The AI cloud company reported Q1 2026 revenue of $399 million, up 684% year-over-year, and Q2 total revenue of $582.3 million. Nebius has signed multi-billion dollar AI cloud contracts and plans capital expenditures of $20 billion-$25 billion in 2026. Despite its stock surging over 200% this year and nearly 50% last week, analysts are divided, noting its high 57 times sales valuation and lack of profitability, while supporters point to strong demand for AI infrastructure and long-term contracts.