Nebius Just Dropped Q1 Earnings — Europe's AI Cloud Dark Horse Is Scaling Fast

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Nebius Group is making a serious case for being Europe's answer to CoreWeave — and Q1 2026 earnings just proved the thesis is working.

The GPU-as-a-service company reported revenue of $892M, up 340% year-over-year, driven by hyperscale AI training workloads migrating to its European data centers. The company raised its full-year guidance to $4.5B as GPU capacity comes online in Paris, Finland, and a new Icelandic facility powered entirely by renewables.

▶ Tevis

The Best Earnings of 2026... What Wall St. MISSED... (NBIS Q1 Breakdown)

Why this matters: US cloud AI is getting expensive. Google's pricing overhaul isn't a gift — it's a signal that compute costs are becoming a strategic weapon. Nebius sits in a unique spot: European enterprises with data sovereignty requirements can't route training workloads through US clouds. Nebius captures that demand at competitive pricing backed by NVIDIA H100/B200 clusters.

Nebius also closed its $700M investment from Accel in March, giving it a $7.7B valuation and the capital to deploy 20,000 additional GPUs by Q3. With NVIDIA as both investor and hardware partner, the supply chain is locked in.

Trading at $208 with a forward P/S of 3.2x, Nebius is cheaper than CoreWeave on a revenue multiple and growing faster. Europe's AI arms race has a clear frontrunner.