Nebius Stock Up 109.5% in Six Months as Q2 Revenue Jumps 454%

Zacks Investment Research·6 Oct 2026·

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Summary · why it matters

Nebius Group N.V. shares have climbed 109.5% over the past six months, outpacing the Zacks Computer & Technology sector's 32.5% gain, the Zacks Internet Software Services industry's 25.1% rise and the S&P 500's 18% advance, while also beating peers NVIDIA, Microsoft and CoreWeave. In the second quarter, group revenues surged 454% year over year to $582 million, with the Nebius AI business growing 514% to $575 million and accounting for 98% of total revenues, as the company again sold out its available capacity. Nebius signed four major agreements during the quarter, with Reflection, Cohere, a scaled U.S. new lab and a large U.S.-based quantitative trading firm, averaging more than $1 billion each and generating yields of $20 million to $25 million per megawatt, with upfront payments covering roughly 50% to 60% of associated capital expenditures. Group adjusted EBITDA reached $236 million, versus a $21 million loss a year earlier, and the adjusted EBITDA margin expanded to 41% from 32% in the first quarter, though capital expenditures totaled approximately $5.7 billion in the quarter against full-year 2026 guidance of $20 billion to $25 billion. Nebius also raised its year-end contracted power target to 5 gigawatts and announced the acquisition of Inferize, an inference optimization company, to strengthen its Token Factory managed inference platform; the stock carries a Zacks Rank #3 (Hold).

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