Nebius Group (NYSE:NBIS) reported first-quarter 2026 results on Wednesday that highlighted explosive growth in its AI cloud business, surging customer demand and an aggressive expansion of its global data center footprint, as the company raised its contracted power guidance to more than 4 gigawatts by year-end.

The stock surged over 18%, as high short interest—exceeding 20.19% of the float—likely acted as a catalyst, amplifying buying pressure and accelerating the rally.

AI Cloud Revenue Drives Explosive Growth

The Amsterdam-based company reported adjusted loss per share of 33 cents for the quarter ended March 31. The figure may not be comparable to analyst estimates for a 77-cent loss. Revenue jumped 684% year over year to $399 million from $50.9 million a year earlier.

Nebius said its AI cloud business generated $389.7 million in quarterly revenue, up 841% from the prior year and representing about 98% of total group revenue. Annualized run-rate revenue climbed to $1.92 billion at the end of March, up 674% year over year.

Profitability Improves On AI Demand ...