Nebius (NBIS) Stock Pops After Landing $1B Computing Deal With Reflection AI

TLDR

• Nebius Group stock rose nearly 3% in premarket trading after announcing a $1B+ computing deal with Reflection AI
• The deal gives Reflection AI access to Nebius’s computing capacity and Nvidia’s latest GB300 AI chips through 2029
• Reflection AI was founded by two former Google DeepMind researchers and is backed by Nvidia
• In June, Reflection AI also signed a multibillion-dollar computing deal with SpaceX
• Nebius carries a Moderate Buy consensus rating with an average price target of $252.86, implying ~20% upside

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Nebius Group (NBIS) jumped nearly 3% in premarket trading on Tuesday after signing a computing deal with AI startup Reflection AI worth more than $1 billion. The agreement pushed NBIS above $216 before the market opened, helping recover some of Monday’s 4.16% drop to $210.51.

Nebius Group N.V., NBIS

Under the deal, Reflection AI will gain access to Nebius’s computing infrastructure, including Nvidia’s newest GB300 AI chips. The contract runs through 2029.

Reflection AI was founded by two former Google DeepMind researchers. The company is backed by Nvidia and focuses on building advanced open-source AI models.

This is not Reflection’s first major computing commitment. In June, the startup signed a multibillion-dollar agreement with SpaceX for access to the same Nvidia chip model, reportedly costing around $150 million per month through 2029.

The Wall Street Journal has reported that Reflection AI has held talks to raise $2.5 billion at a $25 billion valuation.

AI Startups Spending Big on Compute

Emerging AI firms are making large financial bets to lock in computing resources, which have become one of the biggest bottlenecks in the industry. Demand for AI services keeps rising while chip supply struggles to keep pace, pushing silicon prices higher.

Reflection’s CTO and co-founder Ioannis Antonoglou said: “The need for open models is clear, and this additional compute capacity will allow Reflection to continue to build and train frontier AI models at scale.”

For Nebius, the deal adds another high-profile client to a growing roster. The Amsterdam-based company, which split from Russian internet provider Yandex in 2024, already has existing computing agreements with Microsoft and Meta.

Wall Street’s Take on NBIS

According to TipRanks, Nebius Group holds a Moderate Buy consensus rating based on nine analyst reviews. Five analysts rate it a Buy, four a Hold, and none a Sell.

The average price target sits at $252.86, which would represent a 20.12% gain from recent levels.

Nebius rents AI computing capacity and has positioned itself as infrastructure for the growing AI model-building market.

The Reflection deal is the latest signal that demand for that infrastructure is not slowing down.