- Nebius increased its contracted-power target three times in six months, reaching 5 GW for year-end 2026. Q2 revenue rose 454% year over year to $582.3 million, while annualized run-rate revenue reached $3.0 billion.
- Four Q2 landmark contracts averaged more than $1 billion in total contract value, with annual contract value of $20 million to $25 million per megawatt. Customer commitments now exceed $40 billion.
- Execution and financing remain the key risks: Nebius plans to bring more than 1 GW online annually from 2027, expects FY26 capital expenditures of $20 billion to $25 billion, and still reported a Q2 operating loss of $176 million.
Quotes
“Contracted power is the raw material of Nebius' business.”
“I believe the contracts will become revenue -- the customers are signed, and the price per megawatt keeps rising.”