Nebius Q2 Revenue Soars 454% to $582.3M; RPO Hits $37.5B on AI Cloud Demand
NBIS has more than doubled off its 52-week low of $62.01 on elevated volume (2.9× avg).
Summary
Nebius reported Q2 revenue of $582.3M, up 454% YoY, with $37.5B in remaining performance obligations. The company raised over $9B in H1 2026 to fund $8.1B in AI infrastructure capex.
Key Events · Earnings and Guidance · NBIS
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Q2 Revenue Up 454% to $582.3M
Total revenue grew 454% YoY to $582.3M, beating the $572.75M consensus. Nebius AI cloud revenue surged 514% to $574.9M, driven by capacity scaling and strong pricing.
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RPO Backlog Reaches $37.5B
Remaining performance obligations hit $37,490.6M as of June 30, 2026, with 36% expected to be recognized as revenue within 24 months — providing multi-year revenue visibility.
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Massive Capital Raise Funds $8.1B Capex
H1 2026 financing included $4,337.5M convertible notes, $2,846.7M treasury share sales, and $2,000.0M NVIDIA pre-funded warrants. Capex totaled $8,130.3M for GPU and data center expansion.
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Customer Concentration Risk
Three customers accounted for 59% of Q2 revenue: Customer C at 24%, Customer D at 21%, and Customer E at 14%. Customer E also represented 29% of accounts receivable.
Analysis · NBIS · Technology
Nebius delivered explosive growth with Q2 revenue up 454% year-over-year to $582.3 million, beating consensus, while remaining performance obligations surged to $37.5 billion — a massive backlog that underpins future revenue visibility. The company is investing aggressively, with $8.1 billion in capital expenditures in the first half alone, funded by $4.3 billion in new convertible notes, $2.8 billion in treasury share sales, and $2.0 billion from NVIDIA pre-funded warrants. Customer concentration is notable: three customers accounted for 59% of Q2 revenue, and the ClickHouse stake was marked up by $780.6 million following a $15 billion valuation round. The operating loss widened to $175.9 million as the company scales infrastructure ahead of revenue, but adjusted EBITDA for the core AI cloud segment swung to a positive $285.7 million, showing the underlying business is approaching profitability.
At the time of this filing, NBIS was trading at $261.33 on NASDAQ in the Technology sector, with a market capitalization of approximately $65.2B. The 52-week trading range was $62.01 to $299.86. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.