SharkWater Trading  •  Data Centers • Insider Filings Nebius Director Files to Sell 500,000 Shares, $121 Million, Under a May Plan October 6, 2026 Bottom Line Up Front Nebius Group (Nasdaq: NBIS) filed a Form 144 on October 6, 2026 for 500,000 shares with an aggregate market value of $121,405,000, about 0.21 percent of 238,400,165 shares outstanding. The seller is listed as Ophir Nave, Director and Officer, under a plan adopted May 22, 2026. The filing reports no sales in the prior three months. The executed price and post-sale holdings are not yet public because the matching Form 4 had not appeared in the EDGAR feed at the time of writing. What Was Filed A Form 144 is notice of intent to sell restricted or control securities. It is not the sale itself. The filing gives an approximate sale date of October 5, 2026, which is the day before it was filed, so the trade may already be done. The Form 4 that reports actual execution is due within two business days of the trade. Form 144 field As filed Seller (per filing) Ophir Nave, listed as Director and Officer Shares to be sold 500,000 Aggregate market value $121,405,000 (implies about $242.81 per share) Approximate sale date 10/05/2026 Plan adoption date 05/22/2026 Shares outstanding 238,400,165 (about 0.21% sold) Sold in prior 3 months None reported Source: Nebius Group N.V. Form 144, SEC EDGAR, filed October 6, 2026 (accession 0001950047-26-010048). Why the Plan Date Matters The plan was adopted May 22, 2026, more than four months before the filing. A plan adopted that far back means the sale instructions were set well before this filing. The filing does not say the plan is a Rule 10b5-1 plan beyond the adoption date, and this desk has not read the plan terms. Whether the 500,000 is a single tranche or one of several is not stated. Context from the same feed: three Form 4s were filed October 5 for sales dated October 1. The two this desk read, from the Chief Infrastructure Officer (29,090 shares at $234.16) and the Chief Technology Officer (14,546 shares at $234.16), were automatic sales to cover tax withholding on vested restricted share units. Those are routine. The director filing is a different animal at roughly 11 times the combined size. A harbor pilot unloading ballast before the swell hits and a crew trimming sail for the weather are doing different things with the same rope. A tax-cover sale is trimming sail. A planned half-million-share sale is a bigger move, and the plan date is the logbook entry that tells you when the captain decided. The Bull Case Scheduled, not reactive. The plan was adopted May 22, 2026, so the sale was set months ahead of this filing. Small against the float. 500,000 shares is about 0.21 percent of shares outstanding, which is modest supply for a name this size. No prior selling. The filing reports nothing sold in the last three months, so this is not a continuing drip. The Bear Case Dollar size is real. $121.4 million is not a tax-cover sale. It is a deliberate liquidation by a person listed as both director and officer. Part of a cluster. A separate Nebius Form 144 was filed September 30 (contents not read by this desk), and three Form 4s followed October 5. Insider paper is stacking up. Unknowns remain. No executed price, no post-sale holdings, no plan terms. The tranche count is not stated. The SharkWater Take This is a filing worth noting and not yet a reason to act. A plan set in May takes the sting out of the timing argument, and 0.21 percent of shares outstanding will not move the float. What I want is the Form 4: the real price, and what the holder still owns afterward. Until that prints, I am treating this as a data point, not a signal. If the post-sale stake is small, the read gets worse. If it is a minor trim, this was noise. Tight lines, SharkWater Educational and informational purposes only. Not personalized investment advice. All figures sourced as noted and accurate as of publication. Options involve substantial risk of loss. The author may hold positions in securities discussed. Do your own work.