Nebius reported Q1 2026 revenue of $399 million, beating estimates, alongside plans for a new AI factory in Pennsylvania.
Nebius posted first-quarter revenue of $399 million, a 684% year-over-year increase from $50.9 million, exceeding analyst expectations of $371.4 million. The company also announced a new AI factory in Pennsylvania, securing up to 1.2 gigawatts of power and land for the site.
Adjusted EBITDA reached $129.5 million, reversing a loss in the same period last year. GAAP net income hit $621.2 million, though it included a $780.6 million gain from revaluing equity investments. Adjusted net loss stood at $100.3 million. Capital expenditures surged to $2.5 billion, above the $2.4 billion estimate, driven by chip purchases and data center expansion.
Shares rose 13% in premarket trading following the announcement. The Pennsylvania facility adds to Nebius’s U.S. expansion, including a $650 million AI campus in Missouri announced earlier this month.