Nebius Posts $582.3M Q2 Revenue, Up 454% Year Over Year

Nebius Group N.V. (NASDAQ: NBIS) booked $582.3 million in second-quarter 2026 revenue, up 454% from a year earlier, and ended the quarter with a $3.0 billion annualized run-rate. The company published the unaudited figures on August 12, 2026, covering the three and six months ended June 30.

The numbers frame every conversation about the stock heading into its next report — and give practitioners concrete benchmarks to test against.

What does the $582.3 million consist of?

Nebius rents out AI compute infrastructure. Instead of buying hardware and running their own data centers, customers pay Nebius for access to GPU capacity for training and serving models. It's a specialized cousin of the big public clouds, with a narrower focus on AI.

The revenue splits across three reported units:

• Nebius AI cloud: $574.9 million, up 514% year over year — about 98.7% of group revenue.
• Avride, an autonomous-vehicle platform, and TripleTen, an edtech service, share the remaining roughly $7.4 million, or 1.3%.
• The sources don't break out the side units' individual revenue, losses, or growth.

Working backward from the 514% figure, the AI cloud segment generated roughly $93.6 million in Q2 2025 — a business that earned under $100 million a quarter a year ago now earns nearly six times that. Anyone valuing NBIS is valuing the AI cloud business.

How fast is growth actually moving?

A 454% annual increase means revenue multiplied by about 5.5; the implied Q2 2025 base is near $105.1 million. The 46% sequential gain implies Q1 2026 revenue near $398.8 million.

The sequential number deserves more attention. A 46% jump in one quarter can't last many periods — compounding it for a full year would multiply revenue more than fourfold. Year-over-year percentages will also mechanically cool as each 2026 quarter compares against a larger 2025 base. The more useful test going forward is the dollar increase from quarter to quarter, not the growth rate.

What does the $3.0 billion run-rate mean?

Multiplying the reported quarter by four gives $2.33 billion, so the $3.0 billion run-rate sits about 28.8% higher. The gap exists because a run-rate captures the exit pace at quarter-end, while reported revenue averages across all three months. A fast grower exits a quarter well above its average.

If the run-rate converts cleanly, a flat quarter at the exit pace would land near $750 million. The company has not issued that as guidance. A few illustrative scenarios from the $582.3 million base:

• +10% sequential: about $640.5 million — well below exit pace
• +20%: about $698.8 million — still below
• +28.8%: about $750 million — matches the run-rate
• +46% (a repeat of Q2): about $850.2 million

A print near $750 million shows the run-rate converting as advertised. Anything well under $700 million raises questions about capacity timing or customer ramp.

How is the growth financed?

In July 2026, Nebius closed its first secured debt financing: $775 million at SOFR plus 2.50%. The word "first" matters — it marks a shift in how the company pays for growth. The spread alone costs about $19.4 million a year, roughly $4.8 million a quarter, before SOFR itself. Every 1% move in SOFR shifts annual interest by about $7.75 million. The loan equals roughly 25.8% of the run-rate — sizable but not extreme.

What shipped, and what's free?

The latest platform release, Nebius AI Cloud 3.6 ("Aether 3.6"), is identified as shipped — customers can use it today. The sources don't list its features or hardware support, so read the release notes directly and test your own workloads.

The official pricing page lists Managed Service for Kubernetes as free. Customers pay for underlying resources, not the orchestration layer. That lowers the barrier to trying the platform but doesn't lower the total bill — idle accelerators cost the same either way. Standard orchestration does help with portability if terms change.

What's confirmed and what isn't?

Public discussion often ties Nebius to Yandex, but the verified sources don't establish the specifics of that formation or the corporate separation. They also don't identify the company's founders, leadership, or an on-record named speaker, and they don't confirm the next earnings date — check the investor relations calendar before trusting any date you see elsewhere.

For buyers, the practical read: strong revenue shows demand, and the first secured loan shows capital access. Neither proves a given workload runs faster or cheaper. Run a pilot, compare total cost against a hyperscaler, and keep workloads portable.