Nebius (NBIS) reported strong Q2 financial and operational results, including $582M in revenue (up 454% YoY and 46% QoQ) and an annualized run rate (ARR) of $3B with a 50% adjusted EBITDA margin for its AI cloud. The company raised its 2026 contracted-power target to 5GW and noted that Q2 capex reached approximately $5.7B. Additionally, management highlighted strong customer demand, increased pricing power across GPUs and capacity auctions, and high customer prepayment levels covering 50-60% of associated capital expenditures.