Nebius revenue jumps 571% to $980.8 million in third quarter
Key Facts
Nebius reported on November 12 unaudited results for the three and nine months ended September 30, 2026, posting quarterly revenue of $980.8 million, up 571% year over year. Revenue was $146.1 million in the same quarter a year earlier, according to the company’s statement. The figures put sales growth at the forefront of the results as the company expands its infrastructure to meet demand for AI-related computing services. The results also showed an improvement in adjusted operating profitability compared with the same period. But the announcement also included a delay to some capacity scheduled to come online this year, pushing back the company’s stated target for reaching a $7 billion annualized revenue run rate.
Revenue growth extended into the first nine months of the year, with sales reaching $1,962.1 million through September 30, compared with $302.1 million in the same period of 2025, a 549% annual increase. In the third quarter, adjusted EBITDA turned to a profit of $465.8 million, after a loss of $5.2 million a year earlier. This coincided with an increase in purchases of property, equipment and intangible assets to $7,300.4 million during the quarter. Purchases were $955.5 million in the third quarter of 2025, representing a 664% annual increase. The figures reflect expanding investment in assets alongside business growth, while the timing of capacity additions is a factor in meeting operational targets.
Reuters reported that some capacity expected to enter service this year has been delayed until the first half of 2027, while the related contracts remain in place. The agency linked the delay to the timing of the target to exceed $7 billion in annualized revenue, which is now expected to be reached about two months later than originally planned. This means strong quarterly revenue growth has come alongside a challenge in the pace of expanding available capacity. Reuters also reported that the company’s previous estimate for 2026 capital expenditure was between $20 billion and $25 billion. The average analyst forecast for spending was $22 billion, according to data compiled by LSEG. These figures provide context for assessing the scale of investment required and when the company can bring contracted capacity online.
Regarding financing for the expansion, the company estimated that customer payments and asset-backed financing tied to its existing contracts would cover 75% to 85% of 2027 spending. Nebius forecast revenue of between $12 billion and $13 billion that year and said it aims to reach breakeven before taxes by year-end. These forecasts remain tied to capacity expansion and contract execution, while the announced delay indicated that some capacity will not become available until the first half of 2027. Cash and cash equivalents totaled $7,425.6 million on September 30, 2026, compared with $3,678.1 million at the end of 2025. The cash balances and funding sources cited by the company provide context for its spending plans, while the delayed capacity start date is the next operational milestone cited in the reports.