From "Russian version of Alphabet Inc. Class C" to European Cloud Giant! Nebius (NBIS.US) Q1 revenue surged 684%, doubling down on US AI infrastructure layout.

Pre-market on Wednesday, European AI cloud service company Nebius (NBIS.US) released its first quarter earnings. Data shows that, thanks to a surge in spending in the field of artificial intelligence, Nebius's first-quarter revenue increased by 684% year-on-year to $399 million, exceeding market expectations of $389 million; GAAP earnings per share were $2.11, compared to the market's previous expectation of a loss per share of $0.70. AI cloud revenue surges, expanding into the US market Data shows that Nebius's first-quarter AI cloud revenue was $390 million, an 841% increase year-on-year and an 82% increase quarter-on-quarter. Its self-owned power scale continues to rapidly expand. The company's contracted power capacity has exceeded 3.5 gigawatts, significantly surpassing the previous year-end target of 3 gigawatts. With strong project execution, Nebius has officially raised its year-end contracted power capacity guidance to over 4 gigawatts. In its global AI infrastructure layout, the company has secured two large gigawatt-scale sites in the United States. Construction has officially commenced in Missouri; the company has secured up to 1.2 gigawatts of power allocation in Pennsylvania for the construction of its own AI factory, with the project expected to be phased in and operational starting in 2027. Looking ahead for the full year, Nebius expects revenue to reach $3 to $3.4 billion in 2026, with annual recurring revenue (ARR) reaching $7 to $9 billion. Rebirth transformation! From Russian Alphabet Inc. Class C to European AI giant As a rising star in the global AI race, Nebius has a legendary development background. Its predecessor was Yandex N.V., known as "Russian Alphabet Inc. Class C." In the turmoil of 2022 GEO Group Inc, Yandex divested its Russian domestic business, relocated its headquarters to Amsterdam, and relaunched trading on NASDAQ under a new code, NBIS, transforming from a traditional Internet giant to a European AI cloud giant. Nebius continues to deepen its strategic cooperation with major US tech giants. In March 2026, Nebius secured a $2 billion strategic investment from NVIDIA Corporation, with plans to jointly build a super-5 gigawatt computing center by 2030. Nebius also signed a second major long-term agreement with Meta, with the cooperation scale reaching up to $27 billion. In a letter to shareholders, Nebius CEO Arkady Volozh stated that the company still sees an "unprecedented" demand for computing power. Volozh wrote in the letter, "As more industries embrace artificial intelligence and move from experimentation to practical application, the demand for computing and cloud services far exceeds existing capacity. We are experiencing this demand firsthand and are meeting it through our end-to-end native AI cloud." He further stated, "We are a technology-driven company. We have world-class engineers and deep proprietary technology at every layer of our technology stack. From infrastructure and multi-tenant cloud services to inference solutions and agent platforms, we can provide comprehensive solutions." Following the release of its financial report, as of the time of writing, Nebius rose 15.4% pre-market. The stock has accumulated a 114% increase year-to-date.