Nebius lifts contracted power target to 5 gigawatts by end-2026 as its capacity buildout accelerates
AI Market Summary
Nebius raised end-2026 contracted power guidance to 5GW, signaling accelerating AI data-center buildout and stronger forward revenue capacity. A large Meta deal (up to $27B over five years) supports future recurring revenue, while high prepayments help bridge near-term capex needs. However, ongoing funding requirements and $4B in convertible notes highlight balance-sheet risk as operating income remains negative.
Impact level
● Medium
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Nebius has repeatedly raised its guidance for contracted power capacity through the end of 2026, including a 5-gigawatt target. Its largest five-year deal totals $27 billion, split into a $12 billion agreement and a separate $15 billion agreement. The company posted $582.3 million in second-quarter revenue, up 454% year over year. Nebius also issued $4 billion of privately placed convertible notes earlier this year, prompting some investors to flag concerns about its debt load.
