What Is Nebius (NBIS) and What Does Its Perpetual Price When Nasdaq Is Closed?

Nebius Group is the Amsterdam AI cloud company once called Yandex, and its Phemex perpetual has called the direction of the next Nasdaq open 8 times in 15 closed-market breaks since 28 May 2026. The weekend price shows where traders lean, and on this record it's a coin flip on where the stock opens.

The basis is the perp's 00:00 UTC close on the last shut day, about 13.5 hours before Nasdaq opens at 13:30 UTC. Across those 15 breaks the perp missed the opening gap by 3.28 points on average. The worst miss ran from 31 July to 3 August, when the perp rose 6.00% and the stock opened down 3.32%.

What Is Nebius and How Did Yandex Become an AI Cloud Company?

Nebius Group is a Dutch public company with its head office in Amsterdam, and its Class A shares trade on the Nasdaq Global Select Market under the ticker NBIS. Its annual report on Form 20-F for 2025 says the group completed the divestment of all its businesses in Russia in July 2024. Those businesses made up more than 95% of its revenues and assets at the time, and the company changed its name from Yandex to Nebius Group in August 2024.

Trading in the shares resumed on 21 October 2024 after the divestment closed, and that date is where the NBIS price series begins. Founder and CEO Arkady Volozh runs a group built around the Nebius AI cloud. The second-quarter release also consolidates the Avride autonomous-vehicle platform and the TripleTen edtech service, and it lists equity stakes in ClickHouse and Toloka.

On Phemex the stock trades as a USDT-settled perpetual that tracks the share price and never delivers a share, a different instrument from tokenized stocks that represent a share.

What Did the Nebius Palantir Partnership Do to NBIS Stock?

The Nebius Palantir partnership arrived on 8 September 2026 in a press release furnished on Form 6-K, which says Palantir "has named Nebius its preferred sovereign AI infrastructure partner". After an integration period Palantir will bring Nebius compute and inference endpoints inside its enterprise perimeter for eligible customers. The release names no dollar value and no capacity figure.

NBIS stock opened 3.73% above its 4 September close and finished the 8 September session at 243.88, up 7.73%, on 26,697,330 shares. That volume ran 1.73 times the median of the 251 Nasdaq sessions to 11 September. Then the move unwound, with closes of 240.35 and 228.11 before the Friday 11 September close of 224.55.

So the Palantir news didn't produce a weekly gain. On Nasdaq closes NBIS fell 0.81% from Friday 4 September to Friday 11 September. On perpetual closes over the same two Fridays the contract slipped 0.26%, level with the median of the 49 listed stock perpetuals on Phemex that printed a 12 September bar.

The partner's own numbers run through our guide to Palantir stock in 2026, from government contracts to its AI platform. For NBIS they matter here only as the reason for one busy Tuesday.

How Big Were Nebius Earnings in the Second Quarter of 2026?

Nebius earnings for the three months to 30 June 2026 show revenue of $582.3 million, up 454% from $105.1 million a year earlier. The figures come from the second-quarter release furnished on 12 August. Revenue for the half came to $981.3 million. Adjusted EBITDA swung to a profit of $236.2 million from a loss of $21.0 million.

The profit line runs the other way. Nebius lost $190.4 million from continuing operations in the second quarter, yet the half shows net income of $430.8 million. The difference is one line, a $780.6 million gain on the revaluation of equity securities that landed entirely in the first quarter, since the second-quarter column for that line is empty. Interest expense also climbed to $119.1 million in the quarter from $4.8 million a year earlier. Read the half-year profit without the quarter and you get the sign wrong.

Capex is the number that decides this stock. Nebius spent $5,657.4 million on property and equipment plus intangible assets in the second quarter against $510.6 million a year earlier. That's 9.7 times the quarter's revenue, and operating cash flow of $2,246.1 million covered under 40% of it.

Nebius had 271,855,218 shares outstanding at 30 June 2026, made up of 238,400,165 Class A and 33,455,053 Class B, with a further 50,185,726 Class A shares in treasury. Multiply the outstanding count by the 224.55 close of 11 September and the equity comes to roughly $61.0 billion, a figure that pairs a June share count with a September price.

How Does the NBIS Perpetual Work on Phemex?

NBIS-USDT listed on Phemex at 10:00 UTC on 28 May 2026 as a USDT-settled perpetual in which one contract equals one NBIS share. It carries 10x maximum leverage and settles funding every eight hours, at 00:00, 08:00 and 16:00 UTC. The contract has printed 108 daily bars from 28 May to 12 September without a gap, so it's a first listing and not a relisting under an old symbol.

Funding on this contract has never moved. Every 8-hour settlement from 27 May 08:00 UTC to 12 September 16:00 UTC printed exactly zero, 326 settlements in all, and the series starts 26 hours before the contract's listing time. A long carried across a weekend paid nothing in funding and a short collected nothing, which removes the clock that how funding rates work describes on a crypto contract.

A perpetual never expires, so no settlement date pulls it back to the stock. That missing expiry is the whole difference in how perpetual and quarterly futures settle. On NBIS it means the weekend price floats on nothing but the orders in the book until Nasdaq reopens.

