Description

Nebius Group’s $9 Billion Funding Engine: Can AI Capacity Keep Scaling This Fast?

Nebius Group reported substantial growth and strategic progress in the second quarter of 2026, led by Nebius AI, which contributed 98% of total revenue. Group revenue increased 454% year-over-year to $582 million and 46% sequentially. Annualized run rate revenue reached $3 billion by June, nearly six times the prior year-end level. Growth reflected first-quarter capacity additions, higher utilization, and newer higher-margin revenue streams including the asset-light partnership model and recent acquisitions. Group adjusted EBITDA reached $236 million with a 41% margin, improving from negative territory a year earlier and a 32% margin in the prior quarter. Nebius AI generated a 50% adjusted EBITDA margin, while Avride and TripleTen diluted consolidated profitability. Improvements reflected scale, early asset-light adoption, and greater infrastructure efficiency. Q2 capital expenditures totaled $5.7 billion, mainly for GPUs and data center expansion.