{"period":"2026-Q2","previous_period":"2026-Q1","as_of":"2026-08-07","changes":[{"key":"contracted_power_guidance","label":"Contracted-power guidance","category":"capacity","previous":4000,"current":5000,"unit":"MW","as_of":"2026-08-07","meaning":"The year-end contracted-power target increased by 1.0 GW. Contracted power is not yet connected or active.","source_url":"https://nebius.com/investor-relations","source_label":"Q2 2026 shareholder letter","delta":1000,"delta_pct":0.25},{"key":"deferred_revenue","label":"Deferred revenue","category":"funding","previous":4800000000,"current":6000000000,"unit":"USD","as_of":"2026-06-30","meaning":"Customer cash booked against future delivery increased before the related revenue was recognised.","source_url":"https://nebius.com/investor-relations","source_label":"Q2 2026 shareholder letter","delta":1200000000,"delta_pct":0.25},{"key":"share_count","label":"Shares outstanding","category":"dilution","previous":253900000,"current":271900000,"unit":"shares","as_of":"2026-06-30","meaning":"A higher share count reduces each existing share’s percentage claim on the business.","source_url":"https://nebius.com/investor-relations","source_label":"Q2 2026 shareholder letter — shares outstanding","delta":18000000,"delta_pct":0.07089405277668373}],"excluded":[{"key":"arr","reason":"One side of the comparison is explicitly marked as a placeholder."}]}