Nebius is rapidly converting AI infrastructure demand into both customer prepayments and physical capacity, with deferred revenue approaching $6 billion while first-half infrastructure spending exceeded $8.1 billion.
Current deferred revenue reached approximately $979.4 million at June 30, while non-current deferred revenue climbed to nearly $5.0 billion. Combined deferred revenue was approximately $5.98 billion, up from about $1.58 billion at the end of 2025.
The increase had a major impact on cash flow. Deferred revenue contributed approximately $1.20 billion to Q2 operating cash flow and $4.40 billion during the first half. Overall operating cash flow reached $2.25 billion in Q2 and $4.50 billion for the first six months of 2026.
Nebius is directing enormous amounts of capital back into AI infrastructure. Purchases of property, equipment and intangible assets reached $5.66 billion in Q2 and $8.13 billion during the first half, compared with approximately $1.05 billion in the first half of 2025. Property and equipment on the balance sheet increased to $13.05 billion from $5.55 billion at the end of 2025.
The buildout is occurring alongside explosive top-line growth. Q2 revenue increased 454% to $582.3 million, while first-half revenue increased 529% to $981.3 million. Adjusted EBITDA reached $236.2 million in Q2 compared with an adjusted EBITDA loss of $21 million a year earlier.
Nebius ended June with approximately $8.04 billion of cash and had raised approximately $9.16 billion from financing activities during the first half, providing substantial capital for its continuing AI infrastructure expansion.
