Nebius stock trades lower as AI capacity test reaches investors

Nebius stock traded at 113.76 euros on Lang & Schwarz at 16:30 CET on Thursday, November 12, 2026. The quote was 19.76% below the 141.78 euros cited in the latest relevant report published earlier the same day; this is a separate comparison from the Xetra daily close.

Capacity Must Convert Into Revenue

AD HOC NEWS reported that Nebius Group entered its third-quarter update with capacity commissioning, margins and financing costs under scrutiny. An EBC Financial Group preview cited consensus revenue of 916.78 million US dollars and an expected loss of 0.61 US dollars per share; these are estimates, not reported results.

Nebius generated 582.3 million US dollars of second-quarter revenue and reported adjusted EBITDA of 236.2 million US dollars. Management's 2026 revenue target remains 3.0 billion to 3.4 billion US dollars, alongside a year-end annualized revenue run rate target of 7 billion to 9 billion US dollars and an adjusted EBITDA margin target of about 40%.

Investment Spending Raises The Stakes

Planned 2026 capital spending of 20 billion to 25 billion US dollars makes the timing of new infrastructure and customer workloads important for the growth outlook. The company spent about 5.7 billion US dollars on capital expenditure in the second quarter, while a 3.5 billion US dollar senior secured facility from Citi adds borrowing capacity and exposure to financing costs.

The quarterly update should clarify how quickly newly commissioned AI infrastructure is becoming available for paid workloads. Investors will also focus on utilization, margins, customer prepayments and the timing of additional capacity.

For the wider US market, current S&P 500 market reports provide the relevant backdrop for the session.

More news and analyses on Nebius stock will track the reported figures, management's outlook and the financing implications.