🐋 NBIS $6M Net Debit — 18-Month LEAP Bull Call Spread Bets on AI-Neocloud Re-Rate to $350

📅 June 25, 2026 | 🔥 Unusual Activity Detected

---

🎯 The Quick Take

Someone just structured a ≈$6M net-debit LEAP bull call spread on Nebius Group (NBIS) — buying the January 2028 $250 calls and simultaneously selling the $350 calls, locking in a defined-risk bullish bet that NBIS trades above $350 eighteen months from now. This isn't a naked gamble; it's a precisely engineered position that limits max loss to the $6M net debit while targeting up to $30M in profit if the NVIDIA-backed AI neocloud continues its re-rate. With NBIS having just been added to the Nasdaq-100 on June 22, a ≈$47B contracted backlog with Microsoft and Meta, and Q1 revenue up 684% YoY, the bull case here is very real — but so is the dilution risk from the $20–25B capex build.

---

📊 Company Overview

Nebius Group N.V. (NBIS) is a Dutch-domiciled AI cloud infrastructure company — think of it as the GPU-as-a-service neocloud that NVIDIA decided to back with a $2B equity stake. It emerged from the international assets of the former Yandex N.V. and has since transformed into one of the fastest-growing AI infrastructure platforms in the world.

• Market Cap: ≈$71B
• Sector: AI Cloud Infrastructure / Data Centers (neocloud)
• Current Price: $273.60 (June 25, 2026)
• 52-Week Range: $43.89 – $299.86 (a ≈6x move off the low)

What Nebius actually does:

• 🤖 Nebius AI Cloud — full-stack GPU compute and GPU-as-a-service, plus the "Nebius Token Factory" inference layer. This is ≈98% of revenue.
• 🚗 Avride — autonomous vehicles and delivery robots (still scaling, EBITDA-negative)
• 📚 TripleTen — edtech / tech-career reskilling platform
• 🔗 Equity stakes in ClickHouse and Toloka (AI data-labeling)

The NVIDIA relationship is central: NVIDIA holds a ≈$2B equity stake (taken in 2026), which anchors GPU supply access and gives Nebius a key structural advantage in the hyperscaler GPU arms race. Closest peer: CoreWeave (CRWV).

---

💰 The Option Flow Breakdown

📊 The Tape (June 25, 2026 @ 14:01:20 ET) — 🔁 Multi-Leg Auction

Two legs, same second. This is a facilitated multi-leg auction — a worked complex order executed through a price-improvement auction on the exchange, not a lit sweep and not a block cross. The equity tape showed no paired stock block, confirming this is a genuine options-only directional structure.

Structure: Bull Call Spread (Long $250 Call / Short $350 Call)

• 💸 Long leg paid: $42M gross ($140.79 × 3,000 contracts × 100 shares)
• 💚 Short leg collected: $36M gross ($119.49 × 3,000 contracts × 100 shares)
• 🎯 Net debit (capital at risk): ≈$6M ($42M − $36M)
• 🏆 Max profit: ≈$30M if NBIS ≥ $350 at January 21, 2028 expiry
  • Math: ($350 − $250) × 3,000 × 100 = $30,000,000
• 📉 Max loss: ≈$6M net debit (if NBIS is below $250 at expiry — the entire spread expires worthless)
• 📈 Breakeven at expiry: ≈$270 ($250 strike + $20 net debit per spread)
• ⏳ Time horizon: ≈18 months (January 21, 2028 LEAP expiration)

---

✅ RESOLVED — Next-Day OPRA OI Confirms the Bull Call Spread OPENED

The June 26 pre-market OPRA snapshot (reflecting June 25 end-of-day) is in. Open interest ROSE on both legs — confirming this as a newly-OPENED bull call spread (BTO the $250, STO the $350), NOT a close. The "if opening" framing below is the correct one.

