Nebius Q2 Revenue Surges 454% to $582M, AI Cloud ARR Hits $3B, Guidance Reaffirmed
NBIS has more than doubled off its 52-week low of $62.01.
Summary
Nebius reported Q2 revenue of $582.3M, up 454% YoY and above consensus, driven by surging AI cloud demand. AI cloud ARR hit $3B, adjusted EBITDA turned positive at $236M, and the company raised its year-end power target to 5 GW while reaffirming full-year guidance.
Updates
· SEC 6-K — The 6-K includes unaudited condensed consolidated financial statements and operating review for Q2 and H1 2026. Net loss from continuing operations was $190.4M in Q2 2026, compared to net income of $502.5M in Q2 2025. Interest expense rose to $119.1M from $4.8M, primarily due to convertible notes issued in June 2025, September 2025, and March 2026.
Key Events · Earnings and Guidance · NBIS
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Revenue Beat and Explosive Growth
Q2 revenue of $582.3M beat the $572.75M consensus, up 454% YoY. AI cloud revenue grew 514% to $574.9M, now 98% of total revenue.
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AI Cloud ARR Reaches $3 Billion
Annualized run-rate revenue hit $3.0B, up 598% YoY and 56% sequentially, reflecting strong contract momentum and pricing power.
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Profitability Inflection
Group adjusted EBITDA swung to $236.2M from a $21.0M loss a year ago. AI cloud adjusted EBITDA margin was 50%, demonstrating operating leverage.
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Landmark Deals and Pricing Power
Closed four AI cloud deals averaging >$1B TCV each, with yields of $20-25M per MW. 70% of deals included prepayments, covering 50-60% of associated capex.
Analysis · NBIS · Technology
A breakout quarter saw revenue more than quintuple year-over-year, handily beating consensus. The AI cloud business is scaling at a blistering pace — annualized run-rate revenue reached $3 billion, adjusted EBITDA swung to a $236 million profit, and four landmark deals were closed, each carrying a total contract value north of $1 billion. Confidence in future capacity is underscored by a raised year-end contracted power target of 5 GW. To fund the massive capex required by this demand, the company tapped its ATM program for $2.8 billion in gross proceeds, a move that dilutes shareholders but secures the capital needed to capture a generational AI infrastructure opportunity. Reaffirmed full-year guidance and $9 billion in expected customer prepayments provide visibility, though heavy capital spending and share issuance remain the price of admission.
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At the time of this filing, NBIS was trading at $225.02 on NASDAQ in the Technology sector, with a market capitalization of approximately $48.6B. 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.