Nebius Group Shares Slide 1.91% Despite 625% Revenue Surge and EBITDA Turnaround as $530M Volume Falls to 148th Rank

On August 21, 2025, Nebius Group (NASDAQ:NBIS) closed at a 1.91% decline, with a trading volume of $530 million, a 42.01% drop from the previous day, ranking 148th in market activity. The stock’s performance followed its Q2 2025 earnings report, which highlighted a 625% year-over-year revenue surge to $105.1 million and a 106% quarter-over-quarter increase. The core AI infrastructure business turned EBITDA-positive ahead of guidance, and the company raised its full-year ARR forecast to $900 million–$1.1 billion. Despite this, group-level adjusted EBITDA is expected to stay negative for 2025.

The earnings call emphasized rapid data center expansion, targeting 220 MW of connected power by year-end and over 1 GW by 2026 to meet AI demand. Management noted oversold older GPU inventory and anticipation of new Blackwell GPU deployments. The company also secured $4 billion in capital to date and plans to leverage noncore assets like AVRide and ClickHouse for further funding. However, challenges remain, including short-term liquidity risks and the need for significant CAPEX to sustain growth.

Investor sentiment was mixed, with Accel Leaders 4 Associates LP acquiring a 1.95% stake worth $96.7 million, signaling confidence in Nebius’ long-term AI infrastructure strategy. The company’s focus on expanding enterprise clients, including Cloudflare and Shopify, and its strategic partnerships with NVIDIA, such as the Leptin collaboration, underscore its position in the AI cloud market. Analysts remain cautious, noting the company’s reliance on future GPU demand and the risks of high capital intensity.

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