Nebius (NBIS) Stock Jumps 12% After Earnings Beat and Eightfold Revenue Surge

TLDR

• Nebius posted Q1 revenue of $399 million, up nearly eightfold from $50.9 million a year ago, beating estimates.
• Adjusted net loss of $100.3 million came in well ahead of the $174 million deficit analysts expected.
• NBIS stock jumped 12% in premarket trading after the results; the stock is up 114% year-to-date.
• Capital expenditure hit $2.5 billion in Q1, up from $544 million a year earlier, as the company expands its data center footprint.
• Nebius signed a $27 billion deal with Meta and agreed to acquire Eigen AI for $643 million earlier this month.

Nebius Group reported first-quarter results on Wednesday that came in well ahead of Wall Street expectations, sending NBIS stock up 12% in premarket trading.

Nebius Group N.V., NBIS

Revenue for the three months ended March came in at $399 million, up from $50.9 million a year ago. That beat analyst estimates of around $371–$375 million, depending on the source.

The adjusted net loss for the quarter was $100.3 million. That was wider than the $83.6 million loss reported a year earlier, but far better than the $174 million deficit analysts had penciled in.

NBIS has now climbed 114% so far this year. Over the past 12 months through Tuesday’s close, the stock is up nearly 400%.

Nebius operates as a so-called neocloud, providing AI cloud infrastructure including Nvidia GPUs, storage, and managed tools to developers building and deploying AI models.

Capital Spending Surges

First-quarter capital expenditure reached approximately $2.5 billion, compared with $544 million in the same period a year ago. That came in above analysts’ estimate of $2.4 billion.

The heavy spending reflects Nebius’s aggressive push to expand its global data center footprint. Analysts expect the company to ramp capacity to 900 MW by year-end.

That spending pace has raised some flags. Analysts have pointed to margin pressure as a key concern, even as revenue climbs sharply.

Those concerns echo what’s been flagged at larger rival CoreWeave, which has projected $30 to $35 billion in capital spending this year and warned of near-term margin pressure.

$27 Billion Meta Deal and Eigen AI Acquisition

Earlier this month, Nebius agreed to acquire startup Eigen AI for around $643 million. The deal is aimed at strengthening its inference platform and expanding its presence in the U.S. market.

Nebius also signed a long-term computing deal with Meta worth up to $27 billion over five years. That contract adds a major anchor customer to its portfolio.

The company has been actively building out its position through a combination of large contracts and acquisitions.

Analysts had estimated Q1 revenue at $371.4 million, per LSEG data. The $399 million print came in above that by roughly 7.5%.

The Q1 results mark Nebius’s clearest demonstration yet of what its AI infrastructure buildout can produce in revenue terms.

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