Nebius Just Posted 684% Revenue Growth. Here’s Everything Behind the NBIS Surge.

Nebius Group (NASDAQ: NBIS) is surging more than 12% in premarket trading this morning after the AI cloud company delivered a quarter that exceeded expectations on nearly every metric that matters. Revenue came in at $399 million — a 684% increase from the $50.9 million reported in Q1 2025 — as the company’s GPU-powered AI cloud infrastructure continued to sell out faster than it could be built.

The results were accompanied by a string of announcements that collectively paint the picture of a company scaling at a pace few in the AI infrastructure space have matched: a secured site in Pennsylvania with up to 1.2 gigawatts of power capacity, contracted power guidance raised to more than 4 GW for 2026, a $27 billion multi-year relationship with Meta, and a $2 billion strategic investment from Nvidia. Here is everything you need to know.

The Numbers: Q1 2026 Earnings Scorecard

Nebius beat estimates across the board in Q1, with the revenue beat being the headline number — but the EPS beat was arguably even more impressive, coming in at a loss of just $0.23 per share versus an expected loss of $0.78.

The one caveat in the numbers is that EBIT remains negative — deliberately so, as Nebius is in an aggressive investment phase, committing $16 to $20 billion in capital expenditure in 2026 alone. Management has been explicit that EBIT will remain negative for the full year as they race to connect capacity and serve committed demand.

The Meta Deal: $27 Billion Over Multiple Years

The single biggest announcement embedded in the Q1 release is the scale of Nebius’s relationship with Meta Platforms. What started as a $3 billion agreement in November 2025 has expanded into a $27 billion multi-year commitment.

The Nvidia Investment: $2 Billion and a Strategic Partnership

Nebius also disclosed during Q1 that Nvidia made a $2 billion strategic investment in the company, alongside a partnership to develop and deploy next-generation hyperscale cloud infrastructure for the AI era. For Nebius, the investment is more than capital — it is a supplier relationship with the manufacturer of the world’s most sought-after AI chips, potentially giving Nebius preferential GPU allocation as it races to connect capacity.

The Pennsylvania Factory: Nebius’s Biggest U.S. Site

Alongside the earnings, Nebius announced it has secured up to 1.2 gigawatts of power and land for a new, company-owned AI factory in Pennsylvania. This follows the recent groundbreaking of a gigawatt-scale facility in Independence, Missouri, and a 310 MW AI factory under construction in Finland.

Full-Year 2026 Guidance

Bull vs. Bear

The Bottom Line

Nebius is executing at a pace that few AI infrastructure companies have matched. The 684% revenue jump is not a fluke — it reflects a business that was literally sold out before the quarter began, backed by binding multi-year contracts from Meta and Microsoft and a GPU supply relationship with Nvidia. The Q1 numbers validate the thesis that Nebius is not just riding the AI wave but has built genuine infrastructure scale that is difficult to replicate quickly.

The risks are real and should not be dismissed. The valuation is aggressive, the CapEx commitment is enormous, and the path to GAAP profitability runs through years of continued heavy spending. But for investors who believe AI infrastructure capex will remain elevated through 2026 and beyond — and the demand signals from every major hyperscaler suggest it will — Nebius is one of the most direct and highest-velocity ways to play that theme.

The next key data point is Q2 2026 results — specifically whether connected capacity ramps on schedule and whether the ARR trajectory holds toward the $7–$9 billion year-end target.