- Nebius Q2 2026 revenue rose 454% year-on-year to $582.3 million, with annualised run-rate revenue hitting $3.0 billion by June 2026, driven primarily by its AI cloud business.
- The company separates contracted power (target 5GW by end-2026), connected power (800MW–1GW target for 2026), and active power, with a significant gap between each stage.
- Management said the 800MW–1GW of connected capacity becomes active and revenue-generating throughout H1 2027, implying a several-month lag between connection and billing.
- Nebius incurred roughly $5.7 billion of capex in Q2 2026, largely for GPUs and data center expansion, funded significantly by customer prepayments.
- The stock's key variable is the unquantified conversion time from connected capacity to billable GPU hours, not the headline contracted power figures.
Quotes
“the 800MW to 1GW of connected capacity is expected to become active and revenue-generating throughout the first half of 2027, implying a several-month lag between connection and billing”