Rosenblatt initiated $NBIS at Buy with a $304 PT saying Nebius is “well positioned to benefit from massive spending on AI training and inference deployments” while forecasting 98% CAGR through 2030.

Nebius has only ~250 MW active today against 3.5 GW contracted so most of the growth is still ahead as that power comes online with 75% expected on fully owned sites giving it more control over timing and margins.