Nebius falls 10% as company expects increased 2026 capex spend, issues weak outlook

Nebius , one of the biggest publicly traded neoclouds, reported third-quarter revenue that beat analysts' estimates on Thursday.

Here's how the company performed relative to LSEG consensus:

It was not immediately clear if the loss per share was comparable to the 69 cents expected by analysts.

Revenue jumped 571% in the quarter, according to a statement. The company reported a net loss of $37.5 million, a loss of 13 cents per share, compared with $119.6 million, a loss of 50 cents per share, a year earlier.

Nebius' results come after fellow neoclouds CoreWeave and IREN reported better-than-expected financials in their earnings announcements over the past week. That's provided a boost to the companies' stocks, which had suffered steep selloffs in recent weeks on concern about the sustainability of the artificial intelligence buildout.

Last week, CoreWeave's bond yields spiked past the 16% mark. In its earnings report on Tuesday, CoreWeave told analysts it expects to keep parent-level debt financing under $5 billion through 2027.

The political backdrop has created further volatility as Nebius races rivals to open up new data centers. Last week U.S. voters supported dozens of ballot initiatives to restrict the development of such facilities, while Democrats won sweeping victories in both houses of Congress.

Then there's the Nvidia problem. Following stinging revelations about CEO Jensen Huang's affairs, including one with an alleged Chinese spy, the Wall Street Journal reported late Wednesday that Nvidia's board was planning to push out the company's co-founder.

Nvidia, which has developed the neocloud market by investing in the companies and backstopping some of their projects, held about $329 million in Nebius shares at the end of June, according to a filing .

During the quarter, Nebius said it raised $5.75 billion in debt financing.

Executives will discuss the results with analysts and issue guidance on a conference call starting at 8 a.m. ET.

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