AI cloud provider Nebius (NASDAQ: NBIS) announced a remarkable first-quarter revenue of $399 million, marking a sevenfold increase year-over-year and surpassing analyst expectations of $371 million. The company reported an adjusted net loss of $100.3 million, which was better than market forecasts. Following the earnings announcement, Nebius shares jumped 17% in pre-market trading, with year-to-date gains exceeding 100%. Nebius significantly boosted its capital expenditures to $2.5 billion this quarter and acquired 1.2 gigawatts of power capacity and land in Pennsylvania for a new AI factory. CEO Arkady Volozh highlighted the shift from AI experimentation to large-scale production, citing "unprecedented demand." The company also acquired AI startup Eigen AI for $643 million and secured a five-year agreement with Meta Platforms worth up to $27 billion for AI computing capacity.