TLDR
- Nebius received City Council approval in Independence, Missouri to build its largest U.S. AI factory
- The “Project Independence” facility will have a 1.2-gigawatt capacity — enough to power a small city
- NBIS stock jumped as much as 10.3% on the news
- Revenue hit $530 million in 2025, up 479% year-over-year, but the company is not yet profitable
- Analyst price targets average $155, suggesting roughly 55% upside from current levels
Nebius Group (NBIS) got a green light it had been waiting for — and the market noticed.
On March 4, 2026, the Independence City Council in Missouri voted to approve a Chapter 100 industrial development incentive plan for Nebius’ upcoming AI campus, dubbed “Project Independence.”
The facility will be the company’s largest AI factory in the U.S. to date, with a planned capacity of 1.2 gigawatts.
NBIS stock jumped as much as 10.3% on the news. By mid-morning it was still up around 9.9%, trading near $97.75.
CEO Arkady Volozh said in a statement: “Independence will be our largest AI factory in the United States to date, and we are fully committed to making it a project the city is proud of. This is our first project of this scale, but not the last.”
The approval also came with tax incentives from the city — a meaningful piece of the deal for a company still burning cash while scaling fast.
Growth Numbers That Are Hard to Ignore
Nebius operates as a neocloud provider, offering GPU-as-a-Service (GPUaaS) to businesses that need AI computing power without building their own infrastructure.
Revenue for 2025 came in at $530 million — a 479% jump year-over-year.
The most recent quarter showed 355% year-over-year growth to $146 million, continuing a trend of hypergrowth from a relatively small base.
That said, profitability is still a work in progress. The company posted an adjusted net loss of $447 million in 2025, and its operating margin sits at -148%.
There is a nuance here worth noting: the operating loss is largely driven by non-cash depreciation from heavy capital expenditure. On an adjusted EBITDA basis, the AI segment turned positive in late 2025.
Valuation: Expensive, But Priced for Growth
The stock isn’t cheap. NBIS trades at roughly 41 times sales, and a P/E of around 106 — well above broader market averages.
For context, the S&P 500 trades at about 24.8x earnings and 3.3x sales.
Analyst price targets average $155, which would represent about 55% upside from Wednesday’s price.
The 52-week range runs from $18.31 to $141.10, a reminder of just how volatile this stock can be.
The 1.2-gigawatt Project Independence facility is described as “not just another data center” — it puts Nebius in a different weight class from competitors still in early planning stages.
Whether the company can execute on schedule, manage cash burn, and fill that capacity with paying customers remains the core question for investors.
As of March 4, 2026, NBIS had a market cap of approximately $25 billion.
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