Nebius stock fell sharply in Friday trading after the AI cloud company reported explosive third-quarter growth but pushed part of its expected capacity ramp into 2027.
NBIS shares were down about 12.5 per cent at US$112.58 in late-morning trading on Friday, November 13, 2026, after opening at US$123.36.
The stock had traded as high as US$128.05 and as low as US$109.00 during the session.
Table of Contents
Nebius stock reacts to a mixed earnings report
Nebius reported third-quarter revenue of US$980.8 million for the period ended September 30, up 571 per cent from US$146.1 million a year earlier.
The company also reported adjusted EBITDA of US$465.8 million, compared with an adjusted EBITDA loss of US$5.2 million in the third quarter of 2025.
Despite the improvement in adjusted profitability, Nebius recorded a US$37.5 million net loss from continuing operations for the quarter.
Adjusted net income was US$90.9 million, compared with an adjusted loss of US$100.4 million a year earlier.
The results were released before the U.S. market opened on Thursday, November 12, 2026, covering the quarter that ended September 30, as detailed in the company’s regulatory filing.
Why the outlook unsettled investors
Nebius said some third-party capacity expected to come online during 2026 is now scheduled for the first half of 2027.
The company kept its 2026 revenue range at US$3.0 billion to US$3.4 billion, but said it now expects to finish at the low end of that range.
Management said the change reflects the timing of capacity deployment rather than the cancellation of the contracts behind that capacity.
Nebius also moved its target for annual recurring revenue, or ARR, beyond US$7 billion.
The company had previously expected to reach a US$7 billion-to-US$9 billion ARR range by December 2026, but now expects ARR to exceed US$7 billion in February 2027, according to its shareholder letter.
ARR is a run-rate measure that annualizes a month of recurring revenue.
Nebius said it will stop using ARR as its main guidance metric from 2027 and instead provide guidance for revenue, pre-tax earnings and capacity.
Nebius raises spending plans
The company now expects 2026 capital expenditures of about US$27 billion, above its previous range of US$20 billion to US$25 billion.
Nebius said the higher spending reflects investment in capacity intended for 2027, particularly at its owned data-centre sites.
For 2027, the company gave an initial revenue outlook of US$12 billion to US$13 billion and expects to reach pre-tax breakeven by the fourth quarter.
Nebius expects 2027 capital expenditures of US$40 billion to US$45 billion as it works to bring more than one gigawatt of new capacity online.
The company said customer prepayments and asset-backed financing involving investment-grade customers are expected to cover 75 per cent to 85 per cent of 2027 capital expenditures, with the balance supported by its cash, debt and other funding options.
Strong demand, but execution remains the focus
Nebius said customers committed more than US$12 billion in contract value since the beginning of the third quarter.
The company also said it continues to expect five gigawatts of contracted power by the end of 2026, compared with more than four gigawatts at the time of the earnings update.
Those figures point to substantial demand for AI computing capacity, but the delayed revenue and higher spending plans show that the timing of data-centre construction, power availability and equipment deployment remains important for investors.
Nebius is building an AI cloud platform that provides computing infrastructure for model training, inference and other AI workloads.
The group also includes autonomous-vehicle business Avride and education platform TripleTen, while holding stakes in companies including ClickHouse and Toloka.
What comes next for NBIS investors
The immediate market focus will be on whether delayed capacity begins contributing revenue in early 2027 and whether Nebius can fund its expansion without putting excessive pressure on shareholders or its balance sheet.
Investors will also be watching the rollout of the company’s owned data-centre capacity, the pace of customer prepayments and the conversion of signed contracts into recognized revenue.
Nebius said the contracts connected to the delayed third-party capacity remain in place.
However, the company’s forward-looking projections depend on factors including access to power, equipment availability, financing conditions and the timely completion of new facilities.
The next major test for the stock will be whether execution catches up with the company’s aggressive 2027 targets after the current year’s revenue timing shifted.
Frequently Asked Questions
Why did Nebius stock fall after its Q3 2026 results?
Shares fell after Nebius said some capacity expected in 2026 would move into the first half of 2027, pushing full-year revenue expectations to the low end of its existing range and delaying its ARR milestone.
How much did Nebius revenue grow in Q3 2026?
Nebius reported revenue of US$980.8 million, up 571 per cent from US$146.1 million in the third quarter of 2025.
What is Nebius forecasting for 2027 revenue?
Nebius gave an initial 2027 revenue outlook of US$12 billion to US$13 billion.
How much will Nebius spend on capital expenditures?
The company expects about US$27 billion of capital expenditures in 2026 and US$40 billion to US$45 billion in 2027.
What is the NBIS stock ticker?
Nebius Group trades on Nasdaq under the ticker symbol NBIS.
Fact-Checked: Key financial results, guidance changes, dates and share-price information were checked against Nebius investor materials, its SEC filing and current market data.
Disclaimer: This article is for information only and is not investment advice or a recommendation to buy or sell NBIS shares.