Nebius shares fall 10% after weak 2026 revenue outlook and higher capex

Covered by 2 sourcesPublished Nov 12, 2026

Nebius reported third-quarter revenue of $980.8 million, beating estimates, but forecasted 2026 revenue at the low end of $3 billion to $3.4 billion and raised capital expenditure guidance. The company’s shares declined about 10% amid concerns over AI infrastructure spending and competition.

What happened

Nebius, a major AI computing provider, reported third-quarter revenue of $980.8 million, exceeding analyst expectations. Despite the revenue beat, the company issued a weaker outlook for 2026, projecting revenue at the lower end of its $3 billion to $3.4 billion range and raising its capital expenditures forecast. Following the announcement, Nebius shares dropped by 10% in early trading. The company also disclosed a net loss of $37.5 million for the quarter.

Key details

Q3 revenue: $980.8 million (analyst estimate was $907.5 million)
Net loss for the quarter: $37.5 million, or 13 cents per share
2026 revenue guidance: low end of $3 billion to $3.4 billion
2026 capital expenditures guidance: $27 billion (previously $20-$25 billion)
Stock fell 10% after the report

Why it matters

Investors in Nebius and the broader neocloud sector are directly affected by the company's weaker revenue outlook and higher spending plans, as reflected in the sharp share price drop. Customers and partners may face increased uncertainty about Nebius's future pricing and investment in AI infrastructure. Competitors in the AI cloud market could see changes in demand or competitive positioning as Nebius adjusts its growth and spending strategy.

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