Nebius posts $582.3 million Q2 revenue as AI cloud demand surges, but heavy spending raises risks
AI Market Summary
Nebius reported Q2 revenue of $582.3m (+454% YoY) driven by AI cloud, with a 49.7% adjusted EBITDA margin and run-rate revenue rising to $3b. It also signed four large AI cloud agreements and cited $40b+ in customer commitments, improving visibility. Offsetting this, capex was ~$5.7b (nearly 10x quarterly revenue), alongside share issuance and ongoing GAAP losses, raising dilution and execution risk.
Impact level
● Medium
Affected assets
NCSKNBIS2USD/USDT-0.39%
AI Insight · NCSKNBIS2USD/USDTAI Insight
● Neutral
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Nebius reported Q2 revenue of $582.3 million, up 454% year over year, with its AI cloud business contributing $574.9 million and an adjusted EBITDA margin of 49.7%. Annualized run-rate revenue rose to $3 billion from $1.9 billion, and the company reiterated a target of $7 billion to $9 billion by the end of 2026. It signed four AI cloud agreements with an average total contract value above $1 billion and said customer commitments exceed $40 billion, including a Meta deal with potential value of up to $27 billion. The company’s Q2 capital spending was roughly $5.7 billion, about 10 times its quarterly revenue.