Leg	Baseline OI (pre-print)	Resolving OI (next-day)	Δ	Trade Size	Verdict
$250 call (Jan 2028) — BUY	10,815	15,824	+5,009	3,000	✅ OPEN (BTO)
$350 call (Jan 2028) — SELL	12,290	17,336	+5,046	3,000	✅ OPEN (STO)

Both legs added MORE open interest than the 3,000-contract print (the strikes saw additional same-day adds beyond this block), so there is zero ambiguity: this is fresh opening flow, not an unwind. The bullish LEAP call-spread thesis below holds — no inversion.

---

🤓 What This Actually Means — Plain English

Let's break down exactly what a bull call spread is and why someone would use it instead of just buying calls outright.

The basic idea:

Imagine you're bullish on NBIS and want to bet it goes from $258 to $350 over the next 18 months. You could just buy the $250 calls outright — but at $140.79 per share, that's $42M in pure premium. If NBIS goes sideways or dips even a little, you burn through that entire $42M even if you're ultimately right.

The bull call spread is smarter. You buy the $250 calls (your upside exposure) and simultaneously sell the $350 calls (your upper cap). The $350 calls you sell bring in $36M, dramatically reducing your cost basis. Now your net cost is only ≈$6M — that's your total capital at risk, no matter what.

The trade-off: Your profit is capped at $350. If NBIS rockets to $500, you don't make more than $30M on this spread. But you only need to be "right enough" — NBIS at or above $350 at January 2028 expiry nets the full $30M from a $6M outlay. That's a 5-to-1 payoff if the thesis plays out.

Why the $250 / $350 strike selection makes sense:

• The $250 long call is ≈at-the-money relative to the trade-time spot of $258.50 — capturing maximum delta, which means the position moves almost dollar-for-dollar with NBIS in the near term.
• The $350 short call is ≈35% above spot — the trader is saying "I believe NBIS reaches $350 by January 2028, but I don't need to bet on it going higher than that."
• Breakeven is $270 — just a ≈4.5% move above trade-time spot. Even modest appreciation starts this spread moving into profit.

What this is NOT:

• This is not a block cross with a known counterparty on the other side. The tape identified this as a multi-leg auction — a facilitated price-improvement order where the exchange ran a competitive auction to fill both legs simultaneously. That's a "worked" institutional order, not emergency buying or a negotiated bilateral deal.
• This is not a financing trade or delta-neutral package. The equity tape showed no paired stock block — so this is a genuine directional options-only bet, not a conversion or synthetic structure.

The inferred intent (if this is an opening position): An 18-month defined-risk bet on the AI-neocloud buildout continuing. The trader appears to believe NBIS will re-rate meaningfully higher as its ≈$47B contracted backlog (Microsoft + Meta) converts to revenue, its AI-cloud ARR compounds, and Nasdaq-100 index funds continue buying the stock. The spread caps cost and defines risk while preserving the full upside to $350. Honest offset: dilution from the $4.3B converts and NVIDIA stake remains a live risk to that thesis.

---

📈 Technical Setup / Chart Check-Up

YTD Performance

NBIS has been on an absolute tear — a ≈6x move off its 52-week low of $43.89, now trading near $273.60 against a high of $299.86. The stock's trajectory reflects the March 2026 catalyst double-whammy: the Microsoft deal ($17–19B) and the $27B Meta partnership announced the same week. The most recent leg higher was the Nasdaq-100 inclusion effective June 22, which sent shares up ≈8.9% pre-market on the news. The stock is now consolidating just below its 52-week high.

