Nebius 财报：营收增454%，电力指引上调至5GW

$NBIS outlook is pretty insane yet again.

$582.3M revenue (+454% Y/Y, +46% Q/Q) off ~50% adjusted EBITDA margin (AI Cloud). $8.04B cash on hand.

Reiterates financial guide (2026 revenue: $3.0–$3.4B 2026 EoY ARR: $7–$9B), I was hoping for a raise, but it's already massive growth.

Not really about this quarter financials, but these signals:

• "We could sell our entire 2027 capacity on these terms today." massive visibility on demand - "4 customer agreements averaging over $1B+ each in contract value" - Around 70% of Q2 deals included customer prepayments - Contracted power guidance was raised again, from more ~4+ GW to 5 GW. (this used to be a concern vs. $IREN debate, but Nebius power guidance keeps going through the roof). - Expects $9B+ of prepayments in 2026 and says it has $40B+ of commitments. - annual contract value per MW keeps going brrr (>$40M/mw for Q3 short term capacity deals)

Same bear story will always be there (eg. large $5.66B of capex with current GAAP net loss), but demand is extreme with massive visibility, with increasing AI Cloud adjusted EBITDA margins ( 24% -> 45% -> 50% progression)

We kinda got this read through from all your hyperscaler cloud earnings and $CRWV backlog yesterday, but glad it's showing up in Weebius's earnings.