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Netherlands-based AI cloud provider reporting $582.3m Q2 2026 revenue (up 454 percent), $5.7bn capex and a raised 5GW contracted power target.
No evidence-backed relationships are recorded.
Michael Burry swapped his Micron and Nebius shorts for put options expiring in June and September 2027, with Micron strikes near $500. His AI-bubble call now has a deadline and price levels that chip-stock holders can measure their own positions against.
Reality
Operating cash flow of $2.3bn on $582m of quarterly revenue is what customer prepayment looks like from outside. That gap tells you more about 2027 compute prices than the auction Nebius says cleared 15% high.
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New Jersey's DEP assessed $1.07 million over 62 unpermitted gas engines making about 123 megawatts at DataOne's Vineland site, the largest data-center enforcement action in state history.
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NVIDIA is investing $2 billion in Amsterdam-based Nebius, and the partnership covers more than 5 gigawatts of deployment by the end of 2030 along with early access to the Rubin platform.
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The third multi-billion convertible in a year arrived with an exchange offer that pulls dilution forward. Shares fell from $248.43 to $215.52, and are still up 197% this year.
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The larger 2030 tranche carries a coupon of no more than 0.5 percent, and Nebius is also swapping older convertibles for shares. The build-out is priced in dilution, not cash flow.
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CoreWeave, Nebius and Cerebras all grew fast and lost more money in Q2 2026. The spending curves say capacity is still being contracted ahead of the demand it serves.
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