Nebius stock jumps 183%, BNP Paribas raises price target to $399
The former Yandex spinoff is riding an AI infrastructure wave that has quadrupled its revenue and turned it into one of 2026's best-performing tech stocks.
Nebius Group, the AI cloud infrastructure company that rose from the ashes of Yandex’s Russian divestiture, just got a major vote of confidence from one of Europe’s largest banks. BNP Paribas Exane upgraded the stock to Outperform on September 24 and hiked its price target from $260 to $399, a 53% bump that reflects what the brokerage calls a “significantly enhanced outlook” since initiating coverage in June.
Shares responded accordingly, climbing roughly 9% intraday to trade between $246 and $249. That move extends an already eye-popping year-to-date gain of approximately 193%.
The numbers behind the hype
Nebius posted Q2 2026 revenue of $582 million. That figure represents a 454% increase compared to the same quarter a year earlier.
The AI business segment generated $575 million, a 514% year-over-year jump. By the end of June, the company’s annualized run-rate revenue had reached approximately $3 billion.
Analysts at BNP Paribas project Nebius could hit annual recurring revenue of around $22 billion by the end of 2027.
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Adding fuel to the bullish case: Nebius announced substantial price hikes for its GPU cloud services, effective October 1. Nvidia GPU instances will see increases of 17-21%, while select AMD EPYC CPU services are going up approximately 25%.
From Yandex to AI pure play
Nebius’s origin story reads like a corporate reinvention playbook. The company was formerly known as Yandex N.V., the Dutch-listed holding company behind Russia’s dominant search engine. When geopolitical pressures made that business untenable for Western-listed shareholders, the company divested its Russian assets and rebranded as Nebius Group in August 2024.
Trading resumed under the ticker NBIS on Nasdaq in October 2024. Under CEO Arkady Volozh, the company pivoted entirely toward AI infrastructure, focusing its expansion on Europe, Israel, and the US.
What the upgrade signals for the AI infrastructure market
BNP Paribas’s $399 price target implies roughly 60% upside from current levels.
The stock split speculation that has emerged around Nebius, given its rapid price appreciation, appears premature. Analysts suggest a split is unlikely until shares approach $500.