NEBIUS closed at $129.49, up 7.58%, after opening at $130.64 and trading between $122.62 and $136.87 on volume of approximately 24.61 million shares worth about $3.19 billion.
Unusual activity featured a $1.12 million long-dated call purchase and a $1.28 million net credit put spread, with both trades pointing to a constructive outlook on NEBIUS through 2027. The call buy targets the June 2027 $300 strike, while the put package, built from multiple out-of-the-money strikes, collects premium while capping downside tail risk. The overall flow reflects institutional willingness to pay for upside convexity while monetizing richly priced downside volatility.
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Options Indicators
NEBIUS currently has an implied volatility of 134.42%, and with an IV percentile of 89.24%, its option volatility sits in an elevated range where contracts are priced expensively relative to their own recent history. The IV/HV ratio of 1.20 also suggests implied volatility is running above realized volatility, indicating the market is embedding a meaningful premium for expected future movement. In this setup, option buyers are paying up for volatility exposure, while premium-selling structures or defined-risk spreads may offer a more efficient way to navigate the rich pricing environment. The Call/Put volume ratio is 1.23.
Large Trades
A cross-expiry put spread package with a net credit of $1.28 million was the largest featured trade, built from selling the March 19, 2027 $90 put while buying the January 15, 2027 $80 put and the March 19, 2027 $70 put, with all three legs out of the money versus the $129.49 spot reference. Because the structure contains both short puts and long puts, it is best read as a spread strategy rather than a simple directional put purchase, and the key size metric is the stated net credit of $1.28 million. Strategically, this looks like a premium-collecting downside structure with defined hedging characteristics: the trader is taking in premium from the higher-strike short put while using lower-strike long puts across two expiries to cap tail risk and shape downside exposure, suggesting a view that NBIS is unlikely to break materially lower toward those distant strikes over the relevant horizon.
A call purchase worth $1.12 million targeted the June 17, 2027 $300 call, with 1,300 contracts bought outright. This was a single-leg bullish options trade, and the strike sits far out of the money relative to the current $129.49 stock price, making it a high-convexity upside bet rather than a hedge. The buyer is paying premium for long-dated upside exposure and signaling expectations for a potentially large advance over time, with the trade offering leveraged participation if NBIS stages a substantial rally.
Overall, the large-trade flow points to a bullish tilt on NBIS. The most aggressive outright expression was the long-dated out-of-the-money call buy, while the put combination appears more consistent with premium collection and managed downside positioning than with outright bearish conviction. Taken together, the block activity suggests institutional traders are leaning constructive, with willingness to monetize downside fear at lower strikes while still seeking meaningful upside participation through long-dated calls.
Strategy Reference
Given the elevated implied volatility, traders seeking a lower assignment probability on the put side could consider selling an out-of-the-money put below the $90 level used in the large credit spread, while those wanting a defined-risk alternative may prefer a bull put spread using a short put strike near $100 and a long put strike near $80 to reduce margin requirements and cap downside exposure.