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Nebius expects $40-45 billion of capital spending in 2027, according to its letter to shareholders.

Nebius's third-quarter revenue was $980.8 million, against $146.1 million a year earlier. Its CEO letter guides 2027 revenue to $12 to $13 billion and lowers the 2026 outlook to the bottom of its range.

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Check our sources · 12 facts from 2 sources

Nebius guided to capital spending of $40 to $45 billion in 2027, after reporting third-quarter revenue of $980.8 million, up 571% from $146.1 million a year earlier.

The figures are in the results press release of Nebius Group N.V., an AI cloud company listed on Nasdaq and headquartered in Amsterdam, dated 12 November, and in the quarterly letter to shareholders from founder and CEO Arkady Volozh published the same day.

The release shows adjusted EBITDA of $465.8 million for the quarter, against an adjusted loss of $5.2 million a year earlier. Purchases of property, equipment and intangible assets were $7,300.4 million in the quarter, against $955.5 million.

The letter updates guidance. Nebius now expects 2026 revenue at the low end of its $3.0 to $3.4 billion range, with an adjusted EBITDA margin of about 40%, because part of this year's revenue moves into early 2027. For 2027 it expects revenue of $12 to $13 billion and pre-tax breakeven by the end of the year, and it continues to expect more than 1 GW of new capacity each year.

The company says prepayments and financing against existing contracts with investment-grade customers should cover 75% to 85% of the 2027 capex. It also says customers have committed over $12 billion in contract value since the start of the third quarter, and that prepayments on deals signed in the quarter covered more than 100% of their associated capex, up from 50% to 60% in the second quarter.

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1 Nebius Q3 2026 Financial Results press release (PDF)Nebius Group · 12 Nov 2026 · 4 facts Open the source archived copy

  1. Nebius's results press release of November 12, 2026 reports Q3 2026 revenues of $980.8 million against $146.1 million in Q3 2025, a change of 571%, for the three months ended September 30.

    Revenues 146.1 980.8 571% 302.1 1,962.1 549%
    cite

  2. The press release reports adjusted EBITDA of $465.8 million for the three months ended September 30, 2026, against an adjusted EBITDA loss of $5.2 million a year earlier.

    Adjusted EBITDA / (loss) (5.2) 465.8 n/m (79.9) 831.5 n/m
    cite

  3. The press release reports purchases of property and equipment and intangible assets of $7,300.4 million in the three months ended September 30, 2026, against $955.5 million a year earlier.

    Purchases of property and equipment and intangible assets (955.5) (7,300.4) 664%
    cite

  4. The press release describes Nebius Group N.V. as the AI cloud company listed on Nasdaq (NASDAQ: NBIS) and headquartered in Amsterdam, with the release dated Amsterdam, November 12, 2026.

    Amsterdam, November 12, 2026 -- Nebius Group N.V. (NASDAQ: NBIS), the AI cloud company ... Nebius is listed on Nasdaq (NASDAQ: NBIS) and headquartered in Amsterdam.
    cite
2 Nebius Group letter to shareholders, Q3 2026Nebius Group · 12 Nov 2026 · 8 facts Open the source archived copy

  1. Nebius's letter to shareholders from founder and CEO Arkady Volozh, dated November 12, 2026, says Nebius anticipates capex of $40-45 billion in 2027.

    We anticipate capex of $40-45 billion, with a disciplined and diversified funding mix.
    cite

  2. The letter says Nebius now expects 2026 revenue at the low end of its $3.0-3.4 billion range, with an adjusted EBITDA margin of about 40%, because a portion of this year's revenue moves into the first part of next year.

    we now expect 2026 revenue at the low end of our $3.0-3.4 billion range, with an adjusted EBITDA margin of ca. 40%.
    cite

  3. The letter says Nebius expects 2027 revenue of $12-13 billion, and expects to reach pre-tax breakeven by the end of 2027.

    We expect to reach pre-tax breakeven by the end of 2027, on the back of the structural benefits discussed above. We expect revenue of $12-13 billion
    cite

  4. The letter says Nebius continues to expect to bring online more than 1 GW of new capacity each year.

    We continue to expect to bring online more than 1 GW of new capacity each year.
    cite

  5. The letter says Nebius expects prepayments and financing against existing contracts with investment-grade customers to cover 75%-85% of its 2027 capex.

    We expect prepayments and financing against existing contracts with investment-grade customers to cover 75%-85% of our 2027 capex
    cite

  6. The letter says that since the start of Q3 customers have committed over $12 billion in contract value to Nebius.

    Since the start of Q3, our customers have committed over $12 billion in contract value to Nebius
    cite

  7. The letter says prepayments on deals signed in Q3 covered over 100% of associated capital expenditures, up from 50%-60% in Q2.

    Prepayments on deals signed in Q3 covered over 100% of associated capital expenditures, up from 50%-60% in Q2.
    cite

  8. The letter says that from 2027 Nebius will provide guidance for revenue and pre-tax earnings.

    From 2027, we will provide guidance for revenue and pre-tax earnings.
    cite

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