Nebius Drops 10% as 2026 Revenue Targets $3 Billion Low End and Capex Climbs to $27 Billion
Updated
Updated · CNBC · Nov 12
Nebius Drops 10% as 2026 Revenue Targets $3 Billion Low End and Capex Climbs to $27 Billion
3 articles · Updated · CNBC · Nov 12
Summary
Nebius shares fell 10% after the neocloud company pointed investors to the low end of its $3 billion-$3.4 billion 2026 revenue range and lifted 2026 capex guidance to $27 billion.
Q3 revenue still beat estimates at $980.8 million versus $907.5 million expected, up 571% year over year, while net loss narrowed to $37.5 million from $119.6 million.
The spending outlook drove the selloff: 2026 capex now tops both its prior $20 billion-$25 billion range and FactSet's $23.85 billion view, while 2027 capex of $40 billion-$45 billion far exceeds the $28.77 billion consensus.
Nebius also gave initial 2027 revenue guidance of $12 billion-$13 billion, roughly around FactSet's $12.09 billion estimate, saying it reflects a conservative pace for its infrastructure build-out.
The miss hit a sector that had just rebounded on stronger reports from CoreWeave and IREN, underscoring how investor focus remains fixed on AI buildout costs, financing and data-center expansion risks.