Key chart observations:

• 🚀 Explosive re-rating: This is not a slow grind — it's a fundamental re-valuation as hyperscaler deals converted a small-cap into a ≈$71B AI infrastructure pure-play
• 📈 Nasdaq-100 inclusion tailwind: Passive index fund buying creates structural demand from all QQQ-tracking ETFs going forward
• 🎢 High volatility neocloud: This is not a steady-state utility; it's a high-beta AI infrastructure play that can swing 10%+ on a single news item
• 👀 Key test: Whether NBIS can sustainably hold above the $250 level that the bull spread buyer chose as their long-leg strike

---

Gamma-Based Support & Resistance

The gamma exposure chart tells a clear story for near-term price action:

🔵 Support — $250 (Moderate)

The $250 strike carries the largest total gamma concentration visible in the data, with meaningful put gamma creating a cushion. For context, this is the exact strike where our bull call spread buyer anchored their long leg — not a coincidence. Market makers holding significant positions at $250 will buy dips toward that level to delta-hedge, creating natural support. This is the line-in-the-sand below the current price.

• At $258.50 trade-time spot (and $255–273 current range), the $250 support is ≈2% below. A dip toward $250 historically attracts buying from multiple sources — gamma hedgers, the spread buyer's long call benefiting from gamma at that strike, and likely new entrants who missed the initial run.

🟠 Resistance — $270 (Moderate)

The $270 strike shows balanced but notable total gamma, with call gamma creating a natural cap for short-term rallies. NBIS has been trading in the $255–273 zone recently, which puts it right in the middle of the $250 support / $270 resistance band.

• Breaking and closing above $270 on volume would be a constructive technical signal — it would mean NBIS is above both the gamma resistance and the near-term consolidation range, potentially opening a path toward the $280–285 zone.

What this means practically: NBIS is pinned between $250 support and $270 resistance near-term. The bull call spread buyer has an 18-month horizon, so short-term pinning doesn't hurt them — but for retail traders looking at nearer expirations, this range is important.

---

Implied Move Analysis

The options market is pricing in significant volatility at every timeframe — which makes sense for a high-growth neocloud that's earnings into its biggest revenue ramp in company history:

Translation for regular folks:

The market is pricing a massive ±28% range ($184–$326) for the July monthly expiration alone — which captures Q2 earnings expected in early-to-late August 2026. By the September triple witch, the implied range blows out to ±57%, reflecting just how much binary event risk is packed into Q2 earnings, the Vera Rubin product launch, and the power build milestones.

The bull call spread expires in January 2028 — well beyond all these timeframes. The options market's implied move cone for a year-plus horizon suggests the market genuinely believes NBIS could be anywhere from near zero to $545+ in 12 months, which is the nature of high-growth neocloud stocks at this stage of the AI capex cycle. The $350 target the spread buyer chose sits comfortably within the long-dated implied range.

Key insight for the spread structure: The very wide implied moves are exactly WHY the spread buyer sold the $350 calls against their $250 long calls. With implied volatility this high, that $350 call was worth a full $119.49 — generating $36M in premium to offset the $42M cost of the long leg. A naked long call would have cost $42M; the spread brought that down to $6M by harvesting the richness of the upper-strike implied vol.

---

🎪 Catalysts

🔥 Recent Catalysts (Already Happened)

Nasdaq-100 Inclusion — June 22, 2026 📈

NBIS was added to the Nasdaq-100 effective June 22, 2026, triggering mandatory buying from all QQQ-tracking ETFs and funds. Shares jumped ≈8.9% pre-market on the inclusion. This is a structural demand catalyst — every dollar flowing into QQQ now includes a proportional NBIS allocation.

Q1 2026 Earnings — May 13, 2026 💰

Group revenue $399M, up 684% YoY and +75% QoQ — beat consensus. Nebius AI Cloud revenue ≈$390M, up 841% YoY, with core AI-cloud ARR hitting ≈$1.9B (+54% QoQ). Capacity reported sold out. 2026 guidance reiterated at $7–9B annualized run-rate. Capex raised to $20–25B (from $16–20B) to fund 2027 capacity.

Meta — $27B, 5-Year Partnership — March 16, 2026 🤝

Nebius signed a $27B five-year AI infrastructure agreement with Meta, with ≈$12B of dedicated capacity on the NVIDIA Vera Rubin platform from early 2027 and up to ≈$15B more if capacity isn't sold elsewhere. Stock jumped ≈14% on the news.

