Nebius Group’s second-quarter numbers landed with a jump that’s hard to overstate: revenue climbed 454% year over year, hitting $582.3 million compared to $105.1 million during the same quarter last year. For the first half of 2026, revenue reached $981.3 million, up 529% from $156 million a year earlier. Those aren’t the kind of growth figures that come around often, even in a sector as hot as AI infrastructure right now.
Founder and CEO Arkady Volozh pointed to deal quality as much as deal volume in his shareholder letter, noting that the company closed its largest AI Cloud contracts yet on its strongest pricing terms to date, which he described as a genuine step-change in the underlying economics of the business.
The company isn’t sitting on that momentum quietly, either. Nebius raised $775 million in July specifically to expand its AI cloud platform, with plans for its infrastructure footprint to fully mature by October 2030. It’s also pouring $2.3 billion into new AI infrastructure in the UK, building three facilities set to reach a combined 65 megawatts of capacity by 2027.
Profitability metrics moved in the right direction too, though the picture gets a bit more layered underneath the headline. Adjusted EBITDA reached $236.2 million for the quarter, a sharp turnaround from a $21 million loss during the same period last year. For the first half, adjusted EBITDA hit $365.7 million, compared to a $74.7 million loss in the first half of 2025.
Net income from continuing operations came in at $190.4 million for the quarter, actually down from $502.5 million a year earlier, though for the full first half, net income still rose 8% to $430.8 million. On an adjusted basis, Nebius reported a net loss of $33.2 million for the quarter, narrower than the $91.5 million loss from a year ago.
One structural note worth flagging: Nebius changed how it reports results after a third-party investment in Toloka, an AI development platform, shifted majority voting power away from the company. Toloka’s results now get accounted for separately as an equity-method investment rather than folded into Nebius’s consolidated numbers, with earlier periods reclassified accordingly.
