Soros Fund Management Opened a New Position in Nebius During Q2. What This Means for NBIS Stock.
Soros Fund Management disclosed a new position in Nebius Group (NBIS) during the second quarter of 2023. The investment amounted to 310,000 shares, valued at around $85.6 million at quarter end. This disclosure increased NBIS's visibility, leading to a nearly 9% rise in its stock price within five days of the news. However, the stock later dropped by about 20% over the same period.
NBIS, an Amsterdam-based company, operates an AI cloud platform designed for training, inference, and enterprise AI workloads. The company also provides autonomous-driving technology through Avride and online education via TripleTen. With a market capitalization of $62.86 billion, NBIS' stock price was $223.90 per share as of Aug. 19, up 164% year-to-date and 234% over the past 52 weeks. The current stock price represents a significant discount compared to its sector medians, which are 3.73x sales and 4.04x book value.
NBIS demonstrated strong financial performance in Q2 2026, with revenue growing by 454% from a year earlier, reaching $582.3 million. The company also reported a reversal in adjusted EBITDA from a $21 million loss in Q2 2025 to a $236.2 million gain. Net loss from continuing operations reduced from $502.5 million to $190.4 million during the same period. Cash flow from operations increased by 99.47% to $4.50 billion, while net cash flow decreased by 8.95% to $5.38 billion.
During Q2, Nebius invested $20 billion to $25 billion in capital expenditures to expand its AI infrastructure footprint. The company secured contracts with Meta Platforms, potentially worth up to $27 billion, and a $1 billion agreement to supply Reflection AI with AI compute through 2029. Additionally, Nebius planned to acquire Eigen AI for $643 million, integrating Eigen's inference and post-training optimization layers into its managed inference platform.
These moves underline NBIS's role as a key player in AI infrastructure and its capacity to deliver contracts and revenue growth.
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