What the NBIS Perpetual Called on 15 Closed-Market Breaks

Method: For each break since listing I took the last Nasdaq close, the perp's close at 00:00 UTC on the morning Nasdaq reopened and the next Nasdaq open. The stock's closes and opens come from Nasdaq's own historical feed, and the perp closes come from Phemex's daily bars. That 00:00 UTC close lands about 13.5 hours before the 13:30 UTC open, so the perp keeps trading through a full morning that this test ignores.

The perp matched the direction of the opening gap 8 times out of 15 and missed its size by 3.28 percentage points on average. Measured from the perp's own Friday close, the score rises to 9 in 15, which barely changes the verdict.

The weekend price also leaned long. The perp closed above the last Nasdaq close on 12 of the 15 breaks while the stock opened higher on only 8. Five of the seven misses were a perp that rose into a lower open.

The worst miss came across 31 July to 3 August, when the perp closed 6.00% above the Friday close of 190.41 and the stock opened at 184.085, down 3.32%. On the seven breaks where the perp moved 2% or more it called the direction five times, a sample far too small to trade on by itself.

Labor Day shows the limit. With Nasdaq shut on Monday 7 September, the perp gained 3.22% on that day's bar and closed 1.64% above the 4 September close at 00:00 UTC on 8 September. Nasdaq then opened 3.73% higher on the day Nebius furnished the Palantir release, so the perp got the direction right and missed more than half the size. The bar ranked fourth of the 49 listed stock perpetuals that day.

The perp closed its Saturday 12 September bar at 222.97, which is 0.70% below the Friday Nasdaq close of 224.55. That's a Saturday reading taken a day before the basis in the table, and an 8-in-15 record says little about the 14 September open.

What Nebius Stock Did Across 251 Nasdaq Sessions

Nebius stock closed at 224.55 on Friday 11 September 2026, a gain of 148.37% from the 90.41 close of 12 September 2025, across the 251 Nasdaq sessions ending 11 September. The low-to-high span over the same window runs far wider at 288.10%, from a closing low of 73.87 on 5 February 2026 to a closing high of 286.69 on 18 June. Those two numbers measure different things. The first is what you kept if you held from the start of the window, and the second is the widest distance the stock travelled.

Intraday prints stretch the range further, from 73.52 on 5 February to 299.86 on 22 June. At the 11 September close the stock stood 21.67% below its closing high.

The NBIS series starts on 21 October 2024, the day trading resumed. Any chart that runs further back splices Yandex-era prices onto a company that sold businesses making up more than 95% of its revenue in 2024.

What Does It Cost to Hold NBIS Futures Over a Weekend?

Funding costs nothing on this contract, so the cost of a weekend position is the gap. Across the 15 breaks the median opening gap was 3.62% in either direction, and at 10x leverage a 3.62% move against you equals 36.2% of the margin you posted. The largest gap in the sample was 8.44% on 15 June, and at the same leverage that equals 84.4% of posted margin.

Sizing for the gap you can't trade through is the core of risk management in derivatives trading. On NBIS the weekend drift has pointed the wrong way 7 times in 15.

What to watch: The Federal Open Market Committee meets on 15 and 16 September 2026 and publishes a Summary of Economic Projections. At its 29 July meeting it held the federal funds target range at 3-1/2 to 3-3/4 percent on a 9-3 vote, according to the Fed's 29 July statement. All three dissenters preferred to raise the range by a quarter point, and they were Beth Hammack, Neel Kashkari and Lorie Logan. NBIS-USDT carries 10x leverage into both Nasdaq sessions of that meeting.

Frequently Asked Questions

Who runs Nebius, and where is the company registered?

Arkady Volozh is founder and CEO, and the registered office sits at Schiphol Boulevard 165 in Schiphol, the Netherlands. The 20-F places the group's principal operations in Europe, the US and Israel.

How many Nebius shares were outstanding at the end of 2025?

The 20-F puts the count at 219,465,088 Class A and 33,551,883 Class B shares at 31 December 2025, a total of 253,016,971. Another 69,023,973 Class A shares sat in treasury on that date.

What index does the NBIS perpetual on Phemex price against?

Phemex prices NBIS-USDT on an index it publishes as .NBISUSDT and carries the mark price on .MNBISUSDT. The contract quotes in steps of 0.01 USDT and settles in USDT.

Is Nebius the same company that used to be Yandex?

It's the same legal entity running a different business. The Dutch holding company dates to June 2004 and kept its corporate shell through the rename, while the Russian businesses went to new owners in the divestment.

Bottom Line

The NBIS weekend perpetual works as a poll of bulls who pay nothing for their opinion, since funding has held at zero since 27 May. Nasdaq's open settles the vote, and on this contract's record the poll and the open disagree almost half the time. Size a weekend position for the gap you can't see coming, and treat the 00:00 UTC print as a mood reading taken 13.5 hours before the count.

Disclaimer: This article is for informational purposes only and is not financial advice. Cryptocurrency trading involves substantial risk. Always do your own research before making investment decisions.