As of Q4'25, NBIS's P/S Ratio stands at 42.852, reflecting a significant decrease from its recent peak of 93.983 in Q2'25. This latest data point suggests a notable contraction in valuation relative to sales compared to the preceding quarters. From Q1'23 to Q2'24, the P/S Ratio remained low and stable, fluctuating between 0.719 and 1.075. However, starting in Q3'24, the ratio experienced an extraordinary surge, reaching as high as 132.564 in Q3'24 before declining sharply over the subsequent quarters. This pattern indicates a period of extreme volatility and rapid revaluation, with the ratio ultimately settling at a much higher level than its historical baseline by the end of 2025.