Crossroads Capital Investment’s Thesis for Nebius Group (NBIS) is Paying Off

In its first-quarter 2026 capitalist letter, Crossroads Capital highlighted Nebius Group N.V. (NASDAQ:NBIS) arsenic a notable contributor. Nebius Group N.V. (NASDAQ:NBIS) is simply a exertion institution that focuses connected processing full-stack infrastructure to work the planetary AI industry. On May 22, 2026, Nebius Group N.V. (NASDAQ:NBIS) closed astatine $214.77 per share. One-month instrumentality of Nebius Group N.V. (NASDAQ:NBIS) was 48.16%, and its shares gained 456.54% implicit the past 52 weeks. Nebius Group N.V. (NASDAQ:NBIS) has a marketplace capitalization of $54.53 billion.

Crossroads Capital stated the pursuing regarding Nebius Group N.V. (NASDAQ:NBIS) successful its Q1 2026 capitalist letter:

"Nebius Group N.V. (NASDAQ:NBIS): It’s worthy pausing to retrieve wherever this 1 sat a twelvemonth ago. When we archetypal bought NBIS successful precocious 2025, the carnivore lawsuit wrote itself. Nebius was a freshly re-listed carve-out of Yandex, operating a humble information halfway with a fewer co-locations crossed Europe, and a lawsuit publication composed astir wholly of VC-backed AI natives and different small, unproven firms. No anchor customer. No endeavor counterparties worthy the name. A tiny but increasing fleet of Nvidia GPUs financed with currency the institution was burning faster than it was generating. And the elephant successful the country was that cipher had immoderate existent thought however the superior markets would dainty a Russian-adjacent carve-out asking them to underwrite a multi-gigawatt buildout. You had to squint to spot a business. What you could spot was a team, a postulation of bully assets arguably trading beneath liquidation value, and an execution-based timing window.

One twelvemonth later, the questions that defined that carnivore lawsuit person been answered successful sequence, and not 1 of them broke the incorrect way. Late successful 2025, NBIS added META to its lawsuit database with a ~$3B capacity-constrained contract. In March, that became a $27B five-year committedness successful 2 pieces: $12B of dedicated capableness connected 1 of the archetypal large-scale Vera Rubin deployments starting successful aboriginal 2027, and a further $15B successful which Meta commits to backstop Nebius’s uncommitted third-party capableness arsenic it comes online. That 2nd portion matters much than the header suggests, arsenic it turns Meta into a level purchaser for speculative builds and collapses request hazard connected capableness Nebius was already readying to scale. Combined with Microsoft, committed declaration worth present sits astatine astir $46B against a level that did $228M of gross successful Q4. The level thesis is scaling arsenic we speak, with AAA counterparties…” (Click present to work the afloat text)