Nebius Forecasts Capital Spending of Up to $45B in 2027 Following Q3 Revenue Beat

Nebius reported third quarter revenue of $980.8M, exceeding the $908M analyst estimate, and raised its 2026 capital expenditure guidance to $27B while projecting 2027 spending between $40B and $45B to add more than 1 GW of new capacity. The company set a 2027 revenue target of $12B to $13B and expects to reach pre-tax breakeven by the fourth quarter of 2027, with prepayments and financing from investment-grade customers expected to fund 75% to 85% of the 2027 capex.