Nebius Group N.V. shares closed up 34.14% at $259.20 after the company reported second-quarter revenue of $582.3 million, above Wall Street expectations of about $573 million, with total revenue up 454%, core AI cloud revenue up 514% and group adjusted EBITDA reaching a record $236.2 million, or a 41% margin. The company said it signed four AI-cloud contracts averaging more than $1 billion each, lifting total customer commitments to above $40 billion, and also disclosed a separate agreement to supply computing power to Reflection AI worth more than $1 billion through 2029. The strength in Nebius also supported the broader neocloud segment after the U.S. stock market open, with IREN rising more than 5% and Nebius and CoreWeave climbing more than 3% after early weakness. Nebius said adjusted net loss narrowed 64% year over year to $33.2 million from $91.5 million, while management and analysts continued to frame the key question as how quickly contracted capacity can be brought online through 2026.