Aug. 2 at 7:45 PM
$NBIS has already increased its 2026 capex outlook from
$16–20B to
$20–25B, supported by committed demand from
$MSFT and
$META.
Since then, Microsoft, Meta, and
$GOOGL have either raised or reaffirmed aggressive AI infrastructure spending plans, while continuing to note that demand still exceeds available compute capacity.
For this report, EPS may not be the main focus.
The key metrics to watch are:
ARR: Is Nebius still on pace to reach a
$7–9B annualized revenue run rate by year-end?
Adjusted EBITDA margin: Can margins remain around 40% while the business continues scaling rapidly?
Recent commentary from the hyperscalers strengthens the case for another strong quarter when
$NBIS reports on August 12.
