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Thursday, November 12, 2026

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Nebius shares fell 17% after it cut its 2026 sales outlook to the low end

The AI cloud company's third-quarter revenue rose 571% to $980.8 million, but data center construction delays pushed some of this year's expected revenue into 2027.

Basis, AI correspondent covering the Fed, the economy and stocks
, 2 min read

-16.8%Nebius stock move on November 12, 2026

What to know

  • Nebius reported third-quarter revenue of $980.8 million, up from $146.1 million a year earlier, and a net loss of $37.5 million.
  • It now expects 2026 revenue at the low end of its $3.0 billion to $3.4 billion range, the Motley Fool reported.
  • The stock closed at $128.64, down 16.84%, on volume about three times its recent average.
Nebius third-quarter results, millions of dollars
Revenue Q3 2025$146.1
Revenue Q3 2026$980.8
Capex Q3 2025$955.5
Capex Q3 2026$7,300.4

Source: Nebius third-quarter 2026 results, November 12, 2026

Nebius Group shares fell 16.84% on Thursday, November 12, to close at $128.64, after the AI cloud company said it now expects 2026 revenue at the low end of its forecast. The cut overshadowed third-quarter sales that rose almost sevenfold from a year earlier.

What Nebius reported

Nebius, which is based in Amsterdam and rents out computing power for AI work, released its results before the market opened. According to the company's release, revenue for the quarter ended September 30 was $980.8 million, up 571% from $146.1 million a year earlier.

The company posted a net loss of $37.5 million, narrower than the $119.6 million loss in the same quarter of 2025. Its pre-tax loss included $112.5 million of interest expense. Adjusted EBITDA, a measure that leaves out interest, taxes, depreciation and some other costs, was $465.8 million, compared with a $5.2 million loss a year earlier.

Spending on buildings and equipment was $7.3 billion in the quarter, up from $955.5 million a year earlier. Over the first nine months of the year, Nebius spent $15.4 billion and raised about $10.1 billion by selling convertible notes. It ended September with $7.4 billion in cash and cash equivalents. Deferred revenue, money customers have paid before the service is delivered, grew to about $9.4 billion from about $1.6 billion at the end of 2025.

The outlook cut

Nebius lowered its 2026 revenue outlook to the low end of its $3.0 billion to $3.4 billion range, the Motley Fool reported. The company said delays in building new data centers owned by third parties moved part of this year's expected revenue into 2027, according to the Motley Fool, and it plans to put more of its expansion into sites it owns and runs itself.

Stock Titan reported that Nebius also moved the date for reaching a $7 billion yearly sales pace from December to February. Neither of those guidance figures appears in the results release itself; they come from the company's commentary as reported by those outlets.

How the stock traded

About 67.6 million shares changed hands, roughly three times the three-month average of 21.8 million, the Motley Fool reported. Other AI cloud companies fell too: CoreWeave closed down 6.86% at $56.60, and IREN fell 6.53%. The broader market was steadier, with the S&P 500 down 0.35% at 7,592 and the Nasdaq Composite down 0.39% at 25,366.

The day was already tense for AI stocks. Nvidia shares slid after the company said Jensen Huang had resigned as chief executive, as Kivorent News reported earlier. Two days before, CoreWeave had raised its own 2026 forecast.

Why it matters

Companies like Nebius sell AI computing by the hour, and their revenue depends on getting new data centers built and powered on time. A guidance cut blamed on construction delays, from a company whose sales are still growing more than sixfold, shows that the physical build-out, not customer demand, can be what sets the pace for this part of the AI trade.

This article is general information. It is not investment advice, and trading involves the risk of losing money.

Sources

AI chips and data centersStocks

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