Microsoft — $17.4B (Up to $19.4B) Contract 🏢

A five-year GPU/Azure capacity deal with Microsoft anchors the backlog alongside Meta. Together these two deals give Nebius a ≈$47B contracted revenue foundation.

NVIDIA — ≈$2B Equity Investment 🤖

NVIDIA's direct equity stake reinforces the supply relationship and signals NVIDIA's confidence in Nebius as a key neocloud channel partner.

---

🚀 Upcoming Catalysts (Next 6 Months)

Q2 2026 Earnings — Estimated Early-to-Late August 2026 📊

This is the single most important near-term catalyst. Q2 earnings are expected sometime in August 2026 — the official date has not been confirmed by Nebius IR, so verify there before making plans.

Key metrics to watch: AI-cloud ARR trajectory toward the $7–9B run-rate; capex spending vs. the $20–25B guide; progress toward the 800 MW–1 GW connected power target; EBITDA margin vs. the ≈40% guide; any new hyperscaler announcements. A beat + raised guidance could be a major stock catalyst.

NVIDIA Vera Rubin NVL72 Availability — H2 2026 🔬

Nebius has committed to offering the NVIDIA Vera Rubin NVL72 in both the US and Europe from H2 2026. Vera Rubin is NVIDIA's next-generation architecture — Nebius being among the first to offer it is a product differentiation catalyst that could unlock new enterprise and hyperscaler contracts.

Connected-Power Milestone — By End-2026 ⚡

Nebius has targeted 800 MW–1 GW of connected power by year-end 2026, with >2.5 GW contracted. Progress updates will come via quarterly reporting and press releases. Hitting these power targets is essential to converting the contracted backlog to actual revenue.

UK Infrastructure Commitment — June 8, 2026 (Already Announced, Ramping) 🌍

Nebius pledged £1.7B (≈$2.26B) in UK infrastructure and signed a 10-year, 22 MW lease at Kao Data's Harlow campus, with UK capacity reaching 65 MW when fully ramped in 2027. Ramp updates across H2 2026 will be monitored by investors.

Finland AI Factory — 310 MW, First Capacity 2027 🏭

Nebius is constructing a 310 MW AI factory in Lappeenranta, Finland — first capacity expected in 2027. Construction milestones across H2 2026 could be incremental catalysts.

---

🎲 Price Targets & Probabilities

Using gamma levels, implied move data, catalysts, and the spread structure:

📈 Bull Case — NBIS ≥ $350 by January 2028 (Spread Fully Pays)

Target: $350+ (≈35% above trade-time spot)

How we get there:

• ✅ Q2 earnings beat in August 2026, ARR trajectory confirmed toward $7–9B run-rate
• ✅ NVIDIA Vera Rubin availability H2 2026 unlocks new contracts and upsell
• ✅ Connected power hits 800 MW–1 GW by year-end 2026 on schedule
• ✅ Nasdaq-100 inclusion drives sustained passive fund buying
• ✅ Possible new hyperscaler or enterprise contracts announced (management signals capacity is sold out)
• 📈 Break above $270 gamma resistance opens path to $280–$285, then toward $300 (52-week high is $299.86)
• 📈 Sustained execution through 2027 capacity deliveries (Meta, Finland, UK) drives further re-rating

Spread payoff at $350: Full $30M max profit on $6M net debit = 5× return

🎯 Base Case — NBIS $270–$320 by January 2028 (Partial Profit)

Most likely scenario:

• 📊 Solid Q2 earnings, ARR tracking but below the high-end of guidance
• ⚖️ Power build on schedule but some execution uncertainty in 2027 ramp
• 🔄 Stock grinds higher but faces overhead resistance at $280–$285 (near 52-week high territory)
• 💸 Dilution from additional capital raises in 2026–2027 acts as a modest drag on per-share value
• 📈 Nasdaq-100 passive buying provides a structural floor on dips

Spread payoff in this range: Positive but below max. At $300, spread worth ≈$15M on a $6M cost = ≈2.5× return.

