Key Takeaways
- Meta’s 2026 capex budget reaches $115B–$135B, marking approximately 74% growth year-over-year
- The tech giant will purchase “millions of Nvidia Blackwell and Rubin GPUs” and deploy them via Nvidia’s cloud infrastructure partners, which includes Nebius
- Nebius has secured a $3B agreement with Meta alongside a $19B+ arrangement with Microsoft, creating a backlog exceeding $20B
- Analysts project revenue will surge from $530M in 2025 to $3.4B in 2026
- BWS Financial maintained its Buy recommendation with a $130 target price as of Feb 17, 2026
Meta Platforms recently unveiled eye-popping investment plans: between $115 billion and $135 billion allocated for capital expenditure throughout 2026. At the midpoint, this represents a remarkable 74% increase versus the previous year.
The social media giant intends to direct substantial funds toward Nvidia’s latest GPU offerings — notably Blackwell and Rubin processors, alongside Arm-based Grace CPUs. Meta has publicly stated these chips will be deployed through Nvidia’s established cloud partner ecosystem.
Nebius operates as a key member of that partner network.
This neocloud provider delivers on-demand GPU access — encompassing H100, H200, and Blackwell configurations — through flexible hourly rental arrangements. Additionally, the company maintains a proprietary software infrastructure enabling clients to execute AI workloads via token-based payment models.
Meta represents more than just a prospective client. The company already maintains an active commercial relationship with Nebius. Last November, Meta signed a five-year agreement valued at $3 billion. This partnership appears poised for expansion as Meta accelerates its artificial intelligence infrastructure initiatives.
Beyond Meta, Nebius has secured Microsoft as another anchor client through a five-year contract exceeding $19 billion in value. Together, these commitments push the company’s total backlog past $20 billion — a figure likely to increase as technology leaders continue aggressive AI investments.
Wall Street Perspectives
BWS Financial reaffirmed its Buy stance on NBIS shares on February 17, 2026, maintaining a $130 price objective.
Morgan Stanley held its Hold position on February 13, keeping its target unchanged at $126. During the company’s Q4 2025 earnings discussion, analyst Josh Baer questioned executives about their proprietary software platform and how frequently it’s paired with compute offerings.
Management’s response was unambiguous: every AI cloud client utilizes Nebius software, resulting in a 100% attachment rate. The metric speaks for itself.
The company’s CFO communicated optimism about achieving their 40% margin objective, noting that robust demand across AI cloud services would compensate for underperformance in ancillary business units.
2026 Revenue Projections
Wall Street analysts anticipate Nebius revenue will skyrocket from $530 million in 2025 to approximately $3.4 billion throughout 2026. While the increase appears dramatic, the existing contract backlog lends credibility to these forecasts.
The organization plans significant infrastructure expansion, growing from 7 data center locations in 2025 to 16 facilities by the conclusion of 2026.
Regarding power infrastructure, Nebius is working toward 800 megawatts to 1 gigawatt of operational data center capacity before year-end, representing substantial growth from 170 MW recorded at 2025’s close.
NBIS shares have already appreciated roughly 140% throughout the past twelve months, trading at $97.80 on February 20, 2026, within a 52-week trading range spanning $18.31 to $141.10.
The company’s current market capitalization sits at $25 billion.
