Nebius Group N.V. reported a sharp second-quarter jump in revenue, highlighting strong demand for AI infrastructure. The company posted $582.3 million in revenue, up 454%, while its core AI cloud business grew 514% year over year and helped it close four cloud deals with average total contract value above $1 billion each. Founder and CEO Arkady Volozh said demand is strong enough that Nebius could sell its entire 2027 capacity immediately on current terms, though the company is holding back some capacity to meet short-term customer needs at higher prices. The results also pushed back against investor Michael Burry's disclosed short position in NBIS. Nebius said the payback period for its latest AI cloud deals has fallen to one year and 10 months, while group adjusted EBITDA rose to a record $236.2 million for a 41% margin. About 70% of quarterly deals also included customer prepayments covering 50% to 60% of related capital expenditures (spending on long-lived assets). NBIS shares closed up 34.14% at $259.20 on Wednesday after the report, were down 3.83% in premarket trading on Thursday, and have gained 209.66% year-to-date in 2026.