$NBIS · Nebius Group N.V.
Nebius Group N.V. reported Q3 2026 revenue of $980.8M, a 571% YoY increase from $146.1M, with Adjusted EBITDA swinging to a $465.8M profit from a $5.2M loss. Nine-month revenue reached $1.96B (+549% YoY) and nine-month Adjusted EBITDA. Capex hit $7.3B in Q3 and year-to-date as the company aggressively builds AI data center capacity.
- Q3 2026 revenue of $980.8M, up 571% YoY from $146.1M in Q3 2025.
- Adjusted EBITDA swung to $465.8M profit in Q3 2026 vs. a $5.2M loss a year ago.
- Nine-month revenue reached $1.96B (+549% YoY); nine-month Adjusted EBITDA hit.
- Capex spending surged to $7.3B in Q3 and for the nine months, reflecting aggressive AI infrastructure buildout.
- Operating income turned positive at $50.4M in Q3 2026 vs. a $130.2M operating loss in Q3 2025.
NBIS shares surged +15.44% to $154.69 in the regular session following the release, reflecting strong investor approval of the 571% revenue growth and swing to positive Adjusted EBITDA. The $37.13B market cap is now pricing in continued hypergrowth and the pre-tax breakeven target by end of 2027.
Nebius is transitioning from an AI infrastructure story to a revenue-generating powerhouse, with 571% YoY growth and positive operating income proving the model works at scale.
Nebius is scaling as a full-stack AI cloud competitor to hyperscalers, with revenue growth and capex intensity mirroring early-stage AWS/Azure trajectories. The $12B total contract value signed since Q3 start signals enterprise AI demand is accelerating.
Massive capex burn: $7.3B in Q3 alone and $15.4B year-to-date, with continued financing needs to sustain the AI infrastructure buildout. Supply chain risks, power access, and data center site acquisition could delay capacity expansion.