Nebius Stock Falls as Capacity Delays Push Revenue Into 2027 Renato Neves, CFA Thu, November 12, 2026 at 8:57 AM EST 1 min read NBIS -18.94% MSFT +0.47% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
Nebius Group N.V. (NASDAQ:NBIS) fell 15.61% in premarket after it reported third-quarter revenue of $980.8 million, up 571% and ahead of analysts' consensus of $907.2 million, but said delays at third-party data centers would push some revenue into next year. Its loss of $0.13 a share was much narrower than the $0.72 estimate.
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About $325 million of the revenue was non-recurring, tied to the first phase of a model in which partners fund capacity running Nebius' platform, the company said in its shareholder letter. Adjusted EBITDA swung to $465.8 million from a $5.2 million loss. Capital spending reached $7.3 billion in the quarter, and cash stood at $7.4 billion. Delivery at several colocation sites has slipped into the first half of 2027, including the remaining New Jersey capacity contracted with Microsoft Corp. (MSFT), now due in the second quarter.
Nebius now expects 2026 revenue at the low end of its $3.0 billion to $3.4 billion range, and capex of about $27 billion, above its earlier $20 billion to $25 billion. It pushed its target of more than $7 billion in annualized revenue to February from December. For 2027, it expects revenue of $12 billion to $13 billion, capex of $40 billion to $45 billion and pre-tax breakeven by the fourth quarter.
