Key Highlights

  • Nebius reported second-quarter 2026 revenue of $582.3 million, up 454% from $105.1 million a year earlier.
  • Capital expenditure was $5.657 billion in the quarter, roughly ten times revenue, and $8.130 billion in the first half.
  • Adjusted EBITDA was positive at $236.2 million, while the net loss from continuing operations was $190.4 million.
  • Cash stood at $8.042 billion at June 30, and deferred revenue rose to $5.97 billion from $1.58 billion.

Nebius Group N.V. (NASDAQ:NBIS) reported second-quarter 2026 results on August 12, 2026, and the central fact is the scale of its investment relative to its sales. Revenue was $582.3 million, compared with $105.1 million a year earlier, an increase of 454% from a small base.

Capital expenditure in the same quarter was $5.657 billion, roughly ten times revenue. The company is building capacity for artificial intelligence workloads, and the results show how heavily that build-out is being funded.

What Nebius Does

Nebius operates an AI-focused cloud platform, renting computing power built around graphics processors and related infrastructure to developers and companies that train and run AI models. Its consolidated results also include Avride, an autonomous vehicle business, and TripleTen, an education technology service. The company moved Toloka to equity-method treatment after a divestment in the second quarter of 2025, so historic figures reflect a changing group. It sits in the technology services sector alongside other providers of AI infrastructure.

Results in Numbers

For the first half of 2026, revenue was $981.3 million against $156.0 million in the first half of 2025, an increase of 529%. The net loss from continuing operations in the second quarter was $190.4 million. Adjusted EBITDA, a non-GAAP measure, was positive at $236.2 million, compared with a negative $21.0 million a year before. The adjusted net loss for the half year was $133.5 million, versus $175.2 million in the first half of 2025.

Capital spending totaled $8.130 billion in the first half. Cash and equivalents at June 30, 2026 were $8.042 billion. Operating cash flow from continuing operations was $2.246 billion in the quarter and $4.504 billion for the half year, and deferred revenue rose to $5.97 billion from $1.58 billion at the end of 2025. Deferred revenue reflects customer payments received before service is delivered, so it is an obligation as well as an indicator of contracted demand.

Funding the Build-out

The company said it raised financing in the first half through convertible notes of $4.34 billion and pre-funded warrants of $2.0 billion, and it also sold treasury shares for $2.85 billion. Outstanding shares were 271.9 million, comprising 238.4 million Class A and 33.5 million Class B shares. Issuing equity and equity-linked instruments dilutes existing holders, and convertible notes must eventually be repaid or converted.

Risk Considerations

The main risk is that capital spending far exceeds current revenue, leaving the company dependent on continued access to capital markets and on customers taking up capacity as it is delivered. Supply of advanced processors, data center power and construction timelines are outside its full control, and delays would postpone revenue while costs continue. Demand for AI computing is concentrated among a limited number of large customers and developers, and contracts may change.

Competition is intense. Large cloud providers and other specialist GPU cloud companies are all expanding, which could influence pricing. The mix of businesses, including autonomous driving and education, adds operational complexity that is separate from core AI cloud. Technology changes, such as new chip generations, may also shorten the useful life of purchased equipment. Financing costs could also weigh on results if the build-out is delayed.

Turning Nebius's Deferred Revenue Into Recognized Sales

Attention will fall on third-quarter 2026 results and on whether revenue growth continues to justify spending of this magnitude. Useful markers include how deferred revenue converts into recognized sales, progress in bringing new capacity online, further financing, movement in adjusted EBITDA relative to the $236.2 million reported, and any guidance the company chooses to publish.