Nebius Stock Falls Premarket Despite 571% Q3 Revenue Jump

Nebius Group (NBIS) said on Thursday, November 12, 2026, that its third-quarter revenue rose 571% from a year earlier to $980.8 million, but its stock still fell before the opening bell. Shares were at $135.86 at 8:09 a.m. ET, down 12.2% from Wednesday's $154.69 close, according to FinanceFeeds, citing Yahoo Finance data. Premarket prices can change a lot before the 9:30 a.m. ET open.

The Amsterdam-based AI cloud company released its results at 7:11 a.m. ET. Its shares had jumped more than 15% on Wednesday after a strong report from rival CoreWeave, which we covered in our CoreWeave earnings story.

Nebius Q3 2026 by the numbers

Source: Nebius Group press release. Adjusted figures are company measures that leave out some costs.

The loss from continuing operations worked out to 13 cents a share, the company said. Revenue beat the roughly $907 million analysts had expected, according to Investing.com and Seeking Alpha.

Why the stock fell

The outlook disappointed some investors. Nebius expects 2026 revenue at the low end of its earlier range of $3 billion to $3.4 billion, Seeking Alpha and TipRanks reported. Analysts polled by FactSet had expected $3.35 billion, according to TipRanks.

For 2027, Nebius forecast revenue of $12 billion to $13 billion, with capital spending of $40 billion to $45 billion, Seeking Alpha reported. It now sees 2026 capital spending of about $27 billion. TipRanks said the company described its 2027 forecast as a conservative approach to the pace of its build-out.

That spending is huge next to the company's sales. Nebius expects most of next year's build-out to be paid for by customer prepayments plus financing backed by signed contracts with investment-grade customers. Together they should fund 75% to 85% of 2027 capital spending, Seeking Alpha reported. "Demand remains exceptionally strong, and we have the right mechanisms in place to capture it," Chief Executive Arkady Volozh said, as quoted by Seeking Alpha.

What it means for investors

Nebius is growing very fast, but it is spending even faster to build data centers. In Q3 alone, capital spending was more than seven times revenue. That is why the stock often swings on guidance and funding news, not just on the headline revenue beat. If you are new to reading results, our guide on how to read an earnings report explains revenue, adjusted EBITDA and guidance. Big swings like this are also a reason to think about position size; our average stock price calculator shows how adding shares changes your cost basis.

This article is for information only and is not investment advice.