$NBIS beats on EPS and Revenues - Demand for AI capacity continues to grow exponentially, and we are converting that demand into contracted, profitable growth. We closed four landmark deals for our AI cloud business, for an average total contract value (TCV) of more than $1 billion each, and a yield of $20-25 million per megawatt. TCV of Q2 wins grew nearly 4x quarter-over-quarter, with TCV from new customers growing more than 9x. New pricing initiatives in early Q3 — such as our first-ever auction and short-term capacity deals — are showing promise. We see a price opportunity in the $40-50 million per MW range and we signed our first one this week. Overall deal economics strengthened, with 70% of deals including prepayments, covering 50-60% of the associated capex. We could sell our entire 2027 capacity on these terms today. We are deliberately not doing so because we see higher value in retaining some capacity for immediate customer needs. We continue to secure power ahead of our expectations, and today we are raising our year-end contracted power target again to 5 GW. The pace in which we bring capacity to market will accelerate as we plan to deploy more than 1 GW per year — and we plan to do so starting in 2027. Inference workloads on Token Factory more than tripled in Q2, increasingly running on open models. Q2 group revenue of $582.3 million, was up 454% year-over-year. Nebius AI cloud revenue grew 514% yearover-year to $575 million, ARR reached $3.0 billion. We also continued to demonstrate the operating leverage inherent in our business: our AI cloud business delivered an adjusted EBITDA margin of 50% in the quarter. We expect over $9 billion in customer prepayments in 2026. We are reaffirming our full-year 2026 guidance across all metrics.
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