Nebius is planning a second gigawatt-scale data center campus in the US, the company's CEO Arkady Volozh revealed during its Q1 2026 earnings call.

The data center will have 1.2GW of capacity upon full completion, and the neocloud is now targeting 4GW of contracted power by the end of this year.

Nebius' head of infrastructure, Andrey Korolenko, told analysts that the data center is aiming to be "lights up" by the end of 2027, with between 250MW and 350MW available at that point. "The schedule looks like adding 300MW each year up to 1.2GW," he added.

Further details about the campus have not been shared, including its specific location in Pennsylvania. DCD has reached out for further information.

According to CEO Volozh, the company's owned contracted capacity now accounts for more than 75 percent of its total power, and as of the end of Q1, Nebius has already secured 3.5GW, up from 2GW at the end of FY2025.

The company has seen strong growth in the quarter. Revenue was $399 million, up from $50.9m Year-on-Year (YoY), a 684 percent growth, and also up 75 percent from the previous quarter.

Volozh noted that demand remains strong: "Our pipeline generation in the first quarter grew 3.5x over the fourth quarter, and this is a record for us. And the demand is broadening across industries. Today, we typically see several customers competing for every GPU we bring online." Nebius' CRO, Marc Boroditsky, later specified that the company is "typically seeing four or more customers competing for every GPU we bring online."

This has had two effects: one, driving up the pricing of GPUs, which Boroditsky said is applying across both old and new generations, and the company is still selling out across all chip types.

Secondly, Nebius has increased its expected capex for the year, "driven by visibility into 2027," according to infrastructure lead Korolenko.

Capex expectations for 2026 have been increased from $16bn-$20bn to between $20bn-$25bn. For comparison, in 2025 as a whole, Nebius' capex was $5bn.

Volozh said of the increase: "This increase reflects investments in our 2027 capacity that will come online early next year. We expect these investments to contribute positively to revenue in the first half of 2027, where we already have customer commitments in place. Meta is one such customer. We need to invest to fully realize this."

The referenced Meta deal was signed in March and is a five-year agreement valued at up to $27bn.

Korolenko added that the company has "been able to secure sites and power and customer commitments for 2027, and so we are ramping up construction activities accordingly."

In response to analyst questions about the impact of rising component costs, Korolenko explained: "In short, the high number reflects confidence in our contracted demand pipeline and our ability to secure the infrastructure that we were against it. It's not the cost pressure.

"The impact of the component inflation in our 2026 program was quite material, around low single digits as a percentage of total spend, also because we secured a lot of 2026 back in 2025 at the previous price levels."

Nebius' CFO, Maria del Dado Alonso, said that for the previously predicted capex of $16-$20bn, the company has more than 90 percent already secured through cash and contractual commitments. The remainder up to the new high-estimate of $25bn will be covered by "additional financing."

Nebius secured $4bn in debt earlier this year, as well as a $2bn equity investment from Nvidia.

According to Dado Alonso, the company hopes to be able to secure additional debt at "attractive terms" due to its contracts with Meta and Microsoft, which both have good credit ratings. "In addition, we expect to raise corporate-level debt. We plan to start tapping into these financing options in the near term."

The company's operating cash flow was $2.3bn, up from $198m YoY, which Nebius said was mostly due to upfront payments from customers. Cash and cash equivalents were $9.3bn at the end of Q1.

Other key metrics from the quarter include an Adjusted EBITDA/loss of $129.5bn, up from $53.7bn YoY, and a net income/loss from continuing operations of $621.2bn, up from $104.3bn YoY.

The company's full-year guidance is for an annualized revenue run rate of between $7-$9bn, a group revenue of between $3bn-$3.4bn, and group adjusted EBITDA margin of around 40 percent.

At the time of writing, Nebius shares are up 15.72 percent.