Overview
- Increased from $12M in '26 to > $40M in Q3
- For deals closed in Q2, payback period is 1 year 10 months
- There are 4 large deals with an average deal size >$1B
- 50-60% of capex self-financed such as Reflection and Cohere by prepayments
- First asset-backed financing at attractive terms (SOFR + 2.50%) ~$775M secured in July
- Nebius has equity investments in Clickhouse and Toloka
- Token Factory
- Nebius Token Factory is a managed AI inference and production platform that lets developers deploy, fine-tune, and scale open-source artificial intelligence models without managing underlying infrastructure
- Inference workloads on Token Factory more than tripled in Q2, increasingly running on open models.
- Energy and Bloom
- In May, they announced a long-term partnership with Bloom to deploy behind-the-meter fuel cells this year.
- Vera Rubin
- They received their first NVIDIA Vera Rubin NVL72 systems and are using these early units to validate compute, networking, and orchestration together as a single system
Financials
- Q2 revenue Up 454% YoY to $582M
- Operating leverage inherent in the business: the AI cloud business delivered an adjusted EBITDA margin of 50% in the quarter.
- $2.3 billion in positive operating cash flow
- $8 billion in cash on hand
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For informational purposes only — not investment advice.