Nebius Group, an AI cloud company, reported a sharp increase in revenue in Q2 2026, as demand for AI cloud infrastructure continued to grow. The company’s results cover its AI cloud business as well as its autonomous vehicle platform, Avride, and education technology service TripleTen.
According to a press release, by June 30, revenue rose 454 percent year over year (YoY) to US$ 582.3 million, compared with US$ 105.1 million in Q2 2025 and H1 revenue increased 529 percent to US$ 981.3 million from US$ 156 million.
In a quarterly shareholder letter, founder and CEO Arkady Volozh Arkady Volozh commented on the company’s recent deal activity by saying, “We closed our largest AI Cloud deals on our strongest terms to date, at prices that represent a step-change in the economics of our business.”
Nebius is raising capital and making strategic investments in a bid to expand its AI cloud infrastructure. In July, the company raised US$ 775 million to expand its AI cloud platform, and its AI cloud infrastructure footprint is expected to fully mature by October 31, 2030. Nebius also invested US$ 2.3 billion for new AI infrastructure in the UK by building three new facilities with a combined capacity of 65 MW by 2027.
The Adjusted EBITDA increased to US$ 236.2 million in Q2 with a loss of US$ 21 million a year earlier. For the first half, Adjusted EBITDA was US$ 365.7 million versus a loss of US$ 74.7 million in the first half of 2025.
Net income from continuing operations was US$ 190.4 million in the second quarter, compared with net income of US$ 502.5 million a year earlier. For the first six months, net income increased by 8 percent from US$ 398.2 million in 2025 to US$ 430.8 million.
On an adjusted basis, Nebius reported a net loss of US$ 33.2 million for the second quarter, narrowing from US$ 91.5 million a year earlier. The adjusted net loss for the first half was US$ 133.5 million, compared with US$ 175.2 million in the first half of 2025.
As of June 30, 2026, Nebius had 271,855,218 shares issued and outstanding, comprising 238,400,165 Class A shares and 33,455,053 Class B shares. The figure excludes 50,185,726 Class A shares held in treasury.
Nebius’ reporting structure changed in Q2 of 2025 following a third-party investment in Toloka, an AI development platform. After the transaction, Nebius ceased to hold majority voting power in Toloka and stopped consolidating its results. Toloka is now accounted for as an equity-method investment, while its results from earlier periods have been reclassified as discontinued operations.