Nebius (NEBIUS) Reports $2.1B CapEx Surge as AI Cloud Investments Intensify

Nebius Group (NEBIUS) reported capital expenditures of $2.1 billion in Q4, a 463% increase from $416 million in the prior-year period, as it expands GPU and data center capacity to meet surging AI demand. The firm plans nine new data center sites in the U.S., France, Israel, and the UK, and expects to secure over 3 gigawatts of contracted power by year-end, up from its prior outlook of over 2.5 GW. Revenue more than sextupled to $227.7 million for the quarter, but it missed estimates of $246.1 million; the net loss widened to $249.6 million from $133.2 million in the same period. CEO Arkady Volozh emphasized continued organic and acquisition-driven expansion in 2026, with guidance for an annualized revenue run-rate of $7B-$9B by year-end. Shares were up nearly 2% in premarket trading.