Highlights

  • Nebius Group reported Q2 2026 revenue of $582.3 million, up 454% year over year from $105.1 million, as the company's AI cloud infrastructure business scaled at an extraordinary rate driven by enterprise GPU compute demand.
  • Adjusted EBITDA reached $236.2 million in Q2 2026, a swing from negative $21.0 million in Q2 2025, as revenue growth generated positive operating leverage at the consolidated level.
  • H1 2026 revenue of $981.3 million, up 529% from $156.0 million in H1 2025, demonstrates that Nebius's revenue acceleration is sustained across consecutive quarters rather than concentrated in a single reporting period.
  • Cash and equivalents of $8.04 billion as of 30 June 2026 provides Nebius with a substantial capital base to continue expanding GPU computing infrastructure and scaling its Nebius AI, Avride, and TripleTen business lines.

Nebius Group (NASDAQ:NBIS) reported second-quarter 2026 financial results that showed one of the most remarkable revenue growth trajectories among public technology companies, with Q2 revenue of $582.3 million — up 454% year over year — confirming that the company's transition from a reorganised Russian internet company to a focused AI cloud infrastructure provider is producing commercial results at a rate that few anticipated when it relisted shares. The company's H1 2026 revenue of $981.3 million, already approaching the scale of its full-year 2025 total, and adjusted EBITDA of $236.2 million in the quarter underscore that the Nebius AI cloud platform has crossed meaningful profitability thresholds even as infrastructure investment continues.

AI Cloud Revenue Growth Defines the Quarter

Nebius AI cloud — the company's GPU cloud computing service that provides enterprises with access to GPU clusters for AI model training, fine-tuning, and inference — was the primary driver of the company's revenue growth in Q2 2026. Enterprise customers deploying large language models, multimodal AI systems, and AI-native applications have expanded their consumption of Nebius AI cloud compute resources at a rate that has sustained the 400%+ year-over-year revenue growth trajectory across multiple consecutive quarters.

Nebius has positioned its AI cloud as an alternative to hyperscale cloud providers' AI infrastructure offerings, with competitive pricing on GPU compute hours, faster provisioning timelines for large GPU cluster deployments, and technical services support for enterprise AI teams. The company's infrastructure is concentrated in data centres across Europe and North America, with capacity expansion ongoing as customer demand continues to grow. The scale of capital commitment — with property, equipment, and intangible purchases of $5.66 billion in Q2 2026 alone — reflects the pace of infrastructure build-out required to meet contracted and anticipated demand.

Adjusted EBITDA Positive — A Profitability Milestone

Adjusted EBITDA of $236.2 million in Q2 2026, compared with a loss of $21.0 million in Q2 2025, represents a significant milestone for Nebius as evidence that the company's AI cloud business has achieved the scale at which the unit economics of GPU compute provision turn positive at the adjusted operating level. The swing to positive adjusted EBITDA occurred even as the company invested aggressively in infrastructure, with operating cash flow from continuing operations of $2.25 billion in Q2 2026 reflecting the capital inflows from customer prepayments that are common in cloud infrastructure subscription arrangements.

GAAP net loss from continuing operations of $190.4 million in Q2 2026 reflects depreciation, amortisation, and share-based compensation at scale consistent with a capital-intensive infrastructure business in active expansion, and is not indicative of the adjusted operating performance that management has cited as the primary financial metric for tracking the underlying business trajectory.

Three Business Lines, One Financial Framework

Nebius Group's reported financials consolidate three operating businesses: Nebius AI cloud (GPU computing platform), Avride (autonomous vehicle technology, previously a subsidiary of Yandex), and TripleTen (online coding bootcamp and technology education). The company does not separately disclose revenue by segment, but Nebius AI cloud is clearly the dominant driver of the revenue acceleration reflected in consolidated results. Avride and TripleTen are both earlier-stage operations being developed alongside the AI cloud core.

Capital Position and Strategic Priorities

Nebius held $8.04 billion in cash and equivalents as of 30 June 2026, a financial position that provides substantial runway for continued GPU infrastructure investment without requiring external capital. Total assets of $27.96 billion and total shareholders' equity of $10.34 billion reflect a balance sheet that has been significantly strengthened by the company's prior capital raises and the revaluation of assets associated with its reorganisation. Management has characterised continued infrastructure expansion as its primary capital priority, with no guidance provided on specific forward revenue figures.

Stock Price Information

Nebius Group (NASDAQ:NBIS) traded at $48.32 on 29 October 2026, representing a gain of 7.84% on the day, on volume of 10.26 million shares.