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Summary by Grok below:

Goldman Sachs Research Update on Nebius Group (NBIS)

Date: 24 August 2026

Analysts: Alexander Duval, Anant Jakhar, Ayo Odunaiya

Rating & Price Target
• Rating: Reiterate Buy
• New 12-month Price Target: $328 (raised from $286)
• Price at time of report (21 Aug 2026 close): $219.13
• Implied upside: +49.7%

Key Drivers Behind the Upgrade

Goldman raised its estimates and target based on four main points:

1. Strong demand & robust pricing
   • Four landmark billion-dollar contracts won in Q2 (all competitive wins against incumbents).
   • Deals closed at >$20m/MW with sub-2-year paybacks (contribute from late Q4).
   • Shorter-duration (up to 6-mont

ALP just filed a 6-K. Two investors exercised put options from the 2025 placement. The company is repurchasing about 1.196 million shares and 634 thousand warrants in exchange for returning their original TON and USDC tokens.

Roughly 5 percent reduction in shares outstanding. Cleaner cap table, less overhang, and a nice ownership boost for the rest of us.

Positive de-dilution move as ALP focuses on compute. Bullish cleanup.

Sovereign AI has emerged as a major strategic priority for governments worldwide, driven by concerns over data residency, national security, export controls on advanced chips/models, and reduced reliance on dominant U.S./Chinese hyperscalers.

National Asset and Government Investment:

Multiple sources describe AI infrastructure as a “strategic national asset” comparable to energy, semiconductors, or defense tech. Governments like Canada, UK, UAE, EU nations, and Japan are launching dedicated sovereign AI strategies, funds like the UK £500M Sovereign AI Fund, and public compute programs, often acting as anchor customers.

Export Controls Driving Demand:

U.S. and allied restricti

Sovereign AI has emerged as a major strategic priority for governments worldwide, driven by concerns over data residency, national security, export controls on advanced chips/models, and reduced reliance on dominant U.S./Chinese hyperscalers.

National Asset and Government Investment:

Multiple sources describe AI infrastructure as a “strategic national asset” comparable to energy, semiconductors, or defense tech. Governments like Canada, UK, UAE, EU nations, and Japan are launching dedicated sovereign AI strategies, funds like the UK £500M Sovereign AI Fund, and public compute programs, often acting as anchor customers.

Export Controls Driving Demand:

U.S. and allied restricti

Sovereign AI has emerged as a major strategic priority for governments worldwide, driven by concerns over data residency, national security, export controls on advanced chips/models, and reduced reliance on dominant U.S./Chinese hyperscalers.

National Asset and Government Investment:

Multiple sources describe AI infrastructure as a “strategic national asset” comparable to energy, semiconductors, or defense tech. Governments like Canada, UK, UAE, EU nations, and Japan are launching dedicated sovereign AI strategies, funds like the UK £500M Sovereign AI Fund, and public compute programs, often acting as anchor customers.

Export Controls Driving Demand:

U.S. and allied restricti

Sovereign AI has emerged as a major strategic priority for governments worldwide, driven by concerns over data residency, national security, export controls on advanced chips/models, and reduced reliance on dominant U.S./Chinese hyperscalers.

National Asset and Government Investment:

Multiple sources describe AI infrastructure as a “strategic national asset” comparable to energy, semiconductors, or defense tech. Governments like Canada, UK, UAE, EU nations, and Japan are launching dedicated sovereign AI strategies, funds like the UK £500M Sovereign AI Fund, and public compute programs, often acting as anchor customers.

Export Controls Driving Demand:

U.S. and allied restricti

Sovereign AI has emerged as a major strategic priority for governments worldwide, driven by concerns over data residency, national security, export controls on advanced chips/models, and reduced reliance on dominant U.S./Chinese hyperscalers.

National Asset and Government Investment:

Multiple sources describe AI infrastructure as a “strategic national asset” comparable to energy, semiconductors, or defense tech. Governments like Canada, UK, UAE, EU nations, and Japan are launching dedicated sovereign AI strategies, funds like the UK £500M Sovereign AI Fund, and public compute programs, often acting as anchor customers.

Export Controls Driving Demand:

U.S. and allied restrictions

As you read the below, remind yourself this company has a current market cap of $6.4M…

🚀Revenue Ramp from $16.1M ARR AI Compute Contract:

The $32.2M two year deal with the an AI research lab is live on the ALPHA 01 cluster (504 B200 GPUs in Canada). Revenue recognition is active, supported by the $7.5M upfront payment and strong cash position of $10.2M.

🚀GAMEE Acquisition and Revenue Contribution:

The 60% controlling stake closed May 27, 2026, adding $4 to 6M annualized revenue with 56% YoY growth, 119M users and Telegram integration.

🚀ALPHA 02 Deployment (Sweden):

576 NVIDIA B300 GPUs at Equinix AtNorth, targeting go live in Q3 2026 (hydro powered).

🚀ALPHA 03 and ALPHA 04 Expansio