Nebius beat on almost every line. The stock still lost a quarter of its value in two days.
Q3 revenue jumped 571% to $980.8M, ahead of the ~$908M forecast, and adjusted EBITDA hit $465.8M.
The catch: delays at third-party data centers pushed some capacity into 2027, so 2026 revenue guidance narrowed to $3.0-3.2B. 2026 capex rose to about $27B, and 2027 spending is guided at $40-45B, far above estimates.
Market link: Nebius is one of the biggest listed AI "neoclouds". Reuters says the cut sparked fears of a slowdown in the US data-center buildout.
The move: $NBIS fell 16.8% Thursday to $128.64, then another 9.9% Friday to $115.88 as AI stocks slid again.
Strong quarter, slower timeline. Is this the AI trade cooling, or a reset for a company guiding $12-13B revenue in 2027?
Q3 revenue jumped 571% to $980.8M, ahead of the ~$908M forecast, and adjusted EBITDA hit $465.8M.
The catch: delays at third-party data centers pushed some capacity into 2027, so 2026 revenue guidance narrowed to $3.0-3.2B. 2026 capex rose to about $27B, and 2027 spending is guided at $40-45B, far above estimates.
Market link: Nebius is one of the biggest listed AI "neoclouds". Reuters says the cut sparked fears of a slowdown in the US data-center buildout.
The move: $NBIS fell 16.8% Thursday to $128.64, then another 9.9% Friday to $115.88 as AI stocks slid again.
Strong quarter, slower timeline. Is this the AI trade cooling, or a reset for a company guiding $12-13B revenue in 2027?
