Nebius Shares Fall More Than 9% as 2027 Spending Could Reach $45B

Shares of AI cloud company Nebius fell more than 9% in premarket trading Thursday as investors assessed a plan to spend as much as $45 billion on capital projects in 2027.

Nebius expects 2027 revenue of $12 billion to $13 billion, about four times its 2026 forecast, alongside capital spending of $40 billion to $45 billion. The company expects customer prepayments and financing backed by investment-grade contract assets to cover 75% to 85% of that spending. Prepayments are projected to grow from about $10 billion this year to $17 billion to $20 billion in 2027.

Nebius put 2026 revenue at $3 billion to $3.4 billion, with results expected near the low end of the range. That compares with a $3.37 billion market expectation.

Third-quarter revenue rose 571% year over year to $981 million, about 8% above expectations. Adjusted EBITDA reached $466 million, compared with an expected $357 million.

The forecast pairs rapid revenue growth with a large planned increase in infrastructure spending.