The AI cloud company most investors hadn't heard of a year ago just put up one of the most aggressive growth quarters of the year. Revenue jumped nearly 8x in three months.
Nebius also locked in enough Pennsylvania power to run a mid-sized city, with plans to use all of it for a single AI factory.
Nebius rents out cloud servers built specifically for training and running AI models.
That core business pulled in $389.7 million in Q1, up 841% year over year. It now makes up about 98% of total revenue.
Adjusted EBITDA - operating profit before depreciation, interest, and taxes - swung from a $54 million loss a year ago to $129.5 million in the black.
Net income from continuing operations hit $621 million, with most of the gain coming from a $780.6 million non-cash mark-up on equity stakes the company holds.
Strip that one-time gain out and the picture is still a company spending hard to grow, with capex hitting roughly $2.5 billion in the quarter.
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Nebius said it has locked in up to 1.2 gigawatts of land and power at a Pennsylvania site for a new factory it will own outright. For context, 1.2 GW is roughly what a mid-sized US city uses.
Total contracted power across all sites is now north of 3.5 GW. Nebius also raised its year-end target above 4 GW from a prior 3 GW.
More than 75% of that capacity will be owned, not leased.
Power, not chips, has quietly become the choke point for AI buildouts. Nebius is racing to lock it up before competitors do.
The growth math also got a major boost from a second deal with Meta.
Nebius disclosed a new agreement worth up to $27 billion over five years. Roughly $12 billion is a straight purchase of compute starting in early 2027.
The other $15 billion is a flex contract that lets Nebius sell that capacity to Meta or to its own AI cloud customers.
That kind of locked-in demand is rare. Most AI cloud players are still scrambling to fill capacity, while Nebius is already selling it forward.
Nebius raised $6.3 billion in the quarter, including a $2 billion equity investment from NVIDIA and $4.3 billion in convertible notes. It ended March with $9.3 billion in cash on hand.
That's the war chest needed to actually build what's been promised. The real test is whether Pennsylvania and the rest of the buildout come online on time.
Demand isn't the bottleneck - concrete and electricity are.
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