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Nebius Q3: revenue up 571% to $980.8m — and 2027 capex guided at $40–45bn
Nov 12, 2026
Nebius reported third-quarter results before the open on Nov 12, 2026: revenue of $980.8m, up 571% year on year and ahead of the roughly $907.5m consensus, with adjusted EBITDA of $465.8m. The tracked neocloud also raised 2026 capex to about $27bn and gave its first 2027 outlook — revenue of $12–13bn on capex of $40–45bn.
Image: Nebius via nebius.com
From Nebius's own release (BusinessWire, Nov 12, 2026): AI Cloud revenue was $973.8m, up 643%; adjusted net income was +$90.9m against a GAAP net loss from continuing operations of $37.5m. Annualised recurring revenue reached $6.4bn at the end of September, and the $7bn ARR milestone now lands in February rather than December. Full-year 2026 revenue is guided to the low end of the $3.0–3.4bn range, 2026 capex rises to about $27bn (from $20–25bn), cash stood at $7.4bn, and the company signed more than $12bn of new contract value since the quarter began. Shares fell roughly 10–15% in premarket trading on the guidance and capex mix, despite the revenue beat.
Nebius is a priced provider on this board, and its numbers are the demand story in financial form: a neocloud spending $40–45bn on capacity in 2027 is building for contracted demand, not speculation — the same pattern as CoreWeave's $132.5bn backlog reported on Nov 10. The other side of the coin for renters: revenue recognition slipping a quarter (December into February) says new capacity is landing slightly later than planned, which is one more reason near-term GPU supply stays tight.
What it means if you rent GPUs
For GPU renters the read is capacity, not the share price: Nebius is quadrupling down on build-out, which points to more Nebius inventory through 2027, while the slipped ARR milestone is a small, dated signal that supply arrives a little slower than promised. No Nebius board prices changed today — its rates were re-read unchanged in today's check.