📉 Bear Case — NBIS Below $270 by January 2028 (Spread Loses Value / Expires Worthless Below $250)

What could go wrong:

• 😰 Power/build delays push 2027 capacity delivery into 2028+ — revenue ramp slows
• 💸 Additional dilutive capital raises beyond the $4.3B converts
• ❗ Microsoft or Meta renegotiate / scale back commitments
• 🔻 AI-capex cycle slows; hyperscalers cut spending in 2027
• ⚠️ NVIDIA "circular financing" dynamic disrupted — NVDA stock or GPU economics change materially
• 📉 Break below $250 gamma support could accelerate a drawdown toward $230–$240

Spread payoff if NBIS below $250 at Jan 2028 expiry: $0 — entire $6M net debit is lost. Spread value starts recovering between $250 and $270 (breakeven).

---

💡 Trading Ideas for Different Risk Levels

🛡️ Conservative: Watch the Levels, Enter on Confirmation

Strategy: Wait for NBIS to hold $250 support and close decisively above $270 gamma resistance before considering any new long-side positioning.

Why this works: The gamma data shows $250 as moderate support and $270 as moderate resistance. A confirmed break above $270 with volume would suggest the Nasdaq-100 inclusion buyers are absorbing overhead supply. That confirmation gives you a better risk-defined entry.

Entry: Stock close above $272–$275 with at least 2 sessions of follow-through. Near-term stop: Close below $248 (gamma support lost). Vehicle: Long stock or deep-ITM LEAP call (Jan 2028 $200 call, high delta) for less time-decay risk. Skill level: Intermediate. Good for the entry-level investor who wants NBIS exposure without complex options mechanics.

---

⚖️ Balanced: Mini Bull Call Spread (Copy the Institutional Structure, Scaled Down)

Strategy: Replicate the institutional trade structure at 1/100th the size.

Structure example (scale to your risk tolerance):

• Buy 1 NBIS Jan 2028 $250 Call
• Sell 1 NBIS Jan 2028 $350 Call
• Expected net debit: ≈$20–22 per spread (≈$2,000–$2,200 total)
• Max profit: $100 per spread ($350–$250 strike width) = $10,000
• Max loss: The $2,000–$2,200 net debit
• Breakeven: ≈$270–$272 at expiry

Why this works: You're putting up roughly $2K to potentially make $10K if NBIS hits $350 by January 2028. Your downside is strictly limited — the short $350 call caps your cost and defines your max loss. You have 18 months of runway across multiple catalysts (Q2 earnings, Vera Rubin, power milestones).

Risk: If NBIS stays below $250 for 18 months — possible if AI capex cycle turns — you lose the entire debit. Not suitable for money you can't afford to lose. Skill level: Intermediate — suitable for swing traders comfortable with LEAP spreads.

---

🚀 Aggressive: Shorter-Dated Call Spreads Around Catalysts

Strategy: Capture individual catalyst moves with shorter-dated spreads before rolling into a longer position.

Q2 Earnings play (August 2026 — ≈8 weeks away):

• Structure: NBIS September 19 $270/$300 call spread
• Why: Q2 earnings in August are the next major binary event. Implied move is ±27.9% to the July OPEX (upper range $326); by September OPEX, ±57.3% (upper $401). A strong Q2 beat could push NBIS through $270 resistance toward $300+.
• Expected cost: Estimate $8–12 net debit per spread (verify live pricing)
• Max profit: $30 per spread if NBIS ≥ $300 at September expiry
• Risk: Full debit if NBIS stays below $270

CRITICAL WARNING: Shorter-dated spreads have a much higher probability of expiring worthless than the institutional 18-month LEAP spread. The ±57% September implied move is a double-edged sword — NBIS could just as easily be at $200 as $400. Only risk what you can afford to lose in full, and close the position quickly if earnings disappoint.

