Nebius Group (NBIS)

Nebius Group (NBIS) is an Amsterdam-headquartered, Nasdaq-listed AI cloud that rents NVIDIA GPU infrastructure at hyperscale. Q1 2026 revenue grew 684% year over year to $399 million, Microsoft and Meta contracts total up to $46 billion, and full-year guidance targets $7-9 billion of annualized run-rate revenue. It reports next around early August 2026.

TickerNBIS
ExchangeNASDAQ
SectorInformation Technology · AI Cloud (GPU-as-a-Service)
CountryNetherlands
Held by ETFTIGER US AI Data Center TOP4 Plus ETF (0142D0)
WikidataQ47120756
Last updated2026-06-11
Financial snapshotas of2026-06-11

Next event:Next earnings · Q2 2026, estimated · Calendar-estimated from the prior year (Nebius reported Q2 2025 on August 7, 2025); not yet company-confirmed. Last report: Q1 2026 on 2026-05-13. Confirm on Nebius IR. (source)

Latest reported quarter:Q1 2026 (ended Mar 31, 2026) (reported2026-05-13)

Nebius reported Q1 2026 group revenue of $399 million, up 684% year over year and 75% sequentially, with the core Nebius AI business growing 841% to $390 million. Group adjusted EBITDA turned to $130 million (a 32% margin), net income of $621 million included a non-cash gain from a ClickHouse funding-round revaluation, and annualized run-rate revenue reached about $1.9 billion.

Group revenue$399M+684%YoY · +75% QoQ; Nebius AI business $390M, +841%
AI cloud annualized run-rate revenue~$1.9B · Up about 50% from ~$1.25B the prior quarter
Group adjusted EBITDA$130M · 32% margin; $15M the prior quarter
Net income$621M · Includes non-cash ClickHouse revaluation gain
Contracted power>3.5 GW · Targeting at least 4 GW by end-2026; cash $9.3B

Primary source

Guidance:Full-year 2026

Annualized run-rate revenue (ARR)$7B-$9B
Group revenue$3.0B-$3.4B
Group adjusted EBITDA margin~40%
Capital expenditures$20B-$25B · Raised from $16-20B

Outlook given with the Q1 2026 results on May 13, 2026.

Guidance source

Recent & upcoming events

  • · Microsoft AI infrastructure agreement of about $17.4 billion.Nebius agreed to deliver dedicated GPU capacity to Microsoft from its Vineland, New Jersey data center through 2031, with a total contract value of about $17.4 billion, expandable to about $19.4 billion. (source)
  • · Q1 2026: revenue up 684%; Meta partnership of up to $27 billion.Group revenue of $399M with adjusted EBITDA turning positive at $130M; management detailed a five-year Meta agreement of $12B in dedicated compute plus a $15B capacity option, and raised 2026 capex guidance to $20-25B. (source)
  • · 1.2 GW owned AI factory site secured in Pennsylvania.Nebius announced power and land for a new owned 1.2-gigawatt site in Pennsylvania, with the first 250-300 MW targeted to be live by the end of 2027 and full capacity by 2030, lifting contracted power above 3.5 GW. (source)

Q1 2026 figures are from the Nebius earnings release (quarter ended March 31, 2026) and the earnings-call transcript; net income includes a non-cash ClickHouse revaluation gain, so adjusted EBITDA better reflects operations.

Figures are as of 2026-06-11 and reflect the most recent public filings/IR releases; they are updated after each earnings report.

What does Nebius Group do?

Nebius builds full-stack AI infrastructure: it secures land and power, constructs or leases data centers, fills them with NVIDIA GPU clusters, and sells the capacity through a managed AI cloud platform. The company is headquartered in Amsterdam, trades on Nasdaq as a US-listed stock, and emerged from the 2024 split of Yandex N.V.’s international assets. In Q1 2026 the core Nebius AI business generated $390 million of the group’s $399 million in revenue, growing 841% year over year, while the group also holds Avride (autonomous driving), TripleTen (education), and stakes in ClickHouse and Toloka (Nebius, May 13, 2026; Q1 2026 call).

How is AI driving Nebius’s business?

Hyperscalers have started outsourcing AI capacity to it years in advance. In September 2025 Microsoft contracted dedicated GPU capacity from Nebius’s Vineland, New Jersey data center worth about $17.4 billion through 2031, expandable to about $19.4 billion (Nebius 6-K, Sep 8, 2025). Meta followed with a five-year partnership of up to $27 billion: $12 billion of dedicated compute plus a $15 billion capacity option (Q1 2026 call). To serve that pipeline Nebius holds more than 3.5 gigawatts of contracted power, secured a new owned 1.2-gigawatt site in Pennsylvania, raised over $6 billion in the quarter including a $2 billion NVIDIA equity investment, and lifted its 2026 capex plan to $20-25 billion (Nebius, May 13, 2026). Founder and CEO Arkady Volozh compressed the supply-demand picture into one line:

“Everything we build, we sell, and we are still in the very early days.”

