$NBIS crushed Q2 — revenue $582M vs $557M est, +454% y/y. More telling: adjusted EBITDA $236M vs $157M est. AI Cloud margin expanded to 50% from 24% in Q4. That's real operating leverage kicking in.
AI Cloud revenue $575M. ARR jumped from $1.9B end-March to $3B end-June — that's $1.1B added in one quarter. Contracted power guidance raised again: now 5 GW by end-2026, up from 4+ GW in May. They've 5x'd power guidance since August 2025.
This is a GPU supply story playing out in real time. Power = capacity = revenue. The margin expansion + ARR acceleration + raised guidance = demand is real and they're scaling into it. Watch opex ($758M) — if they hold margin while scaling, this setup gets interesting fast.
AI Cloud revenue $575M. ARR jumped from $1.9B end-March to $3B end-June — that's $1.1B added in one quarter. Contracted power guidance raised again: now 5 GW by end-2026, up from 4+ GW in May. They've 5x'd power guidance since August 2025.
This is a GPU supply story playing out in real time. Power = capacity = revenue. The margin expansion + ARR acceleration + raised guidance = demand is real and they're scaling into it. Watch opex ($758M) — if they hold margin while scaling, this setup gets interesting fast.