Nebius shares jump 34% on continued AI infrastructure demand
Shares of Nebius Group NV closed 34% higher today after it reported second quarter earnings that topped expectations across the board.
The Netherlands-based company operates a cloud platform optimized for artificial intelligence workloads. It also has two business units called Avride and TripleTen that offer autonomous driving software and programming courses, respectively.
Nebius’ revenue surged 454% year-over-year in the second quarter to $582.3 million. That put the company about $10 million ahead of the LSEG consensus estimate. Much of the growth was driven by large customers: Nebius disclosed that it signed four data center deals with an average value of more than $1 billion.
The company inked one of the deals with Cohere Inc., a venture-backed language model developer. Nebius won the three other contracts from startup Reflection AI Inc., an unnamed neocloud operator and investment firm trading firm. Nebius earlier signed cloud deals with Meta Platforms Inc. and Microsoft Corp. that are expected to be worth up to $46.4 billion.
