原文：
Serenity 白毛女-中文翻译（公开）
Serenity 白毛女-中文翻译（公开）
原文：
$NBIS outlook is pretty insane yet again.
$582.3M revenue (+454% Y/Y, +46% Q/Q) off ~50% adjusted EBITDA margin (AI Cloud). $8.04B cash on hand.
Reiterates financial guide (2026 revenue: $3.0–$3.4B
2026 EoY ARR: $7–$9B), I was hoping for a raise, but it's already massive growth.
Not really about this quarter financials, but these signals:
- "We could sell our entire 2027 capacity on these terms today." massive visibility on demand
- "4 customer agreements averaging over $1B+ each in contract value"
- Around 70% of Q2 deals included customer prepayments
- Contracted power guidance was raised again, from more ~4+ GW to 5 GW. (this used to be a concern vs. $IREN debate, but Nebius power guidance keeps going through the roof).
- Expects $9B+ of prepayments in 2026 and says it has $40B+ of commitments.
- annual contract value per MW keeps going brrr (>$40M/mw for Q3 short term capacity deals)
Same bear story will always be there (eg. large $5.66B of capex with current GAAP net loss), but demand is extreme with massive visibility, with increasing AI Cloud adjusted EBITDA margins ( 24% -> 45% -> 50% progression)
We kinda got this read through from all your hyperscaler cloud earnings and $CRWV backlog yesterday, but glad it's showing up in Weebius's earnings.
翻译：
$NBIS 的预测又一次非常疯狂。
收入为 5.823 亿美元（同比增长 454%，环比增长 46%），在 AI 云业务中，调整后的 EBITDA 利润率约为 50%。现金储备为 80.4 亿美元。
重申财务预测（2026 年收入：30-34 亿美元，2026 年年末 ARR：70-90 亿美元），我曾希望能看到预测的提升，但现有的增长已经非常庞大了。
这不仅仅是关于本季度的财务数据，还有这些信号：
- “我们可以在这些条件下今天出售整个 2027 年的容量。”对需求有巨大的可见性
- “4 个客户协议，平均每个合同价值超过 10 亿美元”
- 大约 70% 的第二季度交易包括客户预付款
- 合同电力指导已经再次提高，从大约 4GW+ 到 5GW。（这曾经是与 $IREN 辩论中的一个担忧，但 Nebius 的电力指导不断刷新纪录）
- 预计 2026 年预付款超过 90 亿美元，并表示有 400 亿美元以上的承诺。
- 每兆瓦的年度合同价值不断增长（第三季度短期容量交易的年度合同价值超过 4000 万美元/兆瓦）
同样的熊市故事总会存在（例如，54.66 亿美元的资本支出和当前的 GAAP 净亏损），但需求极其旺盛，具有巨大的可见性，AI 云业务的调整后 EBITDA 利润率不断提高（24% -> 45% -> 50% 的进步）
我们从所有超大规模云计算公司的财报和 $CRWV
$NBIS outlook is pretty insane yet again.
$582.3M revenue (+454% Y/Y, +46% Q/Q) off ~50% adjusted EBITDA margin (AI Cloud). $8.04B cash on hand.
Reiterates financial guide (2026 revenue: $3.0–$3.4B
2026 EoY ARR: $7–$9B), I was hoping for a raise, but it's already massive growth.
Not really about this quarter financials, but these signals:
- "We could sell our entire 2027 capacity on these terms today." massive visibility on demand
- "4 customer agreements averaging over $1B+ each in contract value"
- Around 70% of Q2 deals included customer prepayments
- Contracted power guidance was raised again, from more ~4+ GW to 5 GW. (this used to be a concern vs. $IREN debate, but Nebius power guidance keeps going through the roof).
- Expects $9B+ of prepayments in 2026 and says it has $40B+ of commitments.
- annual contract value per MW keeps going brrr (>$40M/mw for Q3 short term capacity deals)
Same bear story will always be there (eg. large $5.66B of capex with current GAAP net loss), but demand is extreme with massive visibility, with increasing AI Cloud adjusted EBITDA margins ( 24% -> 45% -> 50% progression)
We kinda got this read through from all your hyperscaler cloud earnings and $CRWV backlog yesterday, but glad it's showing up in Weebius's earnings.
翻译：
$NBIS 的预测又一次非常疯狂。
收入为 5.823 亿美元（同比增长 454%，环比增长 46%），在 AI 云业务中，调整后的 EBITDA 利润率约为 50%。现金储备为 80.4 亿美元。
重申财务预测（2026 年收入：30-34 亿美元，2026 年年末 ARR：70-90 亿美元），我曾希望能看到预测的提升，但现有的增长已经非常庞大了。
这不仅仅是关于本季度的财务数据，还有这些信号：
- “我们可以在这些条件下今天出售整个 2027 年的容量。”对需求有巨大的可见性
- “4 个客户协议，平均每个合同价值超过 10 亿美元”
- 大约 70% 的第二季度交易包括客户预付款
- 合同电力指导已经再次提高，从大约 4GW+ 到 5GW。（这曾经是与 $IREN 辩论中的一个担忧，但 Nebius 的电力指导不断刷新纪录）
- 预计 2026 年预付款超过 90 亿美元，并表示有 400 亿美元以上的承诺。
- 每兆瓦的年度合同价值不断增长（第三季度短期容量交易的年度合同价值超过 4000 万美元/兆瓦）
同样的熊市故事总会存在（例如，54.66 亿美元的资本支出和当前的 GAAP 净亏损），但需求极其旺盛，具有巨大的可见性，AI 云业务的调整后 EBITDA 利润率不断提高（24% -> 45% -> 50% 的进步）
我们从所有超大规模云计算公司的财报和 $CRWV
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