Shares of Dutch AI cloud provider Nebius dropped 10% to 15% on November 12, 2026, after trimming its 2026 revenue outlook to the lower end of its $3 billion to $3.4 billion range due to third-party data center capacity delays. Despite reporting beat Q3 revenue of $980.8 million, the company increased its 2026 capital expenditure forecast to $27 billion and projected up to $45 billion in 2027 spending, raising investor scrutiny across the volatile neocloud sector.
Revenue targets and capacity delays
- ▪CEO Arkady Volozh said Nebius projects full-year 2027 revenue of $12 billion to $13 billion, reflecting what Chief Executive Officer Arkady Volozh termed a conservative build-out pace
- ▪Nebius expects its full-year 2026 revenue to come in at the lower end of its previously issued $3 billion to $3.4 billion range
- ▪Nebius stated that third-party capacity additions originally expected in late 2026 have been pushed into the first half of 2027 while underlying contracts remain in place
Market reaction and Q3 performance
- ▪Nebius shares fell between 10% and 15% in trading on November 12, 2026, following the release of its third-quarter earnings report
- ▪Nebius reported a net loss of $37.5 million, or 13 cents per share, for the third quarter of 2026
- ▪Nebius reported third-quarter 2026 revenue of $980.8 million, beating Wall Street analyst expectations of $907.5 million to $918.5 million
Capital expenditure and financial outlook
- ▪Nebius stated that 75% to 85% of its 2027 capital spending will be covered by customer prepayments and asset-backed financing against existing contracts
- ▪Nebius projects capital expenditure of $40 billion to $45 billion for fiscal year 2027
- ▪Nebius raised its fiscal year 2026 capital expenditure guidance to $27 billion, up from its previous forecast of $20 billion to $25 billion
- ▪Nebius expects to achieve pre-tax breakeven by the end of 2027
CoreWeave performance and stock rally
- ▪On November 11, 2026, CoreWeave shares surged nearly 25% and Nebius shares climbed 15% amid a broad neocloud stock rally
- ▪Rival neocloud CoreWeave reported earnings on November 10, 2026, raising its annual revenue forecast and targeting adjusted profitability in the first half of 2028
Nvidia involvement with Nebius
- ▪Nvidia held approximately $329 million in Nebius shares at the end of June 2026 and previously committed $2 billion in March 2026 to develop AI technology with Nebius
- ▪Nebius purchases hardware components from Nvidia Corp. to build its artificial intelligence infrastructure
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