I’m looking into migration OUT of Microsoft SharePoint into NextCloud.
(hundreds of millions of documents with version history and metadata from thousands of site collections)
What are my options ?
I don’t know if it’s even possible. But you should get professional support for your requirements. Enterprise - Nextcloud
Remember that you always have to make compromises when changing software, no matter where from and no matter where to. It would also be the other way round from Nextcloud to Microsoft 365.
For some companies, the data is so valuable that any kind of migration becomes impossible … or the data was overestimated. Sometimes you have to create alternative solutions. And sometimes they hurt.
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so the answer is no i guess 
How can nextcloud then in any sense on-board any sharepoint customers?
anyways thank you very much for taking the time to respond
I think you should contact the Nextcloud company directly and ask them what is possible or not. Afaik they have already migrated big companies to Nextcloud and they can most likely answer all of your questions.
This forum is primarily used by the community of Nextcloud users. For enterprise customers additional services and support are available. On the Nextcloud website you will find more details about it.
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THX j-ed. I appreciate your responses.
You could use a tool like Audriga. I have no experience with it, but it should be able to do the job.
Another way is to use rclone or create PowerShell scripts yourself. I tried the latter and was able to migrate the last modified date (I have the wrong timezone for my test server) and the versions. Like @devnull said, you have to make compromises.
Another option could be to use integration tools like Sendent and leave the data in SharePoint and start clean in Nextcloud. You could change the permissions for your SharePoint data to readonly and use it as archive.
I have made a few migrations between lots of different system and all of them come with some kind of tradeoff. Lite metadata information, version history and so forth. In sharepoint with a closed system you will loose some metadata and version history. Send me a DM if yo like.