Nebius Group (NASDAQ: NBIS) reported second-quarter revenue of $582.3 million on August 12, up 454% year over year from $105.1 million, blowing past Wall Street's $570 million estimate and sending shares up as much as 28% on the day. The results, discussed in detail at the company's Q2 2026 earnings call reported on August 19, confirm the Amsterdam-based AI cloud specialist as one of the fastest-scaling infrastructure names of this cycle.
AI Cloud Now 98% Of Revenue
Revenue from Nebius's core AI cloud business reached $574.9 million in the quarter, up 514% year on year and roughly 98% of group revenue, driven by fresh capacity coming online and firmer pricing on GPU capacity. Annualized run rate revenue hit $3 billion at the end of June, up from $1.9 billion at the end of March, as utilization improved across newer GB300 clusters. The company closed four AI cloud contracts averaging more than $1 billion in total contract value each during the quarter.
Profit Swings Sharply Positive
Adjusted EBITDA came in at $236.2 million, swinging from a $21 million loss a year earlier as revenue expansion and new offerings — including the Aether inference stack and Token Factory managed services — began carrying fixed costs. The group booked a net loss from continuing operations of $190 million, versus $502 million in net income a year earlier when a one-time gain from equity revaluations distorted the base. Management said gross margin will remain volatile as new sites ramp before contracts kick in.
Full-Year Guidance Reaffirmed
Nebius reaffirmed its full-year 2026 outlook of $3 billion to $3.4 billion in revenue at a 40% adjusted EBITDA margin, with capital expenditure of $20 billion to $25 billion earmarked for GPU sites in Finland, France, Israel, New Jersey and Kansas City. CFO Dado Alonso told analysts the company has already contracted more than $40 billion of future revenue and continues to sign hyperscale customers — most recently a multi-year Meta agreement announced earlier this quarter.
The print lands in a busy stretch for Nebius. In July the company signed a $1 billion GB300 compute deal with Reflection AI, and in August it advanced multi-year AI cloud talks with Meta and Anthropic. Peers benefiting from the same demand wave include Cerebras, whose cloud revenue jumped 281% in Q2.
Reporting based on coverage from Nebius Group, Yahoo Finance, The Motley Fool and The Globe and Mail.