Nebius Faces Delivery Delays as Revenue Soars 571%

Nebius Group shares fell over 15% Thursday after the AI cloud provider reported third-quarter earnings revealing delays in third-party data center capacity, pushing its growth targets back to February 2027 from December 2026. Revenue surged 571% to $980.8 million, beating expectations, with adjusted EBITDA of $465.8 million versus a loss last year. However, some computing capacity slated for 2026 was delayed to the first half of 2027, prompting management to lower full-year revenue guidance to the low end of its $3 billion to $3.4 billion range. The company raised its 2026 capital expenditure forecast to approximately $27 billion and projects $40 billion to $45 billion in spending next year, financed partly through a $3.5 billion Citi facility. Nebius expects pre-tax break-even in Q4 2027, with contracts tied to delayed capacity remaining intact.