Ahead of Nebius Earnings, Here's What Barchart Data Says Comes Next for NBIS Stock

Nebius (NBIS) stock delivered blockbuster performance in the first half of 2026, but the derivative market data suggests it may not be out of juice just yet. 

NBIS is set to report its Q2 earnings on Aug. 12. Consensus is for the artificial intelligence (AI) infrastructure company to post a loss of $0.67 per share, more than 76% higher than last year. 

Despite a significant pullback since mid-June, Nebius shares are trading at more than 2x their price at the start of this year. 

Where Options Data Suggests Nebius Stock Is Headed

Options traders believe NBIS shares are strongly positioned to rally following the Q2 release, as reflected in the put-to-call ratio set at 0.60x currently. A reading below 1x is typically interpreted as a bullish skew. 

As for how high they could realistically fly in the near term, Barchart’s data pegs the upper price on the same options contracts at just north of $209, indicating potential for a more than 10% surge through the remainder of this week. 

That said, Nebius has recently tanked below its 20-day moving average (MA), indicating bears have taken back control for the near term. 

Why Expected Q2 Loss Doesn’t Deter Options Traders

Options traders seem to be treating the expected widening in NBIS’s net loss as a necessary feature of aggressive hyper-scaling rather than a structural flaw. 

In the capital-intensive artificial intelligence infrastructure buildout, heavy front-loaded capex is essential to secure high-density GPU clusters and expand global data center capacity. 

What derivative markets are likely anchored on instead is top-line acceleration. 

Wall Street expects Nebius to deliver roughly $573 million in Q2 revenue, which would represent a massive multi-fold increase on a year-over-year basis. 

All in all, backed by multi-billion-dollar long-term compute commitments from the likes of Meta (META) and Microsoft (MSFT), options pricing suggests Nebius shares are worth owning despite widening losses.

Wall Street Remains Bullish on Nebius

Note that Wall Street analysts haven’t thrown in the towel on NBIS stock either. 

According to Barchart, the consensus rating on Nebius remains at “Moderate Buy,” with the mean price target of nearly $247 indicating potential for a 30% rally from here.