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Nebius Group Q2 revenue surges as it ramps AI cloud capacity

Nebius lifted its year-end contracted power target to 5 GW from more than 4 GW, while keeping expectations for 800 MW to 1 GW of connected power.

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Nebius Group reported a Q2 quarter marked by a sharp top-line jump, with revenue rising 454% year over year to more than $582 million, driven by faster capacity ramps and demand that analysts say is still not fully met, according to MarketBeat Ratings.

The company said the timing to monetization has fallen significantly, while GAAP profitability remains several years away, with earnings growth expected to accelerate as Nebius shifts from aggressive infrastructure construction toward higher-margin AI cloud services.

Nebius also raised its year-end contracted power target to 5 GW from more than 4 GW, while maintaining its outlook for 800 MW to 1 GW of connected power.

MarketBeat Ratings noted that the business model shows leverage from the surging revenue at gross and operating levels, though persistent losses remain, with the investment spending offset by R&D and capital expenditures plus non-cash impairment tied to share-based compensation.

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