Nebius says run-rate revenue hit $3.0 billion and contracted power is heading to 5 GW

In its second-quarter shareholder letter on 12 August 2026, Nebius said group revenue rose 454% to $582.3 million and annualized run-rate revenue reached $3.0 billion, up 598%. It closed four AI cloud deals averaging more than $1 billion each and raised its year-end contracted power target to 5 GW. Capital spending was about $5.7 billion. The GAAP operating loss widened to $175.9 million from $111.2 million, and net loss from continuing operations was $190.4 million against net income of $502.5 million a year earlier, which included a $597.4 million equity revaluation gain. Adjusted net loss narrowed to $33.2 million from $91.5 million. We file this because Nebius ties its results to AI demand in its own words. How we read it: customers are committing large sums for AI capacity, and the build is costly. What would change this: delays turning contracted power into capacity. Why it matters to you: it shows what AI computing customers contract for and what it costs to supply.