Nebius Surges 20% as Q2 Revenue Jumps 454% to $582.3 Million

Nebius bStock surged more than 20% on Wednesday after the AI infrastructure company reported stronger-than-expected second-quarter results and reaffirmed its 2026 outlook.

Nebius bStock (NBISB) traded at approximately $227 on Binance, up 20.51% over 24 hours. The token reached a daily high of $227.51, while trading volume exceeded $2.3 million.

The underlying Nasdaq-listed Nebius shares (NBIS) climbed approximately 17% in premarket trading to around $226.50. The stock had closed Tuesday at $193.23 after gaining 4.95% during the regular session.

Nebius Revenue Beats Wall Street Estimates

Nebius reported second-quarter revenue of $582.3 million, representing a 454% increase from $105.1 million one year earlier.

Revenue also grew approximately 46% from the $399 million recorded during the first quarter.

The latest result exceeded analysts’ average estimate of $572.75 million, according to LSEG data.

Nebius reported a loss of $0.49 per share, narrower than the $0.72 loss analysts had expected. Adjusted EBITDA reached approximately $236 million, compared with a $21 million loss in the corresponding 2025 quarter.

That placed the company’s adjusted EBITDA margin at roughly 40.5%, showing that revenue growth is beginning to produce considerable operating leverage despite Nebius’s continued infrastructure investments.

AI Cloud Business Drives Growth

Nebius’s core AI cloud operation generated approximately 98% of total group revenue and expanded by more than 500% year over year.

The Amsterdam-based company supplies Nvidia-powered computing capacity and cloud services to businesses developing and deploying artificial-intelligence models.

Demand allowed Nebius to secure four major AI cloud agreements during the quarter. The average total contract value of those deals exceeded $1 billion, while the combined value of new contracts grew nearly fourfold from the preceding quarter.

Pricing also strengthened for both next-generation AI chips and older GPU systems.

Approximately 70% of the agreements signed during the quarter included customer prepayments. Those payments covered between 50% and 60% of the associated capital expenditure, reducing the amount Nebius must fund through its own cash, debt or additional equity.

This financing structure is important because constructing data centers and purchasing large quantities of advanced Nvidia processors require substantial upfront investment.

Nebius Maintains Its 2026 Outlook

Nebius reaffirmed its full-year 2026 outlook as demand for AI computing capacity continued to exceed available supply.

Management has previously targeted between $3 billion and $3.4 billion in 2026 revenue and annualized run-rate revenue of between $7 billion and $9 billion by year-end.

The Q2 result places first-half revenue at approximately $981.3 million. Nebius will therefore need a significant acceleration during the second half to reach its full-year target, although the company expects newly deployed capacity and contracted customers to support that growth.

The results also provide evidence that Nebius is converting its rapidly expanding infrastructure footprint into revenue. However, the company remains exposed to high capital requirements, customer concentration and the execution risks involved in bringing new data-center capacity online.

Why NBISB Rose More Than Nebius Stock

NBISB’s displayed 20.51% gain was larger than the approximately 17% premarket increase in NBIS because the percentages covered different measurement periods.

Binance calculated NBISB’s performance over a rolling 24-hour window, while the underlying stock’s gain was measured against Tuesday’s official Nasdaq closing price.

The two assets remained closely aligned in price. NBISB traded at $227 while the underlying stock was quoted at approximately $226.51, leaving the token at a premium of around 0.2%.

Binance states that bStocks are tokenized certificates backed one-to-one by corresponding US-listed shares held through a regulated custodian. However, NBISB does not provide direct ownership of Nebius shares or conventional shareholder rights.

What the Results Mean for Nebius bStock

Nebius’s Q2 report provides a clear fundamental explanation for the NBISB rally. Revenue exceeded expectations, adjusted EBITDA improved sharply, contract values increased and customer prepayments reduced part of the funding burden associated with expansion.

The results are therefore bullish for the underlying business and, by extension, NBISB.

However, a 20% single-day increase also reflects substantial optimism about future execution. Nebius must continue deploying capacity on schedule, maintaining high utilization and converting its large contracts into recognized revenue to support the higher valuation.

For now, the earnings report strengthens the growth case for Nebius and confirms that demand for its AI cloud infrastructure remains exceptionally strong.