Nebius Q2 2026: AI cloud revenue $575M (+514% YoY), EBITDA turned positive at $236M, capex of $5.66B in the quarter

Nebius Group reported second-quarter revenue of $582 million on Wednesday, up 454% from the same period a year earlier, sending its stock up 28%. Revenue from its core AI cloud business rose sixfold to $575 million, surpassing Wall Street’s consensus estimate of $570 million, according to Barron’s. The company also posted adjusted EBITDA of $236 million for the quarter, swinging from an adjusted EBITDA loss of $21 million in the second quarter of 2025. Nebius reported a net loss from continuing operations of $190 million, compared with net income of $502 million in the year-earlier period, which had included a large gain from the revaluation of equity investments.

Nebius operates as what the industry calls a neocloud, offering cloud infrastructure built specifically around artificial intelligence and high-performance computing workloads, according to Barron’s. The Amsterdam-headquartered company is listed on Nasdaq under the ticker NBIS.

Capital spending accelerated during the quarter. Purchases of property and equipment and intangible assets reached $5.66 billion in the three months ended June 30, up from $511 million in the same period a year earlier.

Wednesday’s rally was on track to be the biggest one-day percentage advance for the stock since September 2025, according to Dow Jones Market Data. Short-seller pressure likely contributed to the move. Roughly 60.2 million Nebius shares were short as of late July, amounting to close to 30% of the float. Michael Burry, the investor who rose to prominence by predicting the 2008 subprime mortgage crisis, revealed a short position in Nebius at roughly $211.77 per share last week. A surge of good news can catch short sellers off guard, compelling them to close out losing bets by purchasing shares—a dynamic known as a short squeeze that amplifies upward price moves.

For the first half of 2026, Nebius reported total revenue of $981 million, up 529% from the same period a year earlier.