Nebius shares fall as 2026 outlook and spending plans shift

Nebius Group shares fell on November 12 after the AI cloud company forecast 2026 revenue at the low end of its range and increased its capital-spending plans, overshadowing a sharp rise in quarterly sales. The stock was down as much as 16% in Thursday trading, with the reported decline varying by the time it was measured.

The company reported third-quarter revenue of $980.8 million, up 571% from $146.1 million a year earlier. Adjusted earnings before interest, taxes, depreciation and amortization were $465.8 million, compared with a $5.2 million loss a year earlier. The net loss narrowed to $37.5 million from $119.6 million.

Nebius said it expects 2026 revenue at the low end of its previously stated $3 billion to $3.4 billion range. It raised its 2026 capital-expenditure forecast to about $27 billion, from an earlier range of $20 billion to $25 billion. For 2027, the company forecast revenue of $12 billion to $13 billion and capital spending of $40 billion to $45 billion.

Chief Executive Arkady Volozh attributed the lower-end 2026 outlook to delays at data-centre sites Nebius rents from other companies. He said some capacity expected in 2026 had shifted to the first half of 2027,...