TLDR
- Nebius stock surged 7.1% in pre-market trading after a six-session slide that wiped roughly 24% of its value
- The company’s convertible notes offering closed at $5.75 billion, topping its original $4.5 billion target
- Goldman Sachs raised its price target on NBIS to a street-high $328, maintaining its Buy rating
- All 16 resolutions passed at the August 25 AGM, including board re-appointments and share issuance authorities
- The broader neocloud sector is catching a bid ahead of IREN’s quarterly earnings report
Nebius Group stock jumped 7.1% in pre-market trading on Wednesday, recovering sharply after six straight sessions of losses that had cut about 24% from its value.
The selloff had been driven by investor nerves around the company’s debt raise. Those nerves faded fast once the numbers came in.
Nebius closed its convertible notes offering at $5.75 billion, well above the original $4.5 billion target. That gap tells you something about how much institutional appetite exists for Nebius paper right now.
The proceeds are set to fund data center expansion, GPU procurement, and the continued build-out of its full-stack AI cloud platform.
Goldman Sachs Sets New Street-High Target
On August 25, Goldman Sachs raised its price target on NBIS from $286 to $328, the highest on Wall Street, while holding its Buy rating. That gave the stock an extra layer of support heading into Wednesday’s session.
The upgrade came the same day as the company’s Annual General Meeting, where shareholders voted to approve all 16 resolutions on the table.
Those resolutions included board re-appointments, authority to issue new Class A shares, and the power to waive pre-emptive rights and buy back up to 20% of stock.
That last part was not universally popular. Dilution fears and the prospect of future capital raises had weighed on the stock in the session following the AGM, pushing it lower even as Goldman was boosting its target.
Sector Momentum Adds Fuel
The wider neocloud space is getting attention right now. Nebius posted Q2 revenue growth of 454% year over year. CoreWeave also delivered strong results. IREN is the last of the three major neocloud operators still to report, with its quarterly earnings due today.
Investors are positioning ahead of that print, and that sector-wide optimism is lifting NBIS along with it.
The macro backdrop is also cooperating. The Nasdaq is up over 1% and the S&P 500 is gaining around 0.5%, giving high-growth AI infrastructure names room to run.
It is worth noting that Nebius is still burning cash. Heavy spending on data centers and GPUs means profitability is not yet proven. Execution risks and tighter financing conditions remain real considerations.
The stock is up 165% year to date, with a current market cap of $57.34 billion and an average daily trading volume of around 21.6 million.
With the debt overhang cleared, a street-high analyst target in place, and a clean AGM behind it, NBIS enters Thursday’s session with momentum on its side.
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