Nebius Heads Into Q1 Report With Shares Near Highs and a $46 Billion Backlog

Overview

• Nebius will report first-quarter results on May 13, and analysts expect $375 million to $389 million in revenue with a projected loss of $0.77 per share.
• The company says it has a $46 billion backlog built on multi‑year agreements with Meta at $27 billion and Microsoft at $19.4 billion, plus a separate $2 billion stake from Nvidia.
• The $643 million purchase of Eigen AI two weeks before the call adds model‑tuning tools like quantization and cache optimizations to the Token Factory platform.
• Management guides to 2026 revenue of $3.0 billion to $3.4 billion and targets an annualized revenue run rate of $7 billion to $9 billion by the end of 2026.
• Nebius plans $16 billion to $20 billion of 2026 capital spending and says contract‑bound funds should cover about 60% alongside a $4.34 billion convertible bond raise.