Nebius reported first-quarter revenue of $399 million, a 684% increase from $50.9 million a year earlier, and announced plans for a new AI factory in Pennsylvania. Nebius stock rose 13% in premarket trading.
The company said it has secured up to 1.2 gigawatts of power and land for the owned Pennsylvania site. The announcement came alongside first-quarter results that beat analyst expectations of $371.4 million, according to Reuters.
Adjusted EBITDA reached $129.5 million for the quarter, compared with a loss during the same period last year, Nebius said. On a GAAP basis, the company posted net income of $621.2 million from continuing operations, though that figure was driven by a $780.6 million gain from the revaluation of investments in equity securities rather than operating results. The company reported an adjusted net loss of $100.3 million.
Chip purchases, new equipment, and data center expansion pushed quarterly spending to roughly $2.5 billion, a figure that topped analyst estimates of $2.4 billion, according to Reuters, and dwarfed the $544 million the company spent in the same period last year.
The Pennsylvania site adds to Nebius’s expanding U.S. footprint. On May 12, the company broke ground on a separate AI factory campus in Independence, Missouri — its first gigawatt-scale digital infrastructure project in the U.S. The Missouri facility spans about 400 acres and is expected to create about 1,200 construction jobs and 130 permanent positions, while generating $650 million in tax payments to local school districts and taxing jurisdictions over 20 years, the company said.
Like CoreWeave and a growing field of specialized cloud vendors, Nebius sells access to computing power aimed at AI developers, according to Bloomberg. The company offers GPU-based computing, storage, and managed tools built on its proprietary cloud architecture.
Nebius secured a $2 billion investment from Nvidia as part of a partnership covering AI factory design, inference infrastructure, and early access to next-generation Nvidia hardware, with a goal of deploying more than 5 gigawatts of capacity by the end of 2030. Nvidia had previously invested in Nebius as part of a $700 million funding round the company closed in late 2024. Nebius traces its origins to Yandex, Russia’s largest internet company; the Amsterdam-based holding company sold Yandex’s Russian operations for $5.2 billion and adopted the Nebius name in 2024.
Among its recent business moves, Nebius reached a deal to purchase inference startup Eigen AI for roughly $643 million and entered a contract with Meta under which it would supply as much as $27 billion in computing capacity across a five-year term, according to Reuters.
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