Nebius Group stock plunged 31.1% in July, according to data from S&P Global Market Intelligence, even as shares remain up 125% this year. The AI cloud infrastructure provider saw first-quarter revenue soar to $400 million from about $50 million a year earlier, driven by surging demand for data center compute capacity. In mid-July, the company announced a $775 million debt financing, adding to the $6.3 billion raised in the first quarter, which included a $2 billion equity investment from Nvidia and $4.3 billion from convertible securities. Nebius has increased its contracted power capacity projections to over 4 gigawatts and secured up to 1.2 gigawatts for a new AI factory in Pennsylvania. The company reports second-quarter results on Wednesday, August 12, which should provide greater visibility into its business pipeline and compute capacity growth.
