Why this name is on the tape
Nebius Group N.V. (NASDAQ: NBIS) is an Amsterdam AI-cloud company. The live book is GPU cloud — training and inference on owned and colocated halls — plus Avride robots and TripleTen edtech. Search boxes still pull up Yandex. That is the old group. This ticker is the AI-cloud leftover after the split, listed in New York.
The tape prints NBIS when a Microsoft, Palantir, Vineland, or GPU-cloud clip lands next to IREN, Applied Digital, and the miner-turned-landlord names. Those are different clocks. Nebius bills cloud seats. Palantir named it a preferred sovereign infrastructure partner on 8 September. IREN’s Horizon 1 is an accepted hall. Cipher’s Black Pearl is a landlord lease. This article keeps the $582.3 million quarter apart from that partnership, ARR, a $3.0–$3.4 billion full-year target, and a New Jersey build. It is not a ranking of the stock and not a trade instruction.
What printed for the quarter ended 30 June 2026
For the quarter ended 30 June 2026 Nebius Group reported revenue of $582.3 million, up 454% from $105.1 million. The company released those second-quarter results on 12 August 2026. Nebius AI cloud billed $574.9 million, about 98% of the group, up 514%. First-half group revenue was $981.3 million.
GAAP net loss from continuing operations was $190.4 million. A year earlier continuing operations printed net income of $502.5 million. Group adjusted EBITDA was $236.2 million. The AI-cloud line printed a 50% adjusted EBITDA margin. Annualized run-rate revenue for that AI-cloud book was $3.0 billion at the end of June, up from $1.9 billion at the end of March. ARR is last month’s AI-cloud revenue times twelve. It is not the $582.3 million quarter and not a full-year print.
Operating cash flow from continuing operations was $2,246.1 million in the quarter. Capital expenditures were about $5.7 billion, mostly GPUs and halls. Through 30 June the company sold 12.7 million Class A shares under an at-the-market program for about $2.8 billion of gross proceeds. In July it closed a $775 million secured facility at SOFR plus 2.50%, backed by deployed GPUs and contracted cash flows from an investment-grade customer. Cash on the pile and a financed GPU book are not the same as the year’s revenue target.
Palantir is an 8 September partnership. Microsoft capacity is delivered. Vineland is still a build.
On 8 September 2026 Palantir Technologies and Nebius said Palantir had named Nebius its preferred sovereign AI infrastructure partner. After an integration period, Palantir said it would bring Nebius compute and inference endpoints inside the Palantir enterprise perimeter for eligible commercial customers. The companies also said they would work to bring new capacity online faster, including modular data-center deployments at sites where power is already available. A preferred-partner label is not billed Q2 revenue. Integration is not every Palantir seat already running on Nebius GPUs.
In the 12 August shareholder letter Nebius said it had delivered all capacity tranches to Microsoft under the contract, including two tranches in the prior month. Delivered capacity is not the same as every dollar of a multi-year Microsoft seat already in the $582.3 million quarter, and it is not IREN’s Horizon 1 acceptance.
Vineland, New Jersey, is a DataOne build-to-suit where Nebius is the tenant installing GPUs. The company has described dedicated Microsoft capacity from that site and has treated Vineland as part of 2026 connected-power plans. Local project materials still point at a 2027 operational window for the factory. A delivered Microsoft tranche and a New Jersey hall still under construction are not the same clock. A Phase 2 planning approval in August is not a commissioned campus.
What is still a target
On the August call Nebius reaffirmed full-year 2026 group revenue of $3.0 billion to $3.4 billion and AI-cloud ARR of $7 billion to $9 billion. Connected power for the year was still described as 800 megawatts to 1 gigawatt. Year-end contracted power was raised to 5 gigawatts. Those are company targets, not prints.
Q2 also closed four large AI-cloud deals the company put at more than $1 billion of total contract value each. Management said most of that book sits against capacity arriving late in 2026 and will show up mainly in 2027 revenue. Signed TCV is not recognized revenue. Customer prepayments above $9 billion for 2026, and more than $40 billion of customer commitments, are the same class of later clock.
What this does not tell you
A $582.3 million quarter, delivered Microsoft tranches, and an 8 September Palantir partnership are evidence that Nebius billed AI-cloud seats, finished that Microsoft delivery, and signed another software-side seat. They are not proof that 2026 group revenue lands inside $3.0–$3.4 billion, that ARR reaches $7–$9 billion, that Palantir customers are already on Nebius GPUs, that Vineland is already a live factory, or that $5.7 billion of quarterly capex turns into the next quarter’s print. ARR is a run-rate. TCV is a signed pile. Neither is the June P&L.
On MarketNeon, NBIS is a ticker like any other: price, volume, crowd mentions, and headlines can run hot on a Palantir, Microsoft, or Vineland clip while the full-year range is still a target and the New Jersey hall is still a build. This article is context for those prints. It does not rank the name, and it does not tell anyone to buy or sell.