Nvidia-backed AI cloud provider Nebius Group reported Q1 2026 revenue of $399 million, a 684% jump from $50.9 million a year earlier, blowing past the $371.4 million consensus. Alongside earnings on May 13, the company announced it has secured up to 1.2 gigawatts of power and land for a new owned AI factory in Pennsylvania, its second gigawatt-scale US site after the 400-acre Independence, Missouri campus that broke ground on May 12.
Capital expenditure hit $2.5 billion for the quarter, nearly five times the $544 million spent in Q1 2025, as Nebius raised guidance to more than 4 gigawatts of contracted power by the end of 2026. The buildout is anchored by a $27 billion, five-year capacity contract with Meta and a $2 billion strategic investment from Nvidia targeting more than 5 gigawatts of joint capacity by 2030.
GAAP net income of $621.2 million was lifted by a $780.6 million gain on revaluation of investments, masking an adjusted net loss of $100.3 million as the company front-loads AI infrastructure spend. Adjusted EBITDA reached $129.5 million. The Pennsylvania site is expected to begin delivering capacity in 2027.