Why $NEBIUS(NBIS)$ remains my biggest DataCenter play — my updated 2030 price target.
Last earnings showed ARR per MW can come in higher than previously thought, and the $Palantir Technologies Inc.(PLTR)$ announcement makes me more confident too.
Official $NEBIUS(NBIS)$ guidance is 5GW contracted power in 2026. I personally estimate 4GW active by the end of 2029 at an average of $16M ARR per MW.
That puts the base case ARR going into 2030 at $64B. Assuming a 7x ARR multiple, ClickHouse adding another 10% of value, and another full 100% dilution — stock only has half the upside — I get to a $904 stock in 2030.
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