Nebius powers past estimates as customers race to secure AI computing power

Capital expenditures totaled about $5.7 billion during the quarter, topping analysts' expectations of $4.7 billion, according to Visible Alpha, as Nebius continued investing aggressively in GPUs and data-center expansion.

The company raised its contracted power target for 2026 to 5 gigawatts from more than 4 gigawatts previously, and expects to deploy more than 1 GW of capacity annually starting in 2027, which is enough electricity to power roughly 750,000 U.S. homes.

The company expects more than $9 billion in customer prepayments this year and said it has more than in customer commitments.