Nebius Stock Surges 18% Amid AI Cloud Growth

NBIS shares jumped after the company posted Q2 2026 revenue of $582.3 million, up 454% year over year and ahead of consensus near $573 million, with adjusted EBITDA turning positive at $236.2 million. The stock was up 18% in morning trading and extended the gain through the session, changing hands near $245.

The AI cloud business now accounts for roughly 98% of revenue and grew more than 500% year over year. Management disclosed four AI cloud contracts each carrying more than $1 billion in total contract value, and said about 70% of signed deals include customer prepayments. That prepayment structure is the detail that separates this print from a pure growth story: it funds capacity buildout without leaning entirely on external financing, and it converts backlog into cash before the GPUs are racked.

Nebius reaffirmed its full-year 2026 outlook of $3 billion to $3.4 billion in revenue and an annualized run-rate of $7 billion to $9 billion by year end, saying demand for compute continues to exceed available supply. The company is still loss-making at the net level, with consensus looking for a per-share loss this quarter, so the positive adjusted EBITDA is a margin inflection rather than profitability.

What to watch: whether the year-end run-rate target is reached, how much capital expenditure is required to get there, and customer concentration inside those four billion-dollar contracts. Nebius sits in the same neocloud category as CoreWeave, where the operating question is not demand but the cost and timing of the capacity needed to serve it.

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