This AI Infrastructure Stock Is Up 177% in 2026, and It Is Significantly Cheaper Than Nebius

DOCN has surged 177% in 2026, and it still trades at a steep discount to NBIS. DOCN's price-to-sales ratio sits at 16x, against 48x for NBIS, a threefold valuation gap between two names competing in AI cloud infrastructure.

The rally traces to DOCN's AI-focused cloud pivot, and the operating numbers back it up. AI customer ARR grew 212% year-over-year. Adoption of inference services jumped 800%. Revenue growth is accelerating and is expected to reach 50%+ in 2027.

NBIS grows faster than DOCN, which explains part of its premium. Interpretation: at 48x sales, NBIS carries expectations that leave little room for execution slips, while DOCN's 16x multiple prices in less of the growth already visible in its AI metrics. That asymmetry is the core of the relative-value argument.

The counterpoint is that a 177% year-to-date run has already rewarded early buyers, so the cheaper-than-NBIS case now has to carry the stock from here. Accelerating growth is the thesis, and it only holds if the 2027 trajectory materializes.