Nebius Group reported a substantial top-line beat for the second quarter of 2026, driven by an inflection in demand for AI-centric cloud services. Total group revenue grew 454% year-over-year to $582.3 million, led by the core AI Cloud business which now accounts for 98% of total revenue. While the company reported a net loss from continuing operations of $190.4 million, Adjusted EBITDA reached $236.2 million, demonstrating significant operating leverage as the company scales its GPU clusters.
Key Highlights
- AI Cloud revenue surged 514% year-over-year to $574.9 million, achieving an annualized run-rate (ARR) of $3.0 billion at quarter-end.
- Contracted power guidance for year-end 2026 was raised to 5 GW from the previous target of 4 GW, with plans to deploy over 1 GW annually starting in 2027.
- Total contract value (TCV) of new deals closed in the quarter grew nearly 4x sequentially, with landmark agreements averaging more than $1 billion in value each.
- Cash and cash equivalents ended the period at $8.0 billion, bolstered by $2.3 billion in positive operating cash flow and proceeds from treasury share sales.