Skill level: Advanced. Understand IV crush mechanics and earnings binary risk before attempting.

---

👥 The 4-Investor Read

1. 🎰 YOLO Trader: The institutional spread cost $6M — you can scale this down to a 1-lot and spend about $2,000 on the Jan 2028 $250/$350 call spread. Max loss is your $2K debit, max win is ≈$10K. That's your playground — 18 months to be right, ≈5:1 max payout. Not for money you need, but a defined-risk way to bet on the AI-neocloud bull case without risking more than your debit.

2. 📈 Swing Trader: Mark your calendar: Q2 earnings in August 2026 is the next major inflection. The options market is pricing ±28% for the July OPEX and ±57% for September. That's a tradeable event. Consider a smaller call spread (NBIS Sep $270/$300) after the official earnings date is confirmed, with a plan to close within 48 hours of the print. Don't overstay — IV crush post-earnings can destroy spread value even on a beat if the move isn't big enough.

3. 💰 Premium Collector: This trade is not for you on the same strikes — selling NBIS calls at current implied vol levels is a high-volatility, high-risk proposition. If you're determined to collect premium on NBIS, look at selling cash-secured puts at $230–$240 (well below both the $250 gamma support and the trade-time spot of $258.50), giving yourself a significant buffer. The Moderate support at $250 and the quarterly implied range floor of $108 remind you this stock can move violently in both directions.

4. 🌱 Entry-Level Investor Just Getting Started: The institutional player here put up only $6M to control a position with $30M of upside — that's the power of a defined-risk spread. You can do the same thing on a tiny scale. But let's be real: NBIS is a high-volatility, high-growth AI neocloud that trades like a rocket ship. Before buying any options, consider whether you're comfortable owning the stock itself. If the story (NVIDIA-backed, Microsoft + Meta deals, 684% revenue growth) resonates with you as a long-term investor, start with a small stock position or a fractional share. Options add leverage on top of already-high volatility — let the story prove itself through Q2 earnings first.

---

⚠️ Risk Factors

Don't let the excitement of the $47B backlog headline make you forget these are real risks:

• 💸 Dilution is structural. The $20–25B 2026 capex guide vastly exceeds current ARR and is being funded by $4.3B in convertible notes plus the NVIDIA stake, with more raises likely. Every convert and equity raise dilutes existing shareholders. The bull spread thesis requires the stock to go up even as the share count grows.

• 🏗️ Execution risk on the build. Revenue depends on bringing 1.2 GW (Pennsylvania) + Finland + UK online on schedule — mostly 2027 deliveries. Construction delays, power grid issues, and GPU delivery slippage directly defer revenue. Missing any major power milestone would reprice the stock.

• 🤝 Customer concentration. Microsoft ($17–19B) and Meta ($27B) dominate the backlog. These are two customers. Renegotiation, build delays on their end, or a shift in AI infrastructure spending philosophy at either company would be material to NBIS.

• 📉 Even a well-structured LEAP still loses time value. The $6M net debit on this spread is the max loss. But for a retail trader, $2,000 in a scaled-down version is still 100% at risk if NBIS is below $250 at the January 2028 expiry — 18 months of being right about the direction but wrong about the timing still produces a full loss.

• 🎢 NBIS is a high-volatility neocloud. The stock went from $43.89 to near $300 in 12 months. It can also go the other way fast. The implied move cone shows the market is genuinely pricing a scenario where NBIS is in the low hundreds by September 2026. If the AI-capex cycle turns or NVIDIA's "circular financing" dynamic unwinds, neoclouds trade at a major discount.

• ✅ OI status RESOLVED. Next-day OPRA OI ROSE on both legs ($250 call 10,815 → 15,824; $350 call 12,290 → 17,336), confirming a fresh OPENED bull call spread. The directional interpretation holds — no inversion.

