Nebius Group N.V., an AI infrastructure company based in Amsterdam and backed by Nvidia and Accel, reported revenue of US$105.1 million for the second quarter of 2025, a 625% increase year over year.

The company said it now expects its annualized run-rate revenue for the end of 2025 to be between US$900 million and US$1.1 billion.

Nebius’ core business achieved positive adjusted EBITDA during the quarter, while consolidated adjusted EBITDA was negative.

Net income from continuing operations reached US$502.5 million, compared to a loss of US$116.9 million in the same period last year.

The company is working to secure over 1 GW of power by the end of 2026 to meet growing demand for AI infrastructure.

Nebius’ consolidated results include Avride, an autonomous vehicle platform, and TripleTen, an edtech service.

🔗 Source: Nebius

🧠 Food for thought

1️⃣ Power capacity emerges as the critical constraint for AI infrastructure growth

Nebius’s focus on securing more than 1 GW of power by 2026 addresses what has become the primary bottleneck in AI infrastructure expansion.

Power demand from AI data centers in the US could increase more than thirtyfold by 2035, reaching 123 gigawatts, as AI workloads require up to four times more power than traditional computing1.

A survey of 120 data center executives identified power and grid capacity as the top challenge for infrastructure development, more critical than traditional concerns like real estate availability or construction costs1.

This power constraint explains why Nebius emphasizes power acquisition in their strategic planning. Companies that secure adequate power capacity early gain significant competitive advantages in an increasingly supply-constrained market.

The 1 GW target represents substantial scale, equivalent to powering roughly 750,000 homes, highlighting the massive energy requirements needed to support enterprise AI workloads.

2️⃣ Revenue acceleration reflects broader AI infrastructure market dynamics

Nebius’s 625% year-over-year revenue growth aligns with explosive demand across the AI infrastructure sector, where 96% of companies plan to expand their AI compute capabilities2.