AI data center infrastructure firm Nebius posted its Q4 results on Thursday, as per an official press release.
Nebius’s capital expenditures surged to $2.1 billion on the back of investments in GPU hardware and investments in data center facilities. Nebius disclosed cash on hand amounting to $3.7 billion.
“We are confident in our ability to deliver on our increased target for greater than 3 GW of contracted power by the end of 2026, having already secured more than 2 GW of contracted power to date,” read the shareholder letter.
Year-end ARR (Annualized run rate revenue) was estimated at $1.25 billion. The company still maintains a goal of $7 to $9 billion ARR to achieve in 2026. Q4 2025 revenue was $227.7 million, while 2025 annual revenue was $529.8 million.
The company now operates two segments: an AI cloud business and the distribution of data center and AI-enabling capacity to large-scale firms. It outsources its capacity to tech companies such as Microsoft and Meta, with whom it has agreements in place valued in billions of dollars.
The company is considered one of the few putting high amounts of capital towards developing large facilities and data centers.
The official statement says the firm still has not used its equity ATM programme to raise fresh capital, an initiative mentioned in its previous Q3 report, where it had announced the inking of a $3 billion deal with Meta.
At the time of writing, Nebius shares were priced at $88.61.