Nebius Group (Nasdaq: NBIS) fell 16.2% to $129.70 in premarket trading on November 12, according to a 13:52 UTC quote. The decline followed its quarterly results and reversed Wednesday’s 15.4% rally to a $154.69 close.
The AI cloud provider reported third-quarter revenue of $980.8 million, up 571% from a year earlier. Adjusted EBITDA reached $465.8 million, compared with a $5.2 million loss. Its GAAP net loss narrowed to $37.5 million, showing that the improvement in its adjusted earnings measure did not eliminate its accounting loss.
In its shareholder letter, Nebius said some third-party capacity expected this year would instead arrive in the first half of 2027. It now expects 2026 revenue near the bottom of its $3 billion–$3.4 billion range. The associated customer contracts remain in place, the company said.
Capital spending for 2026 is now projected at about $27 billion, above the previous $20 billion–$25 billion range. For 2027, Nebius forecasts $12 billion–$13 billion in revenue and $40 billion–$45 billion in capex. It expects customer prepayments and financing against existing investment-grade contracts to cover 75%–85% of next year’s spending.
The update puts delivery schedules and funding back in focus after the earlier selloff in specialist AI cloud stocks. Nebius plans to add more than one gigawatt of capacity annually and targets pre-tax breakeven in the fourth quarter of 2027. Those remain management forecasts, dependent on execution.
