Overview
- The company reported on Aug. 12 that Q2 revenue jumped to $582.3 million, up 454% year over year, and adjusted EBITDA was $236.2 million while net loss from continuing operations was $190.4 million.
- Management reaffirmed $7 billion to $9 billion in ARR guidance and disclosed $37.49 billion in remaining performance obligations that give the business multi‑year contract visibility.
- Investor moves have been volatile after the quarter, with Soros Fund Management reporting a new roughly $85.6 million stake and the stock rallying then falling about 20% over the following days.
- Market scrutiny has shifted to balance‑sheet strain: company filings show about $8.5 billion in convertible debt at carrying value with a reported fair value near $20.8 billion, $12.1 billion in uncommenced data‑center leases, $5.3 billion in energy commitments, and $20–25 billion in 2026 capex guidance.
- If contracts convert to cash as management expects, Nebius could scale quickly; if financing needs force wide conversion of convertibles or delay projects, investors face material dilution and execution risk that will determine the company’s durability.