Nebius Cuts 2026 Revenue Forecast as NBIS Shares Slide Up to 21.5%

Nebius shares fell as much as 21.5% Thursday after the AI cloud provider lowered its 2026 revenue forecast, citing delays in bringing new data-center capacity online.

The reduction came despite third-quarter revenue beating expectations. That result gave the update a split: recent sales outperformed expectations, while the company cut the revenue it expects to generate in 2026.

Nebius tied the lower outlook to delays in bringing new data-center capacity online, linking its 2026 revenue projection to infrastructure rollout. The timing of that capacity is central to the revised forecast. While third-quarter revenue beat expectations, the full-year revision shifted attention to getting capacity online in time to support the 2026 projection.

Options traders also moved quickly to bet on further declines. Turnover in the most active put contract jumped as NBIS fell as much as 21.5%. The trading shift followed a weaker full-year forecast even though third-quarter revenue beat expectations.