NBIS Draws $46M Bullish Premium as Calls Stack Above Current Price
Options flow shows aggressive accumulation in near-term $245-$250 strikes following Palantir partnership news
Photo by Ruben Sukatendel on Unsplash
Nebius attracted $46.2M in net bullish premium today with call activity clustering near the $245-$250 strikes. Shares rose 6% on heavy volume.
The Flow
Nebius (NBIS) pulled in $46.2 million in net bullish premium today, with institutional traders stacking calls across the September and October expiration cycle. The heaviest activity landed on the $245 and $250 strikes, both sitting near the stock's current trading range.
Whale flow shows repeated hits on the September 11 $245 calls, with two separate clusters totaling roughly $120,000 in premium. The fills ascended on the second cluster, a pattern that typically signals a buyer willing to pay up rather than wait for a dip. A separate wave targeted the $250 calls expiring September 18 and October 2, adding another $110,000 to the call tape.
The positioning suggests traders expect shares to hold above current levels and potentially retest the $250 zone before month end.
Upside Bets Extend to October
Farther out, flow appeared on the October 16 $300 and $340 calls. The premiums were smaller, around $50,000 combined, but the structure matters. These are lottery tickets on a move toward the 52 week high near $300.
The $300 calls came in via ascending fills, meaning the buyer lifted through offers. The $340 calls showed descending fills, which reads more like a seller meeting bids. The contrast hints at two different participants or a single player spreading risk across strikes.
Still, the overall lean is unmistakably bullish. Call premium dominated the session.
Put Activity Stays Light
On the downside, a single $195 put expiring September 25 triggered a whale alert with around $10,000 in premium. That's noise relative to the call volume.
One longer dated put on the December 18 $120 strike showed descending fills worth $30,000. This reads as either a hedge against a core position or an outright sale. Either way, it doesn't shift the directional read.
Net premium impact of $46.2 million bullish is a heavy print for a name with Nebius's float. Traders are expressing conviction, not hedging.
The Catalyst
Shares traded up 6.4% today, ranging from $229 to nearly $255 on volume that ran almost double the daily average. The move followed news that Palantir and Nebius announced a strategic partnership on September 8, positioning Nebius as Palantir's preferred sovereign AI infrastructure provider.
The deal validates Nebius's cloud offering and opens access to government customers, a segment with sticky contracts and long procurement cycles. Institutions appear to be pricing in the revenue implications.
Nebius reported 454% revenue growth in its most recent quarter. Goldman Sachs raised its price target to $328 in late August, the highest on the Street.
What the Positioning Implies
The strike selection tells a story. The bulk of the premium landed at or slightly above the current price, with expirations clustered within six weeks. This is a momentum bet, not a long dated accumulation play.
Traders are betting the Palantir news keeps shares elevated through the September expiration cycle. The October $300 calls add a speculative layer, positioning for a run toward the highs if momentum sustains.
Gamma exposure (GEX) will become relevant if shares pin near $245 or $250 heading into Friday. Dealer hedging flows could amplify moves in either direction once those strikes attract open interest.
What to Watch
The September 11 expiration arrives Friday. Watch whether the $245 calls expire in the money or roll forward. A roll would signal continued conviction. Expiration without replacement suggests the trade was a tactical play on the Palantir headline.
The next material read comes when Nebius reports Q3 results, expected in early November. Until then, the tape belongs to options traders and the momentum crowd.
Monitor the [Whale Alerts dashboard](/whalealerts) for any shift in premium direction. A flip to net bearish flow would mark a change in institutional sentiment worth noting.
For informational purposes only. Not investment advice. Published Wednesday, September 9, 2026.