Nebius Group rents AI computing power: NVIDIA GPU clusters in data centres it increasingly designs and owns, and the cloud software that turns them into a product. In the quarter ended 30 June 2026 it booked $582.3 million of revenue, more than in the whole of 2025 and up 454.0% on a year earlier. In the same quarter it spent $5,657.4 million on property and equipment, $9.72 for every dollar of revenue, against a backlog of contracted revenue that reached $37.5 billion.
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