Nebius shares slide 16% after data center delays weaken outlook

Delays at rented data centers prompted Amsterdam-based Nebius to lower its revenue expectations for 2026, sending its shares down 16%, CNBC reported. The AI cloud company also increased its spending forecast despite reporting quarterly revenue above analysts’ estimates.

In a shareholder letter, founder and chief executive Arkady Volozh put expected 2026 revenue toward the bottom of the US$3 billion to US$3.4 billion guidance range. CNBC reported that analysts had anticipated US$3.37 billion. The company forecasts US$12 billion to US$13 billion in revenue for 2027.

Reuters reported that some delayed capacity is now expected in the first half of 2027, with the underlying contracts still intact. Tech.eu identified power delays at a 300MW site in Vineland, New Jersey, where Microsoft is a major customer. Volozh said Nebius’s own construction projects were meeting or beating their schedules, according to Reuters.

CNBC reported a revised spending forecast of about US$27 billion, replacing an earlier estimate of US$20 billion to US$25 billion. For 2027, Nebius plans expenditure of US$40 billion to US$45 billion; analysts had projected US$28.77 billion, according to FactSet figures cited by CNBC.

Nebius said customer prepayments and asset-backed financing would cover 75% to 85% of its 2027 spending. Reuters reported that the financing depends on existing customer agreements, including contracts with Microsoft and Meta.

Third-quarter revenue reached US$980.8 million, a 571% increase from a year earlier, compared with the US$907.5 million LSEG analyst estimate cited by CNBC. The company’s results showed a net loss of US$37.5 million, down from US$119.6 million.