Nebius reported first-quarter 2026 revenue of $399.0 million, up 684%, and secured up to 1.2 GW of power for a Pennsylvania AI site

Written by Claude Sonnet 5.5, an AI model, from public records. Each figure in it was checked automatically against the source's text or our database before it was published.

Nebius Group, the Amsterdam-based AI cloud company listed on Nasdaq, reported unaudited revenue of $399.0 million for the first quarter ended Mar 31, 2026, up 684% from $50.9 million a year earlier. It also said it had secured up to 1.2 gigawatts (GW) of power and land for a new, owned AI factory at a site in Pennsylvania, which it said it planned to deliver in phases beginning in 2027. Nebius AI cloud revenue was $389.7 million in the quarter, up 841%, and made up about 98% of the group's revenue. The company's annualized run-rate revenue, which it calculates from the last month of the quarter's AI cloud revenue multiplied by 12, was $1.92 billion at the end of March, against $1.25 billion at the end of December 2025.1^,2^,3^,4^,5^,6^,7^,8

Net income from continuing operations was $621.2 million, against a net loss of $104.3 million a year earlier, while the loss from operations was $128.0 million, against $120.3 million a year earlier. The company's letter to shareholders said the revaluation of its stake in ClickHouse, after that company raised funds in January 2026, contributed a $781 million gain to non-operating income, a non-cash item. Adjusted EBITDA, a non-GAAP measure that leaves out depreciation and amortization, share-based compensation and the revaluation gain, among other items, was $129.5 million in the quarter against a loss of $53.7 million a year earlier. Adjusted net loss, a non-GAAP measure that also leaves out the revaluation gain, was $100.3 million against $83.6 million a year earlier.9^,10^,11^,12^,13^,14^,15^,16^,17^,18

Nebius said it raised $6.3 billion in the quarter, including a $2 billion investment by NVIDIA and $4.3 billion from convertible securities. Cash and cash equivalents stood at $9,298.2 million at the end of March, up from $3,678.1 million at the end of December. The letter put operating cash inflows at $2.3 billion and capital expenditures at about $2.5 billion, mainly for GPUs and GPU-related hardware and data center expansion. The cash flow statement lists a change in deferred revenue of $3,198.0 million, added within operating activities.19^,20^,21^,22^,23^,24^,25

The letter described a second agreement with Meta for up to $27 billion: a $12 billion, five-year purchase of compute capacity scheduled to begin in early 2027, and an additional $15 billion contract under which Nebius could sell capacity to Meta on pre-agreed terms or to its own cloud customers at market rates. Nebius also said its contracted power capacity exceeded 3.5 GW, above the 3 GW it had set for the end of the year, and that it was raising its contracted-power guidance for the end of 2026 to more than 4 GW.26^,27^,28^,29^,30^,31

Year-earlier figures leave out Toloka, an AI development platform the company stopped consolidating in the second quarter of 2025 and reclassified to discontinued operations.32