Nebius tumbles 17% in premarket on low-end revenue guidance

Nebius (NBIS.US) tumbled more than 17% in premarket trading to $128.29.

The company expects 2026 revenue to land at the low end of its $3.0 billion to $3.4 billion forecast range, below the analyst consensus of $3.35 billion. It also guided to 2026 capital expenditure of about $27.0 billion, primarily for investment in owned site capacity for 2027.

Although third-quarter revenue surged 571% year-over-year to $981 million, the soft revenue outlook and heavy capex guidance have fueled concerns over AI spending financing.

Nebius said it no longer considers ARR an appropriate metric for measuring its business and expects some third-party capacity to come online in the first half of 2027. The CEO said on an earnings call that all delayed capacity expansion projects remain intact but have been pushed to 2027.

Based on public media reports. AI-generated; not investment advice.