Nebius stock faces delayed capacity and higher AI infrastructure spending

Nebius Group reported third-quarter 2026 results on Thursday, November 12, alongside a more cautious timetable for expanding its AI cloud infrastructure. The company said delays to third-party capacity additions would push some expected revenue into 2027, while higher investment plans increased scrutiny of its financing needs. The results and outlook were announced in the company’s earnings release.

Capacity delays reshape the outlook

According to Reuters, Nebius expects 2026 revenue to reach the low end of its previous forecast after some third-party computing capacity scheduled for this year was deferred to the first half of 2027. The company said the contracts supporting that capacity remain in place, pointing to a timing problem in infrastructure deployment rather than a cancellation of customer commitments.

The delay also shifts Nebius’s target of more than 7 billion dollars in annual run-rate revenue by roughly two months. Management now expects to reach that threshold in February rather than December. For 2027, Nebius projects revenue of 12 billion to 13 billion dollars and expects to reach pre-tax breakeven by the end of the year.

Investment needs move higher

Nebius raised its 2026 capital spending forecast to approximately 27 billion dollars from a previous range of 20 billion to 25 billion dollars. The company expects spending of 40 billion to 45 billion dollars in 2027 as it builds capacity at its own data-center sites and prepares for future demand.

Management said customer prepayments and asset-backed financing linked to existing contracts should cover 75% to 85% of 2027 capital spending. That financing approach could reduce the immediate need for new equity, but the scale of the planned expansion leaves execution, funding and returns on infrastructure as central issues for investors.

Strong quarter meets cautious guidance

Revenue for the quarter ended September 30 reached 981 million dollars, above the 907.5 million dollar analyst estimate cited by Reuters. The strong quarterly performance therefore contrasts with the more measured near-term outlook, as Nebius waits for additional capacity to become operational and shifts part of its expansion timetable into next year.

Nebius stock traded at 115.10 euros on Lang & Schwarz at 13:24 CET on Friday, November 13, 2026.

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For investors, the next focus is whether delayed capacity becomes operational on schedule and whether customer-backed financing can support the planned build-out without undermining returns. More news and analyses on Nebius stock.