Nebius reports AI-cloud contract expansion and lifts power target to 5 GW

Nebius reported US$582.3 million second-quarter revenue, four AI-cloud deals averaging more than US$1 billion, more than US$40 billion in customer commitments and a higher 2026 contracted-power target of 5 GW. Quarterly capex was about US$5.7 billion.

Why it matters: A second specialist provider reporting strong demand reduces reliance on a single-vendor signal. Impact: Buyers gain capacity options, but contracted megawatts are not the same as commissioned, usable clusters; diversification and durability beyond AI-native customers remain open questions.

a report · Nebius newsroom