Nebius Q1 Revenue Soars 684% on AI Data Center Demand
Nebius posted 684% year-over-year revenue growth in the first quarter, driven by surging demand for its AI data center infrastructure products. Management highlighted a sharp uptick in new contracts with hyperscale cloud providers, pushing its project backlog into triple digits and underpinning a bullish outlook for continued expansion.
1. Q1 Revenue Surge
Nebius delivered a 684% year-over-year increase in first-quarter revenue, marking its strongest quarterly performance since going public. The surge reflects explosive adoption of its modular AI data center hardware.
2. AI Demand Drivers
The company secured multiple new contracts with leading hyperscale cloud providers, citing a rapid ramp in AI workload deployments. This influx of orders drove sequential growth in both unit shipments and average selling prices.
3. Outlook and Backlog
Management reported a project backlog in the triple-digit millions and raised its full-year guidance to reflect sustained AI infrastructure demand. The firm expects continued expansion as enterprises and cloud operators accelerate AI data center rollouts.