Cloud.ru doubles bond issue to 20 billion rubles as revenue grows 50%

Cloud.ru has doubled its bond issue to 20 billion rubles. The move follows naturally from the company's 2025 results: revenue at the cloud and AI provider grew 50% to 76.5 billion rubles, and net profit jumped 86% to 14.7 billion. The company is clearly betting that the market will pay for its growth, and that the money will go into infrastructure.

What the 2025 results show

The company published its financial results on 9 April 2026. Revenue came to 76.5 billion rubles, versus 50.9 billion a year earlier. Net profit rose from 7.9 to 14.7 billion rubles, nearly doubling. Net profit margin climbed from roughly 15.5% to 19.2%. For a business that is expanding its fleet of servers and accelerators at the same time, this is a strong result: profit is growing faster than revenue.

EBITDA reached 58.0 billion rubles (+71%). That implies a very high ratio to revenue, around 76%. Even for an infrastructure business with heavy depreciation, a figure like this calls for a check of the calculation method. It is likely an adjusted metric, and the details should be in the company's disclosures.

The source material makes one more important point: for the first time, the share of services and infrastructure for artificial intelligence has crossed a key threshold in the business mix. The exact value is cut off in the available excerpt, so the figure needs to be confirmed in the full report. The direction is clear, though: AI is ceasing to be an experimental line and is becoming part of core revenue.

Why the company needs 20 billion rubles

Doubling the issue means the original offering was half the size, or about 10 billion rubles. The placement terms (coupon rate, maturity, order book structure) are not disclosed in the available data, so it is too early to talk about the cost of borrowing. One proportion is worth noting: 20 billion rubles is about a quarter of Cloud.ru's annual revenue.

In the cloud business, money like this usually goes into three areas:

• purchasing servers and GPU accelerators for AI workloads;
• expanding data center capacity, including power supply and cooling;
• refinancing and working capital.

The available material does not say what Cloud.ru will spend the funds on. But the combination of "AI services share grew for the first time" and "borrowing doubled" points to demand for compute as the main driver.

Key figures

• Bond issue size: 20 billion rubles (doubled).
• 2025 revenue: 76.5 billion rubles, +50% from 50.9 billion in 2024.
• Net profit: 14.7 billion rubles, +86% from 7.9 billion.
• EBITDA: 58.0 billion rubles, +71%.
• Net margin: about 19% versus roughly 15.5% a year earlier.

Practical takeaway

For enterprise customers, this is a signal that one of Russia's larger cloud providers has the resources to expand capacity. If you are planning model training or fine-tuning, inference on your own data, or a migration of workloads to the cloud, it makes sense to discuss accelerator reservations and long-term contract terms early. GPU queues most often form right when demand spikes.

For investors and analysts, the main question is a different one: how quickly new capacity will fill with customers, and whether margins can withstand a growing debt load. It is worth waiting for the issue terms and a revenue breakdown for the AI segment. Only then will it be clear how sustainable the current growth is and how much of it is actually due to AI.