TLDR
- Nvidia is investing $2 billion directly into Nebius Group to support AI data center expansion
- Nebius plans to scale from 170 MW to 800 MW–1 GW of active data center capacity by end of 2026
- Avride, Nebius’s autonomous vehicle subsidiary, has a commercial partnership with Uber for robotaxis and delivery robots
- Avride’s delivery robot units grew 178% year over year in Q1 2026, surpassing 500,000 total deliveries
- Nebius Q1 2026 AI cloud revenue hit $390 million, up 841% year over year
Nebius Group (NBIS) is getting a $2 billion vote of confidence from Nvidia. The chipmaker is making a direct equity investment to help Nebius build out its AI data centers and factories.
NBIS stock was trading around $286.69 at the time of writing, up over 2% on the news. The stock has run from a 52-week low of $43.89 to a high of $298.80.
Nvidia isn’t just selling hardware here. It’s putting capital at risk alongside Nebius, which signals something different from a typical supplier relationship. Nebius already has long-term contracts with Microsoft and Meta to fill that capacity.
Nebius ended 2025 with 170 megawatts of active data center capacity. It plans to end 2026 with 800 MW to 1 GW, backed by more than 4 GW of contracted capacity longer term.
That build-out is expensive. Nebius has guided for capital expenditure of $20 billion to $25 billion in 2026. Execution risk around power, permitting, and returns is real.
The core numbers back the story so far. Q1 2026 AI cloud revenue came in at $390 million, up 841% year over year. Total revenue was $399 million, with the remaining $9 million split between Avride and edtech platform TripleTen.
Avride Eyes Robotaxi and Delivery Markets
Nebius’s autonomous vehicle unit, Avride, is backed by Uber and is targeting two markets: robotaxis and sidewalk delivery robots. Uber and Nebius put $375 million into Avride last year.
The delivery robot side is gaining traction. Avride completed 174,000 robot deliveries in Q1 2026, up 178% year over year, and has crossed 500,000 total deliveries since launching in April 2025. Uber Eats is using Avride’s robots for last-mile delivery.
Avride is expanding into more cities and college campuses. Fortune Business Insights estimates the delivery robot market will grow from $686 million this year to $7.6 billion by 2034.
The robotaxi side is more complicated. Avride’s self-driving cars were involved in 16 accidents in Dallas and Austin in the first three months of 2026 and are under federal investigation. That’s not unusual for the space — Alphabet’s Waymo logged 69 incidents across the same two cities between July 2025 and March 2026 — but it adds regulatory uncertainty.
Nasdaq-100 Inclusion and What Analysts Expect
Nebius was added to the Nasdaq-100 index, which increases its visibility to institutional investors and passive funds.
Analysts expect revenue to reach $21.3 billion by end of 2028. At a 9.5x price-to-sales multiple, in line with the broader U.S. tech sector, that would imply a market cap of around $202 billion — roughly three times its current valuation.
The stock currently trades at 79 times sales, which reflects the pace of growth but leaves little room for execution misses.
Nebius’s next key disclosures will cover data center timelines, power commitments, and any updates to contracts with Microsoft, Meta, and Uber.
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