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The latest data point for NBIS's EV/Sales ratio is 132.39 in Q1'26. This represents a moderate decrease from the Q4'25 level of 158.91, though it remains significantly elevated compared to historical levels. From Q2'23 to Q1'24, the EV/Sales ratio was relatively stable and low, remaining below 4.0. However, a massive inflection point occurred in Q2'24 when the ratio surged to 130.54, followed by significant volatility throughout the subsequent periods, including a peak of 215.79 in Q2'25. The overall trend from Q2'24 to Q1'26 indicates a high-valuation regime characterized by wide fluctuations, contrasting sharply with the consistent, single-digit multiples seen in 2023.