Overview
- Nebius reported Q1 2026 revenue of $399 million, up 684% from a year ago, with an EPS loss of $0.23 that beat forecasts by 71.6%.
- The AI Cloud unit jumped 841% to $390 million as adjusted EBITDA turned positive and net income from continuing operations swung to a $621.2 million profit, though adjusted net loss widened to $100.3 million as scaling costs rose.
- Management raised 2026 capital spending plans to $20–$25 billion and aims to exit the year at a $7–$9 billion annual revenue run rate.
- The company is building gigawatt‑scale sites, including an AI facility in Independence, Missouri, and says it owns over 75% of its contracted power, which can help control margins but requires large upfront cash outlays.
- Shares surged after the results then pulled back on competition worries, as Citi lifted its target to a Street‑high $287 with a Buy call and DA Davidson began coverage at Neutral with a $250 target.