— Arkady Volozh, founder and CEO, Nebius Group (Q1 2026 earnings call)

What did Nebius report most recently?

In Q1 2026 (the quarter ended March 31, 2026), Nebius reported group revenue of $399 million, up 684% year over year and 75% sequentially (Nebius, May 13, 2026). Group adjusted EBITDA turned to $130 million, a 32% margin versus $15 million the prior quarter, and the AI cloud business ran a 45% adjusted EBITDA margin, up from 24% in Q4. Net income of $621 million flattered the operating picture because it included a non-cash revaluation gain on the group’s ClickHouse stake. Annualized run-rate revenue reached about $1.9 billion, up roughly 50% from $1.25 billion a quarter earlier, and the company ended the quarter with $9.3 billion of cash (Q1 2026 call).

What is Nebius’s guidance?

For full-year 2026, Nebius guided annualized run-rate revenue to $7-9 billion, group revenue to $3.0-3.4 billion, a group adjusted EBITDA margin of about 40%, and capital expenditures of $20-25 billion, raised from $16-20 billion (Q1 2026 call). Management is also targeting at least 4 gigawatts of contracted power by the end of 2026. The next report is expected around early August 2026, calendar-estimated and not yet confirmed.

What are the risks for Nebius?

  • Anchor-customer concentration. Microsoft and Meta dominate contracted revenue; a renegotiation or slower ramp at either would reprice the growth story.
  • Capex outrunning revenue. A $20-25 billion capex plan against $3.0-3.4 billion of guided 2026 revenue means years of negative free cash flow funded by converts, equity, and debt.
  • Execution at construction speed. The Pennsylvania 1.2 GW site targets first capacity by end-2027; grid, permitting, or supply-chain slips defer revenue the guidance already assumes.
  • Reported-earnings noise. Net income swings on non-cash revaluations of stakes like ClickHouse, so headline profit can diverge sharply from operating reality.

Related securities, concepts & terms

Nebius is one of the two anchor neoclouds of the US AI Data Center concept, alongside CoreWeave.

Related indices & ETFs

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Frequently asked questions about Nebius

What does Nebius Group do?

Nebius builds and operates AI infrastructure: GPU clusters, the data centers around them, and a managed AI cloud platform, sold to AI labs, enterprises, and hyperscalers. Headquartered in Amsterdam and listed on Nasdaq, it grew Q1 2026 group revenue 684% year over year to $399 million, with the core Nebius AI business at $390 million (Nebius, May 13, 2026). The group also owns Avride (autonomous driving) and TripleTen, plus stakes in ClickHouse and Toloka.

What was Nebius's latest quarterly revenue?

Nebius reported Q1 2026 group revenue of $399 million (quarter ended March 31, 2026), up 684% year over year and 75% sequentially (Nebius, May 13, 2026). Group adjusted EBITDA was positive at $130 million, a 32% margin, and net income of $621 million included a non-cash gain from a ClickHouse funding-round revaluation (Nebius Q1 2026 call).

What is Nebius's guidance?

For full-year 2026, Nebius guided annualized run-rate revenue to $7-9 billion, group revenue to $3.0-3.4 billion, a group adjusted EBITDA margin of about 40%, and capital expenditures of $20-25 billion, raised from $16-20 billion (Nebius Q1 2026 call). It is also targeting at least 4 gigawatts of contracted power by year-end.

When does Nebius report its next earnings?

Nebius is expected to report Q2 2026 results around early August 2026, calendar-estimated from the prior year (it reported Q2 2025 on August 7, 2025) and not yet company-confirmed, so check the Nebius newsroom and investor pages (Nebius). It last reported Q1 2026 on May 13, 2026.

How big are Nebius's Microsoft and Meta contracts?

Microsoft signed an agreement in September 2025 for dedicated GPU capacity from Nebius's Vineland, New Jersey data center worth about $17.4 billion through 2031, expandable to about $19.4 billion (Nebius 6-K, Sep 8, 2025). Meta followed with a five-year partnership of up to $27 billion: $12 billion of dedicated compute plus a $15 billion capacity option (Nebius Q1 2026 call).

Why is Nebius part of the US AI data center concept?

Because it is one of the two anchor neoclouds of the concept: a US-listed GPU-as-a-Service provider whose capacity is contracted years ahead by hyperscalers. Its more than 3.5 gigawatts of contracted power, new 1.2-gigawatt owned Pennsylvania site, and up to $46 billion of combined Microsoft and Meta commitments are the build-out in contract form (Nebius, May 13, 2026; Nebius 6-K).

Sources & references

  1. Nebius reports first quarter 2026 financial results · Nebius Group N.V., 2026-05-13
  2. Nebius (NBIS) Q1 2026 earnings call transcript · The Motley Fool, 2026-05-13
  3. Nebius announces AI infrastructure agreement with Microsoft (Form 6-K, Exhibit 99.1) · Nebius Group N.V. / SEC EDGAR, 2025-09-08
  4. Nebius Group · official site and financials · Nebius Group N.V., 2026-06-11