Nebius Expands AI Data-Center Push With 5 GW Capacity Target
Nebius NBIS has been steadily lifting its contracted-power guidance for 2026, moving from 3 GW to 4 GW and now aiming for 5 GW as it adds data centers across North America and Europe. The surge comes with big deals, including Meta’s cloud-compute arrangement that could deliver roughly $5 billion in annual recurring revenue once online, potentially lifting Nebius toward about $9 billion in ARR by year-end. Q2 revenue rose to $582.3 million, up 454% year over year, and the company is financing buildouts through prepayments and debt (notably $4 billion in private convertible notes) while remaining cash-flow negative and reliant on contract momentum to convert revenue in the coming years.