Key Highlights
- Meta’s 2026 capital expenditure plan ranges from $115B to $135B, representing approximately 74% growth year-over-year
- The social media giant will purchase “millions of Nvidia Blackwell and Rubin GPUs” through Nvidia’s cloud partner ecosystem, which includes Nebius
- Nebius secured a $3B agreement with Meta alongside a $19B+ arrangement with Microsoft, creating a combined backlog exceeding $20B
- Wall Street analysts project revenue expansion from $530M in 2025 to $3.4B in 2026
- BWS Financial maintained its Buy recommendation with a $130 price objective on Feb 17, 2026
Meta Platforms recently announced a striking capital allocation figure: between $115 billion and $135 billion for 2026 infrastructure investments. The midpoint represents a 74% increase versus the prior year.
Meta plans to direct substantial resources toward acquiring Nvidia’s advanced GPU technology — particularly Blackwell and Rubin processors, alongside Arm-based Grace CPUs. The company confirmed these deployments will occur through Nvidia’s established cloud partner ecosystem.
Nebius holds a position within that partner network.
The neocloud provider delivers on-demand GPU infrastructure — spanning H100, H200, and Blackwell configurations — through flexible hourly rental arrangements. The company also operates a comprehensive software platform enabling customers to operate AI models via token-based consumption.
Meta already maintains an active commercial relationship with Nebius. In November 2025, Meta committed to a $3 billion, five-year agreement. This partnership appears poised for expansion as Meta accelerates its AI infrastructure development.
Nebius’ client roster also features Microsoft, secured through a five-year engagement valued above $19 billion. Together, these commitments push the company’s total backlog past $20 billion — a figure likely to expand as technology giants continue increasing infrastructure spending.
Wall Street Perspectives
BWS Financial confirmed its Buy stance on NBIS on February 17, 2026, setting a price objective at $130.
Morgan Stanley held its Hold recommendation on February 13, maintaining a $126 target. During the Q4 2025 earnings discussion, analyst Josh Baer questioned management regarding their software platform and the “attach rate” connecting software services to compute offerings.
Management provided clear metrics: every AI cloud customer utilizes Nebius software, resulting in a 100% attach rate. The figure demonstrates complete software adoption across the customer base.
The CFO conveyed optimism about achieving a 40% margin objective, noting that robust AI cloud demand would balance out underperformance in smaller business segments.
2026 Expansion Roadmap
Wall Street forecasts predict Nebius will grow revenue from $530 million in 2025 to approximately $3.4 billion in 2026. While ambitious, the existing backlog supports the trajectory.
The company intends to scale from 7 data center locations in 2025 to 16 facilities by December 2026.
Regarding power infrastructure, Nebius aims to operate between 800 megawatts and 1 gigawatt of active data center capacity by year-end, compared to 170 MW recorded at the conclusion of 2025.
NBIS stock has climbed approximately 140% over the trailing twelve months, currently trading at $97.80 as of February 20, 2026. The 52-week trading range spans from $18.31 to $141.10.
The company’s market capitalization currently reaches $25 billion.
