AI Fears Hit Nebius Stock, But Has the Growth Thesis Changed?

Nebius stock has fallen 13% from its June 22 all-time high of $299.86, caught in broader AI sector volatility that has pushed valuation multiples into focus. The stock currently trades at a price-to-sales ratio of approximately 80 and a price-to-earnings ratio above 93.

The selloff appears driven by sentiment rather than fundamentals. Nebius maintains 2026 revenue guidance of $3 billion to $3.4 billion and has contracted power capacity exceeding 4 gigawatts. The company has locked in multi-year agreements with Meta and Microsoft, providing forward revenue visibility through the end of the decade.

The disconnect between near-term price action and longer-term contracted revenue highlights the market's current skepticism around AI infrastructure valuations. While the triple-digit earnings multiple leaves little room for execution missteps, the Microsoft and Meta partnerships represent tangible demand for Nebius's GPU infrastructure rather than speculative positioning.