CoreWeave’s Record Q2 Supercharges Nebius Stock Ahead Of Earnings — What Does Wall Street Expect Amid Cloud Boom?

CoreWeave and Nebius have emerged as major beneficiaries of the AI boom and surging demand for cloud infrastructure.

• Nebius will report Q2 results on Wednesday and analysts expect its revenue to surge 466% to $574.6 million.
• Neocloud stocks rose overnight late Tuesday after CoreWeave’s report; CRWV gained nearly 15%.
• Stocktwits sentiment for NBIS shifted to ‘extremely bullish’ from ‘bullish.’

Nebius and other neocloud stocks surged Tuesday evening after industry leader CoreWeave posted another record quarter, underscoring robust cloud demand and continued spending on new capacity.

NBIS stock rose 7% in overnight trading, with investors positioning ahead of the company’s second-quarter report due before market hours on Wednesday. Shares of IREN Ltd and Applied Digital gained 5% and 3% respectively, while those of CoreWeave were up by 14.6%.

CoreWeave’s revenue more than doubled year over year last quarter and the company raised its full-year target in another clear signal for strong cloud demand. Hyperscalers, too, reported strong cloud growth in the second quarter, with Google Cloud sales surging a record 82%.

Analysts’ View On NBIS

The momentum appears to be trickling down to smaller players. Analysts expect Nebius’s revenue to grow 446% to $574.6 million and adjusted loss to nearly double to $0.70 per share, according to estimates from Koyfin.

Currently, 11 out of 18 analysts have a ‘Buy’ or higher rating on NBIS, while six rate it ‘Hold,’ and one rates it ‘Strong Sell,’ per Koyfin. Their average price target of $250.75 implies a 30% upside from the stock’s closing price on Tuesday.

Recent Catalysts

Nebius is part of a group of emerging cloud providers that have attracted investor interest of late. The Amsterdam, Netherlands-headquartered company emerged in 2024 after Russia’s Yandex spun off its international assets following the Russia-Ukraine war, refocusing the business entirely on AI infrastructure.

Nebius has been on an expansion spree since it bagged a major contract from Microsoft last September. The company recently acquired startups Eigen AI and Tavily. 

In March, Nebius announced a $27 billion contract win with Meta Platforms and a $2 billion investment from Nvidia. Nebius stock has gained 176% in the last 12 months. 

NBIS: Retail View

NBIS was among the top 10 trending tickers on Stocktwits at the time of writing, with the retail sentiment for the stock climbing to ‘extremely bullish’ from ‘bullish.’ “$NBIS New highs after earnings,“ a trade wrote.

Some traders also expressed discontentment with Michael Burry and said his latest short position on NBIS was misplaced. “$NBIS Not a good time to be a Burry Lemming,” one said.

CoreWeave’s Q2 Recap

CoreWeave’s second-quarter revenue increased 112% to $2.58 billion, surpassing analysts’ estimates of $2.56 billion. Adjusted loss per share of $1.03 was below the $1.20 per share target.

The company’s sales backlog – or future sales from recurring customers – reached $104 billion, nearly doubling the order book it reported in November.

Subsequently, CoreWeave raised its full-year 2026 guidance. The company expects revenue between $12.4 billion and $13.2 billion, up from its May projection of $12 billion to $13 billion. 

It also raised its full year capital expenditure target to a range of $35 billion to $39 billion, compared to its previous expectation of $31 billion to $35 billion.

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