My 2030 price target for $NBIS is $3,000 per share.
The math is simple:
• 5 GW of active compute capacity
• $25M annual revenue per MW
• $125B in annual revenue
• 25% net margin
• ~$31B in net income
• 30x P/E
• ~25% dilution
That gets me to roughly $3,000 per share.
And the most interesting part is that $25M per MW isn’t an aggressive assumption.
Nebius is already signing long-term capacity around $20–25M/MW, while short-term capacity can reach $40–50M/MW.
AI demand can scale exponentially.
Physical infrastructure can’t.
That imbalance makes every MW of compute more valuable.
I broke down my entire $NBIS valuation model and the path to $3,000 in my new video.
The math is simple:
• 5 GW of active compute capacity
• $25M annual revenue per MW
• $125B in annual revenue
• 25% net margin
• ~$31B in net income
• 30x P/E
• ~25% dilution
That gets me to roughly $3,000 per share.
And the most interesting part is that $25M per MW isn’t an aggressive assumption.
Nebius is already signing long-term capacity around $20–25M/MW, while short-term capacity can reach $40–50M/MW.
AI demand can scale exponentially.
Physical infrastructure can’t.
That imbalance makes every MW of compute more valuable.
I broke down my entire $NBIS valuation model and the path to $3,000 in my new video.