Data center developer Nebius Group (NASDAQ: NBIS) said on Wednesday that first-quarter revenue rose 684% year over year to $399.0 million and that it secured up to 1.2 GW of power and land in Pennsylvania for a new owned AI factory.
The AI cloud company reported net income from continuing operations of $621.2 million, compared with a loss of $104.3 million a year earlier
Shares of NBIS are up 19% in pre-market hours, per Yahoo Finance, after beating earning expectations. Earnings per share clocked in at -$0.40, beating expectations by 40%. Revenue beat expectations by 3%.
Nebius’s core AI cloud unit generated $389.7 million in Q1 revenue, up 841% year over year, and accounted for about 98% of total group revenue. Annualized run-rate revenue reached $1.92 billion at the end of March, up 674% year over year and 54% from $1.25 billion at the end of December 2025. The Q1 net income figure included a $780.6 million non-cash gain from the revaluation of Nebius’s equity stake in ClickHouse, the open-source database company that raised $400 million at a reported $15 billion valuation in January 2026.