The earnings call highlighted explosive AI cloud demand, with group revenue surging 454% YoY to $582 million, nearly all from the AI segment at $575 million, and adjusted EBITDA margins expanding to 41% overall and 50% in AI. Annualized run rate revenue tripled to $3 billion, supported by a capacity auction clearing 15% above prior highs, four landmark contracts averaging over $1 billion each at $20-25 million per MW with 50-60% upfront payments, and over $9 billion in customer prepayments. Management reaffirmed conservative $7-9 billion full-year run-rate guidance while holding back 2027 capacity for potentially higher pricing, signaling sustained scarcity despite supply concerns and a shift toward an asset-light model.

Company: Nebius Group N.V. (NBIS) — Q2 FY2026

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