---

🎯 The Bottom Line

Here's the deal: Someone walked up to the options market and built an 18-month defined-risk bullish bet on one of the hottest AI infrastructure plays on the market — NVIDIA-backed, Nasdaq-100 member, $47B contracted backlog, 684% YoY revenue growth. They paid $6M net to potentially collect $30M if NBIS reaches $350 by January 2028 — a 5-to-1 payoff on a stock that's already gone 6x in 12 months.

The bull call spread structure is the key insight here. This is NOT reckless naked speculation. The trader capped their risk at $6M precisely because the upside story on NBIS is real but the dilution overhang and execution risk are also real. Defined risk is how professionals play high-conviction but high-uncertainty names.

If you're already long NBIS:

• ✅ This institutional spread at $250/$350 tells you smart money sees the $350 target as achievable by January 2028 — that's bullish confirmation on the existing thesis
• 📊 Watch $250 as your key support level — it's both the gamma floor AND the long strike of this spread
• ⏰ Q2 earnings in August is the next major catalyst; confirm the AI-cloud ARR trajectory before adding

If you're watching from the sidelines:

• 👀 A pullback toward $250–$255 (the long strike and moderate support) would represent a historically attractive entry with defined technical support below
• 🎯 The $270 gamma resistance is your near-term bull signal — a clean break above that on volume opens the next leg toward $280–$285
• ✅ June 26 pre-market OI confirmed this was an OPENING bull call spread (both legs added OI) — full directional conviction warranted

Mark your calendar:

• 📅 June 26, pre-market (≈06:30 ET) — ✅ RESOLVED: OPRA OI rose on both legs ($250 call +5,009, $350 call +5,046) confirming a fresh OPENED bull call spread
• 📅 August 2026 (exact date TBD) — Q2 2026 earnings — verify on Nebius IR
• 📅 H2 2026 — NVIDIA Vera Rubin NVL72 availability in US and Europe via Nebius AI Cloud
• 📅 End-2026 — 800 MW–1 GW connected power milestone
• 📅 January 21, 2028 — LEAP bull call spread expiration

Final verdict: The AI-neocloud buildout thesis is intact and this spread is one of the cleaner ways to express it — defined risk, 18-month runway, and a 5:1 max payoff if NBIS executes. The dilution and execution risks are real but the catalysts ahead (Vera Rubin, Q2 earnings, power milestones, possible new contracts) could each move this stock materially. The OI check is in: ✅ both legs ADDED open interest — a confirmed OPEN — so the directional read holds.

This is a marathon bet, not a sprint. The AI infrastructure race is playing out over years, not weeks. 💪

---

Disclaimer: Options trading involves substantial risk of loss and is not suitable for all investors. This analysis is for educational purposes only and is not financial advice. Past performance does not guarantee future results. The open/close status of the trades described above has been ✅ confirmed via next-day OPRA OI (both legs opened — a fresh bull call spread). The net debit cited (≈$6M) represents the estimated capital at risk for the institutional-sized position described; retail-scaled positions will vary. NBIS is a high-volatility stock; implied moves of ±57% over 85 days indicate extreme uncertainty. Always do your own research and consider consulting a licensed financial advisor before trading.

---

About Nebius Group N.V.: Nebius Group N.V. is a Dutch-domiciled AI cloud infrastructure company (GPU-as-a-service neocloud) with NVIDIA equity backing and a ≈$47B contracted backlog anchored by Microsoft and Meta. Q1 2026 group revenue was $399M (+684% YoY). Market cap ≈$71B. Added to the Nasdaq-100 on June 22, 2026.

---

Last updated: June 26, 2026 — morning OI check confirmed BOTH legs OPENED: $250 call OI 10,815 → 15,824 (Δ +5,009) and $350 call OI 12,290 → 17,336 (Δ +5,046). A fresh bull call spread; no inversion — the bullish thesis holds.