Nebius Shares Jump as Former OpenAI Employee's Fund Buys Stake

Nebius Shares Jump as Former OpenAI Employee's Fund Buys Stake

Nebius Group's (NASDAQ:NBIS) shares climbed 6.4% on Thursday after a fund run by former OpenAI employee Leopold Aschenbrenner disclosed a stake in the AI infrastructure firm. The stock hit its highest in two weeks after the fund, named Situational Awareness, disclosed that it owned 12.41 million shares, representing a roughly 5% stake worth $2.6 billion as of Wednesday.

Vote of Confidence in AI Infrastructure

The stake makes Situational Awareness the biggest shareholder of Amsterdam-based Nebius and marks a vote of confidence in the company as a key player in the AI infrastructure race. Nebius, which was on investors' radar during the early stages of the AI boom, has quickly captured the market's attention. Its shares have risen more than 162% so far in 2026.

Financial Performance and Growth Strategy

Earlier this month, Nebius reported a nearly eightfold rise in quarterly revenue. The company has also been expanding through acquisitions: it announced a $643 million purchase of Eigen AI in May and an AI infrastructure supply agreement with Meta (META) in March.

Analyst Views and Future Outlook

However, with the stock trading at a rich valuation, the bar for further gains may be higher. D.A. Davidson analyst Gil Luria rated the stock "neutral" and said shares may see limited gains in the near term. Still, insatiable demand for AI computing power could boost Nebius, while investors searching for the next wave of AI winners could also flock to the company.

Situational Awareness managed $13.67 billion as of March 31, representing 148% growth from the end of 2025. Aschenbrenner was previously part of the "Superalignment" team at OpenAI.