Nebius Group reported third-quarter results showing revenue of $980.8 million, a 571% increase year over year, driven by capacity additions over the past 12 months. Nebius AI Cloud accounted for $973.8 million, roughly 99% of group revenue, and grew 643% from the prior-year period. Group adjusted EBITDA reached $465.8 million, compared with a loss of $5.2 million in the third quarter of 2025, lifting the adjusted EBITDA margin to 47.5% from 40.6% in the second quarter.

Management narrowed its 2026 revenue guidance to $3 billion to $3.2 billion, down from $3 billion to $3.4 billion, citing third-party capacity delays. Its 2027 revenue guidance of $12 billion to $13 billion reflects what the company described as a conservative view of its planned capacity build-out. Nebius also said it signed $12 billion in new customer commitments since the start of the third quarter, with average pricing above $25 million per megawatt for agreements closed in the quarter.S2

On the spending side, 2026 capital expenditures were revised upward to approximately $27 billion to support 2027 capacity, and 2027 capital expenditures are projected at $40 billion to $45 billion for more than 1 gigawatt of new capacity. The company reported $7.4 billion in cash and equivalents as of September 30, 2026, and said contracted power now exceeds 4 gigawatts, with a target of 5 gigawatts by the end of 2026. Funding included a $775 million asset-backed facility closed in July, a $5.75 billion convertible notes offering completed in August, and $1.0 billion in net proceeds from an at-the-market share program.S2

Management said it expects to reach pretax breakeven in the fourth quarter of 2027 as owned sites ramp, and projected $17 billion to $20 billion in customer prepayments for the full year. Prepayments covered more than 100% of the capital expenditure required for capacity contracted in the third quarter, and the payback period for new capacity shortened to 1 year and 7 months.S2