Nebius Group’s Q2 cloud revenue growth outpaced analyst estimates, driven by $1 billion AI cloud deals and $40 billion in customer commitments.
Nebius Group (NASDAQ:NBIS) reported a 514% year-over-year increase in cloud revenue for Q2, pushing total revenue to $582.3 million, above the $572.75 million analysts expected. The surge lifted shares more than 20% in early trading on August 12, 2026.
The company signed four AI cloud deals averaging over $1 billion each, quadrupling its total contract value. Nebius also raised its 2026 power target to 5 gigawatts and expects $9 billion in customer prepayments this year, alongside $40 billion in total commitments.
Nebius secured $775 million in asset-backed financing in July, adding to the $5.7 billion spent on chips and data centers during the quarter. The results follow rival CoreWeave’s (NASDAQ:CRWV) recent forecast raise, intensifying competition in AI cloud services.