Overview
- Nebius reported Q1 2026 revenue of $399 million, a 684% year‑over‑year jump driven by its AI business, which grew 841% and produced a $1.9 billion annualized run rate.
- The stock hit a record intraday high of $233.73 this month and remains elevated in the low‑$200s as investors reprice the company on rapid demand for GPU‑heavy compute.
- Nvidia made a $2 billion equity investment and Nebius says a reported $27 billion agreement with Meta will help unlock financing for expansion and deepen technical ties for training workloads.
- Management has expanded contracted power to more than 3.5 gigawatts, broke ground on a 400‑acre campus in Independence, Missouri, unveiled a Pennsylvania site, and is targeting over 4 GW by year end.
- The company is not yet GAAP‑profitable but posted $130 million adjusted EBITDA in Q1, held $9.3 billion cash, plans $20–$25 billion in 2026 capex, and faces execution, permitting, and valuation risks even as analysts rate the stock a Moderate Buy.