Nebius Group N.V. (NBIS) delivered a first‑quarter performance that far exceeded Wall Street’s forecasts, igniting a sharp rally in its shares. The AI‑focused neocloud provider reported revenue of $399 million for the three months ended March, a nearly eightfold leap from $50.9 million a year earlier and roughly 7.5% above the consensus estimate of $371–$375 million. The company’s adjusted net loss of $100.3 million, while wider than the prior‑year loss of $83.6 million, was nearly 42% better than the $174 million deficit analysts had expected.
Investors reacted swiftly, sending NBIS stock up 12% in premarket trading and extending the advance to about 15% during Wednesday’s regular session. The gains pushed the stock’s year‑to‑date return to 114%, and over the past twelve months it is up nearly 400%. Behind the explosive revenue print, CEO Arkady Volozh pointed to “unprecedented demand” that continues to outstrip supply across the AI compute market.
Capital spending reaches new heights
A key driver of the stock’s surge was Nebius’ dramatically revised capital expenditure outlook. First‑quarter capex hit $2.5 billion, up from $544 million a year ago, and management raised its full‑year 2026 capex guidance to a range of $20 billion to $25 billion – up from the previous $16–$20 billion estimate. The company is aggressively expanding its data‑center footprint, targeting 900 MW of capacity by year‑end, and has already locked in 1.2 gigawatts for an AI campus in Pennsylvania. Its contracted power pipeline now exceeds 4 gigawatts, highlighting the scale of the build‑out required to meet soaring GPU demand.
Strategic deals reinforce growth trajectory
Nebius is backing its expansion with high‑profile partnerships. Earlier this month it signed a five‑year computing deal with Meta worth up to $27 billion, adding a major anchor customer. It also agreed to acquire Eigen AI for $643 million to strengthen its inference platform and broaden its U.S. presence. Nvidia, a critical supplier, has taken a $2 billion strategic stake for about 8.3% ownership, further cementing Nebius’ position in the AI infrastructure ecosystem.
