Nebius Group (NASDAQ: NBIS) has delivered one of the most striking stock rallies in the AI infrastructure space, climbing approximately 298% over the past year. The surge was fueled by rapid revenue growth, landmark agreements with technology giants Meta Platforms and Microsoft, and a $2 billion investment from Nvidia. Management has set full-year 2026 revenue guidance in the range of $3 billion to $3.4 billion, reflecting continued confidence in the underlying demand environment. To reach the midpoint of that guidance, Nebius will need to average approximately $934 million in revenue across each of the final three quarters of the year. Investors will also need to monitor whether continued AI infrastructure expansion requires additional borrowing or fresh share issuance, either of which could dilute existing shareholders over time.