Nebius Group N.V. shares jumped roughly 34% after the company reported Q2 2026 revenue of $582.3 million, up 454% from a year earlier and ahead of roughly $575 million consensus, as AI infrastructure demand continued to drive growth. The Nebius AI Cloud segment generated $574.9 million in revenue, up 514%, while GAAP EPS of -$0.68 beat the -$0.86 consensus and remaining performance obligations reached about $37 billion, pointing to multi-year contracted visibility. Nebius had previously said it signed four AI cloud deals worth more than $1 billion each, with many including customer prepayments that help fund capital spending, and that expected payback on second-quarter deals fell to one year and 10 months. The latest update added detail on pricing and concentration. Nebius said it is seeing demand in the $40 million to $50 million per megawatt range and is signing longer-term deals at significantly higher rates, around $20 million to $25 million per megawatt, than it saw previously. At the same time, three customers accounted for 24%, 21% and 14% of revenue, underscoring concentration risk even as contract economics improve. The company also named Bloom Energy as the behind-the-meter power partner for its planned 300-megawatt Vineland, New Jersey AI data center, saying the use of fuel cells significantly enhances the project and has no significant impact on timing. Nebius reiterated a target of 5 gigawatts of contracted power by year-end 2026 as it expands capacity to meet demand for GPU-heavy AI computing.