Nebius reported second-quarter 2026 revenue of $582.3 million, up 454% on a year earlier

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 N.V., an AI cloud company headquartered in Amsterdam and listed on Nasdaq, reported revenues of $582.3 million for the second quarter ended June 30, 2026, up 454% from $105.1 million in the same quarter of 2025. For the six months ended June 30, 2026, revenues were $981.3 million, up 529% from $156.0 million a year earlier; the year-earlier figures exclude Toloka, whose prior-period results the company reclassified to discontinued operations. Nebius submitted the unaudited results release and a letter to shareholders to the US Securities and Exchange Commission on Aug 12, 2026, in a Form 6-K, the report a foreign issuer files to pass on what it has published elsewhere.1^,2^,3^,4^,5^,6^,7^,8

Adjusted EBITDA, a non-GAAP measure struck before depreciation and amortization, share-based compensation and other items, was $236.2 million in the second quarter, against a loss of $21.0 million a year earlier. Net loss from continuing operations was $190.4 million, against net income of $502.5 million a year earlier that included a $597.4 million gain from revaluation of investments in equity securities; the statement of operations shows a dash for that line this quarter. In the quarter, purchases of property and equipment and intangible assets were $5,657.4 million, against $510.6 million a year earlier, and the letter put capital expenditures at approximately $5.7 billion, mainly GPUs and GPU-related hardware and data center expansion.9^,10^,11^,12^,13^,14^,15^,16

In the letter, founder and chief executive Arkady Volozh said Nebius closed four landmark AI cloud deals in the quarter, averaging more than $1 billion each in total contract value. Customers it named include Reflection, which chose Nebius for a multi-year agreement to train and run its open-source models, and Cohere, which it said was partnering with Nebius to support the growth of its agentic AI solutions for enterprises. The letter said 70% of deals included prepayments covering 50-60% of the associated capital spending, and that the expected payback period on the quarter's deals was 1 year and 10 months, down from two to three years. It put Nebius AI cloud revenue for the quarter at $575 million, up 514% year over year, and annualized run-rate revenue, the AI cloud revenue of the quarter's last month multiplied by 12, at $3.0 billion at the end of June. Nebius said it anticipated ending 2026 with 5 gigawatts (GW) of contracted power, and that it had delivered all capacity tranches under its contract with Microsoft.17^,18^,19^,20^,21^,22^,23^,24^,25^,26^,27

On financing, the letter reported Nebius's first secured debt financing: $775 million raised in July, priced at SOFR plus 2.50%. Through June 30, 2026, Nebius also sold 12.7 million Class A shares under its at-the-market program, at a weighted-average price of $223.6 per share, for gross proceeds of approximately $2.8 billion. Token Factory production inference workloads more than tripled in the quarter, the letter said; Nebius introduced Nebius Echo, an AI agent for natural-language infrastructure control, and Eigen AI and Clarifai teams joined the company. Lindsey Irvine joined as chief marketing officer in July, and the company reaffirmed its full-year 2026 guidance.28^,29^,30^,31^,32^,33^,34