Nebius Q4 Revenue Soars 550% YoY, Guides to 1 GW Power by 2026
Nebius delivered Q4 revenue up 550% year-over-year and 55% sequentially, with AI cloud revenues surging 800% YoY, yet missed consensus by 280 basis points. Adjusted EBITDA reached $15 million while CapEx-driven losses widened and energy grid bottlenecks could delay its plan to connect 800 MW–1 GW by end-2026.
1. Q4 Financial Results
Nebius reported Q4 revenue of $X (up 550% YoY, 55% sequential) underpinned by its pivot to AI cloud services. The top line fell short of consensus by 280 basis points, though adjusted EBITDA reached $15 million and operating losses widened due to heavy CapEx on capacity and GPU investments.
2. Expansion Plans and Guidance
With existing capacity sold out, Nebius projects sustaining its 500% growth pace through 2026 by more than doubling its footprint. Key initiatives include a France data center slated to be one of Europe’s largest, and a target of 800 MW–1 GW of connected power by year-end 2026.
3. Risks and Market Sentiment
Expansion hinges on energy grid connections, with bottlenecks posing schedule and valuation risks. Debt has increased to fund build-outs, short interest sits near 15% of float, and analysts maintain a Moderate Buy consensus with over 60% upside, though share volatility persists.