Nebius Shares Slip After Delivery Delays and Lowered Guidance Offset Massive Revenue Growth

Nebius Group shares dropped more than 15% during midday trading on Thursday after the artificial intelligence cloud provider released third-quarter earnings that highlighted significant hurdles in its expansion timeline. Despite a massive 571% surge in quarterly revenue to $980.8 million—surpassing Wall Street forecasts of $907 million—investors focused heavily on supply chain and delivery setbacks that threaten near-term growth.

The company reported that third-party computing capacity originally slated to come online by the end of this year has now been delayed into the first half of 2027. Consequently, management trimmed its full-year revenue projection to the low end of its prior $3 billion to $3.4 billion guidance range, while also pushing back its expected annualized revenue run rate target of $7 billion to $9 billion from December to February 2027.

To support its long-term infrastructure goals, Nebius raised its 2026 capital expenditures forecast to roughly $27 billion, up from its previous $20 billion to $25 billion bracket. Furthermore, the company projected capital spending between $40 billion and $45 billion for next year as it attempts to scale operations and reach pre-tax break-even by the fourth quarter of 2027.

What to watch next: Monitor whether Nebius can successfully bring its upcoming computing capacity online without further scheduling pushbacks or timeline adjustments.