Nebius Q2 2025: ARR Rises 73% QoQ, Why We're Still Buying

Nebius delivered a breakout Q2 2025: ARR jumped 73% QoQ to $430M, revenue more than doubled sequentially, and the core AI infrastructure business turned positive on Adjusted EBITDA ahead of schedule. Management raised ARR guidance to $900M–$1.1B, expanded capacity toward hyperscaler levels, and maintained a strong balance sheet with $1.68B in cash and ~$6B+ in strategic assets. Here’s why we’re still holding and adding to our position.