately 60 times sales on a trailing basis, which would give any traditional value investor pause. However, this backward-looking lens tells only part of the story.

The forward price-to-sales ratio paints a dramatically different picture. Using projected 2026 revenues, Nebius’ forward P/S ratio compresses to just 6.6—a substantial multiple reduction. This valuation technique becomes essential when analyzing companies prioritizing growth investment over near-term profitability.

Taking the analysis deeper: if Nebius reaches the midpoint of its revenue guidance ($8 billion) and achieves a 35% operating margin at maturity (comparable to established infrastructure-as-a-service operators), the company could generate approximately $2.8 billion in operating profits. After accounting for taxes, depreciation, and other expenses through a 30% reduction factor, this suggests annual net profits approaching $2 billion.

With a current market capitalization of $23 billion, this back-of-the-envelope calculation implies the stock could be trading at roughly 12 times its projected 2026 earnings—an attractive valuation for a high-growth infrastructure provider. Notably, management will likely reinvest aggressively in 2026 rather than maximizing near-term profits, meaning actual earnings could trail these projections. This dynamic, however, also creates the potential for multiple expansion as the business matures beyond 2026.

The Bull Case for 2026 and Beyond

Even after appreciating substantially in 2025, Nebius stock appears positioned for meaningful gains throughout 2026. The company faces a simple but powerful dynamic: surging customer demand for GPU computing capacity, limited near-term supply expansion from competitors, and first-mover positioning in an essential infrastructure layer for enterprise AI deployment.

For investors seeking high-growth exposure within the AI infrastructure ecosystem—particularly those hunting for stocks trading under $100 with asymmetric return potential—Nebius warrants serious consideration as part of a forward-looking technology allocation. The convergence of explosive revenue growth, improving unit economics as scale increases, and reasonable forward valuations creates a compelling asymmetric opportunity for the year ahead.