Nebius posts Q2 adjusted EBITDA margin of 50% as contracted GPU pricing holds; backlog reaches $40 billion
AI Market Summary
Nebius' Q2 results highlight strong operating leverage, with ~50% adjusted EBITDA margins as higher GPU spot prices are passed through to contracts. Deferred/contracted revenue growth and a reported $40B backlog improve near-term revenue visibility, while guidance for at least 1GW of annual capacity additions through 2027 signals aggressive scaling. Valuation looks comparatively inexpensive on forward EV/EBITDA, though elevated CapEx remains a key sensitivity.
Impact level
● Low
Affected assets
NCSKNBIS2USD/USDT+4.13%
AI Insight · NCSKNBIS2USD/USDTAI Insight
▲ Bullish
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Nebius reported its Q2 results, with an adjusted EBITDA margin of 50% as unit economics improved. The company said higher GPU prices were successfully passed through into contracts, helping protect margins. Deferred and contracted revenue rose sharply, and the backlog reached $40 billion. Nebius also guided to at least 1GW of annual capacity additions through 2027.
