On August 12, NEBIUS rose 16.77% in regular trading, trading at $225.3/share, with turnover of $31.28 billion. The rally was driven by the company's Q2 earnings report released pre-market, which significantly exceeded market expectations across all key metrics.

NEBIUS reported Q2 revenue of $582.3 million, up 454% year-over-year from $105.1 million, surpassing the consensus estimate of approximately $570 million. GAAP loss per share came in at $0.68, far better than the FactSet consensus estimate of a $1.46 loss. Adjusted net loss narrowed 64% to $33.2 million from $91.5 million a year ago, while adjusted EBITDA swung to a positive $236.2 million from a loss of $21 million in the prior-year period.

On the business front, management disclosed that Q2 AI cloud contracts were signed at annual contract values exceeding $20 million per megawatt, with new deals being negotiated at $40-50 million per megawatt. The company indicated AI capacity demand is so strong it could sell out 2027 allocations today. Additionally, PE giant Carlyle Group disclosed a new position in NEBIUS during Q2, further boosting market sentiment.

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