Nebius (NBIS) reset compute prices at the start of the month on its NVIDIA B300, B200, H200 and H100 virtual machines, amid surging AI infrastructure demand. Second-quarter 2026 revenue reached $582.3 million, up 454% year over year, ARR hit $3.0 billion, and adjusted EBITDA swung to $236.2 million. Heavy spending weighs on the balance sheet: $8,130.3 million went into property, equipment and intangibles in the first half, total debt stood at $8,545.7 million, and the GAAP net loss from continuing operations was $190.4 million. The company raised roughly $2.8 billion through an at-the-market stock program, and analysts expect EPS to fall 62.73% in 2027 as depreciation and interest arrive before revenue. At 46.08x forward earnings versus a sector multiple of 23.23x, the article argues the stock prices in profits that sit years away.
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