Nebius Group N.V. (NBIS) reported a remarkable second-quarter performance for 2026, with revenues soaring 454% year over year to $582 million, driven significantly by its Nebius AI business which contributed $575 million. This growth led to an adjusted EBITDA of $236 million, up from a loss of $21 million in the same period last year, yielding an adjusted EBITDA margin of 41%. Following the announcement, shares of Nebius surged 34.1%, closing at $259.20.
The company’s annualized run-rate revenues jumped to $3 billion, up 58% from the previous quarter. Notably, Nebius secured a committed backlog exceeding $40 billion, including four substantial deals averaging $1 billion each, and has raised its year-end power target to 5 gigawatts. The company aims to deploy over 1 gigawatt of new capacity in 2027 to support ongoing demand.
Despite these achievements, Nebius faces fierce competition from companies like CoreWeave and major tech firms including Microsoft and Amazon, which are rapidly expanding their own capacities. CoreWeave reported second-quarter revenues of $2.6 billion, while Microsoft’s Q4 fiscal 2026 revenues reached $90 billion, illustrating the challenging landscape for Nebius.
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