Nebius reported Q1 2026 revenue of $399 million as the company accelerated construction of a global AI cloud platform built around gigawatt-scale AI factories, large GPU deployments, and vertically integrated inference infrastructure. The company said contracted power capacity now exceeds 3.5 GW and raised its year-end 2026 target to more than 4 GW as demand for AI compute continues to outpace industry supply.
The company announced a new owned AI factory site in Pennsylvania supporting up to 1.2 GW of power capacity, adding to its previously announced 1.2 GW campus in Independence, Missouri. Nebius said more than 75% of its contracted power now comes from owned infrastructure assets, reflecting a strategic shift toward long-term control of power, land, and AI data center operations. Nebius also disclosed a new 310 MW Finland facility that it described as one of Europe’s largest dedicated AI factories.
Nebius continues to position itself as a full-stack AI cloud provider spanning infrastructure, training, inference, orchestration, and agentic AI services. During the quarter, the company expanded its software stack through acquisitions involving Tavily, Eigen AI, and Clarifai while also deepening technical collaboration with NVIDIA around inference optimization and AI factory architecture. Nebius said it expects 800 MW to 1 GW of connected power online by the end of 2026 and plans to deploy NVIDIA Vera Rubin NVL72 systems across both U.S. and EMEA facilities beginning in the second half of 2026.
- Q1 2026 revenue: $399.0 million, up 684% year-over-year
- Nebius AI cloud revenue: $389.7 million, up 841% YoY
- ARR exiting Q1: $1.92 billion
- Q1 adjusted EBITDA: $129.5 million
- Nebius AI cloud adjusted EBITDA margin: 45%
- Q1 capital expenditures: approximately $2.5 billion
- Cash position at end of Q1: $9.3 billion
- Total capital raised in Q1: $6.3 billion
- Contracted power capacity: more than 3.5 GW currently secured
- Updated year-end 2026 contracted power target: more than 4 GW
- Connected power expected online by YE2026: 800 MW to 1 GW
- Pennsylvania AI factory: up to 1.2 GW
- Finland AI factory: 310 MW planned deployment
- Owned infrastructure share of contracted capacity: more than 75%
- New colocation expansion announced in Spain
- Missouri and Alabama owned AI factory projects remain under active construction for 2027 operation
- Total owned AI factory portfolio expected to support 3 GW across five sites
- NVIDIA strategic investment in Nebius: $2 billion
- Meta agreement value: up to $27 billion over five years
- Meta contract structure includes:
- $12B committed compute purchase beginning in 2027
- Additional $15B flexible capacity framework
“We are not simply responding to where the industry stands today; we have the knowledge and experience to build the infrastructure, tools, and capabilities for where it will be tomorrow,” said founder and CEO Arkady Volozh.
🌐 Analysis: Nebius is evolving from a GPU cloud startup into a vertically integrated AI infrastructure operator with growing control over land, power procurement, AI factories, and inference software. The company’s emphasis on owned gigawatt-scale campuses mirrors broader industry shifts as AI infrastructure providers compete to secure long-term access to electrical power, GPU supply, and cooling infrastructure before grid and supply chain constraints tighten further.
