Nebius Turns Out A 684% Revenue Surge

Nebius gave investors a first-quarter report that put hard numbers behind the AI-cloud gold rush. The company reported revenue of $399 million, up 684% from a year earlier, while adjusted EBITDA swung to $129.5 million from a loss of $53.7 million. Shares rose sharply Wednesday, as Wall Street latched onto a company selling the picks, shovels, and power-hungry capacity behind the trade.

The company’s next act is being built with the basic ingredients of the era — land, power, chips, and time. Nebius said it secured up to 1.2 gigawatts of power and land for a new company-owned factory in Pennsylvania, adding another major piece to its data-center footprint. In this business, growth is measured not just in customers, but in how much capacity a company can bring online before demand moves somewhere else. That explains why Nebius’ surge comes with the kind of construction tab that can make even a 684% revenue jump look like only half the headline.

The cash going out the door underscored what it costs to turn that blueprint into capacity. Nebius spent about $2.47 billion on property, equipment, and intangible assets during the quarter, up from about $544 million a year earlier. The company also reported an operating loss of $128 million, even as net income from continuing operations reached $621.2 million, helped by a large noncash gain tied to the revaluation of its ClickHouse stake. That makes the quarter impressive, but not simple — Nebius is showing major traction while asking investors to stomach a very large buildout. That leaves the familiar question of how much upfront spending is justified by future capacity, and when that spending will finally pay off.

That is the debate hanging over a quarter that otherwise had plenty to celebrate. Nebius is trying to secure GPUs, power, and land while cloud capacity remains one of the scarcest assets in technology. If Nebius keeps converting demand into revenue and operating leverage, it has a real shot at becoming one of the cloud buildout’s main players. If the returns do not show up fast enough, today’s rally could start to look like tomorrow’s cash fire with cooling fans.

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