Nebius Group N.V. (NBIS), an AI infrastructure provider, projects positive adjusted EBITDA in the second half of 2025, driven by significant revenue growth and global expansion. The company’s Q1 2025 revenue surged 385% year-over-year to $55.3 million, with expected full-year revenues between $500 million and $700 million. Nebius is investing $2 billion in capital expenditures, a 33% increase from prior plans, to enhance its AI cloud infrastructure and compete in the market.
Nebius has expanded its data center presence across the U.S., Europe, and the Middle East, and recently integrated its services with external AI platforms aiding customer tool transitions. Despite these advancements, the company anticipates a negative adjusted EBITDA for the full year 2025 due to high operational costs and competitive market challenges.
In comparison, CoreWeave, Inc. reported a 420% revenue growth to $981.6 million in Q1 2025, while Microsoft Corporation recorded a $32 billion operating income, up 16%. Both companies face rising expenses, with CoreWeave projecting capital expenditures of $20 billion to $23 billion for 2025.
