Nebius (NBIS) reported Q2 revenue of $582.3M (est. $573M) and adjusted EBITDA of $236.2M (est. $175M). AI capacity pricing: $20-25M/MW for 1-3 year deals, $40-50M/MW for short-duration. First capacity auction cleared 15% above highest Blackwell price. Management says it could sell all 2027 capacity today but is retaining some. FY26 guidance reaffirmed with contracted capacity raised to 5 GW. Stock up 34%.
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