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Nebius Q1 2026 Revenue Soars 684% as AI Cloud Drives Growth
Nebius Group N.V. has exploded onto the earnings stage, reporting a staggering 684 % year‑over‑year jump in revenue to $399 million. The lift is almost entirely powered by the company’s AI Cloud business, which now accounts for roughly 98 % of sales and generated $389.7 million during the period.
The earnings statement highlights that the AI Cloud segment grew 841 % from the same quarter a year earlier. Nebius attributes the surge to a record sales pipeline, larger deal sizes, new customers across multiple industries, and pricing support for both new and older graphics processing units (GPUs). The company also swung adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) from a $54 million loss in the same quarter a year earlier to $129.5 million in the current quarter.
To underpin its growth trajectory, Nebius has announced several expansion initiatives. The firm secured up to 1.2 gigawatts (GW) of power and land for a new, owned AI data‑center facility in the United States, marking its first gigawatt‑scale project in the country. In addition, Nebius entered a partnership with Bloom Energy, a U.S. firm that supplies solid‑oxide fuel cells. The agreement, announced on 20 May 2026, involves deploying Bloom’s fuel‑cell technology to power Nebius’s AI infrastructure build‑out. A 10‑year, $2.6 billion master agreement was later disclosed, detailing the deployment of fuel‑cell power across Nebius’s data centers.
The company also completed the acquisition of Eigen, a technology firm that specializes in AI‑related solutions. While specific details of the acquisition are limited, Nebius stated that Eigen’s capabilities will support its ongoing expansion of AI‑cloud services.
Nebius’s management has highlighted the continued momentum in AI demand as a key driver of its performance. The firm’s letter to shareholders notes that the AI‑cloud business is now the company’s core focus, with the other segments contributing a small fraction of revenue.
Despite the strong financial results, analysts and investors have cautioned that Nebius trades at a high valuation. The investment case remains attractive but carries risk. The company’s future performance depends on sustained AI demand, successful execution of its infrastructure projects, and the avoidance of overcapacity or a slowdown in the AI market.
Nebius is headquartered in Amsterdam and operates data‑center facilities in Israel and the United States. The company’s recent moves—expanding power capacity, partnering with Bloom Energy, and acquiring Eigen—are intended to support its aggressive scaling strategy and to maintain its position as a leading AI‑cloud provider.
The company will report its second‑quarter 2026 results in the coming months. Investors and analysts will be watching for updates on the U.S. gigawatt‑scale project, the progress of the Bloom Energy partnership, and the integration of Eigen’s technology.
In summary, Nebius’ Q1 2026 results demonstrate a sharp rise in revenue driven by its AI‑cloud business, significant expansion plans in the United States, and strategic partnerships that aim to secure power for its data‑center operations. The company’s high valuation and reliance on continued AI demand underscore the risks that accompany its rapid growth.
The earnings statement highlights that the AI Cloud segment grew 841 % from the same quarter a year earlier. Nebius attributes the surge to a record sales pipeline, larger deal sizes, new customers across multiple industries, and pricing support for both new and older graphics processing units (GPUs). The company also swung adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) from a $54 million loss in the same quarter a year earlier to $129.5 million in the current quarter.
To underpin its growth trajectory, Nebius has announced several expansion initiatives. The firm secured up to 1.2 gigawatts (GW) of power and land for a new, owned AI data‑center facility in the United States, marking its first gigawatt‑scale project in the country. In addition, Nebius entered a partnership with Bloom Energy, a U.S. firm that supplies solid‑oxide fuel cells. The agreement, announced on 20 May 2026, involves deploying Bloom’s fuel‑cell technology to power Nebius’s AI infrastructure build‑out. A 10‑year, $2.6 billion master agreement was later disclosed, detailing the deployment of fuel‑cell power across Nebius’s data centers.
The company also completed the acquisition of Eigen, a technology firm that specializes in AI‑related solutions. While specific details of the acquisition are limited, Nebius stated that Eigen’s capabilities will support its ongoing expansion of AI‑cloud services.
Nebius’s management has highlighted the continued momentum in AI demand as a key driver of its performance. The firm’s letter to shareholders notes that the AI‑cloud business is now the company’s core focus, with the other segments contributing a small fraction of revenue.
Despite the strong financial results, analysts and investors have cautioned that Nebius trades at a high valuation. The investment case remains attractive but carries risk. The company’s future performance depends on sustained AI demand, successful execution of its infrastructure projects, and the avoidance of overcapacity or a slowdown in the AI market.
Nebius is headquartered in Amsterdam and operates data‑center facilities in Israel and the United States. The company’s recent moves—expanding power capacity, partnering with Bloom Energy, and acquiring Eigen—are intended to support its aggressive scaling strategy and to maintain its position as a leading AI‑cloud provider.
The company will report its second‑quarter 2026 results in the coming months. Investors and analysts will be watching for updates on the U.S. gigawatt‑scale project, the progress of the Bloom Energy partnership, and the integration of Eigen’s technology.
In summary, Nebius’ Q1 2026 results demonstrate a sharp rise in revenue driven by its AI‑cloud business, significant expansion plans in the United States, and strategic partnerships that aim to secure power for its data‑center operations. The company’s high valuation and reliance on continued AI demand underscore the risks that accompany its rapid growth.
