Nebius Shares Drop 15% as Infrastructure Delays Hit Revenue Outlook

Nebius shares fell approximately 15% in premarket trading after the company narrowed its 2026 revenue forecast to the lower end of its previous $3 billion to $3.4 billion range. The company said permitting and power issues at facilities operated by third-party partner DataOne forced the delay of computing capacity for Microsoft, pushing some associated revenue into the first half of 2027. As a result of the infrastructure setbacks, Nebius also raised its 2026 capital expenditure guidance to $27 billion, up from its prior range of $20 billion to $25 billion.