Overview
- Nebius reported second-quarter results on Wednesday showing about $582 million in revenue, roughly $236 million in adjusted EBITDA and a roughly $190 million GAAP loss, with management saying payback on recent deals has fallen below two years.
- Shares jumped sharply after the report, with gains of roughly 20%–34% reported, a move analysts and reporters say was magnified by very high short interest that forced some short sellers to cover positions.
- Management raised its year-end contracted-power goal to 5 gigawatts and said customer prepayments will exceed about $9 billion in 2026, while quarterly purchases of property, equipment and intangibles were about $5.66 billion.
- Michael Burry publicly expanded his short after the rally and reiterated his thesis that Nebius may overstate profits by extending server useful lives and underestimating hardware replacement and pricing risk.
- Key questions ahead include whether contracted deals and customer prepayments convert into durable cash flow, how quickly GPUs remain economic as hardware turns over, and whether Nebius can execute its rapid, capital‑intensive buildout to meet hyperscaler demand.