Nebius, the company that emerged after Yandex shed its Russian assets, has seen its stock climb from $14.29 to around $100 since trading resumed last October. The surge is driven by explosive AI market growth and new multi-billion dollar partnerships with Microsoft ($17.4B over 5 years) and Meta ($3B over 5 years). Revenue skyrocketed 462% in 2024 and is projected to keep growing fast as Nebius expands data capacity from 190 MW to 1 GW by 2026. While that's fueling optimism about hitting a $7-9B annualized revenue run rate by end-2026, the EBITDA is still negative but improving. Trading at 15x next year's sales, Nebius is aggressively priced but not out of line for the sector. If it delivers on its targets, the valuation could jump even higher, especially if more tech giants follow Microsoft and Meta's lead.