Nebius was my first coverage when I started the “The Neoclouds Series”, where I plan to cover the major neoclouds companies, their history, their business plan, financials, their dependency on Nvidia and whether they have path to profitability in future, if at all, and more.
Nebius is one of the fewest neoclouds that received lots of attention, bullish takes and a big investor community believing that Nebius could stand out post-AI bubble day. But as I covered extensively in my Nebius’ article, while It stands out in term of company’s history, the company prior experience and their assets that may give it an advantage, it still suffers from the same flaws and cons that every neocloud in the sector suffers from. I highly recommend to start read my Nebius’ article before digging into this one.
On August 12, 2026, two weeks ago, Nebius reported their result of Q2, and this is a read into their earning report and the earning call as well, as it reveals information that helps us to complete the puzzle.
In this read I will dig into the numbers, the management’s statements, and see how it continues the Nebius’ story and the neocloud sector as a whole, and whether the Q2 changes anything from my thesis in the article, if at all.
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