金吾财讯 | Nebius Group N.V.（NBIS）公布2026年第二季度经营数据，当期实现营收5.823亿美元，高于市场一致预期；GAAP口径每股收益为-0.68美元，同样好于市场给出的-0.86美元预期。公司经调整后净亏损3320万美元，较2025年同期的9150万美元收窄64％，亏损规模出现明显改善。业务快速扩张的同时，成本端同步大幅抬升，二季度总运营成本及费用7.582亿美元，相较去年同期增幅达到251％，营收成本同比上涨344％。公司电力资源储备进度超出原有目标，上调全年签约电力规模指引，预计2026年末签约电力规模可以达到5GW，高于上一季度指引的4GW以上水平。二季度完成签约订单的总合同价值环比接近翻四倍，来自新客户的总合同价值环比增长超九倍，下游客户拓展取得明显进展。管理层对外披露产能建设规划，自2027年开始，公司每年推向市场部署的算力产能将超过1GW，算力投放节奏会明显加快。CEO同时提到，二季度落地订单对应的资本开支与运营成本的预期回报周期缩短至1年10个月，对比此前2?3年的回报周期出现改善。算力行业资本投入体量庞大，虽然订单规模、项目回报周期边际向好，但成本高企依旧会持续压制利润表现，后续市场将重点跟踪产能落地进度以及项目实际收益兑现情况。
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