Nebius falls 16% as company expects increased 2026 capex spend, issues weak outlook

Nebius shares fell 16% after the AI cloud company reported third-quarter results and signalled higher capital spending in 2026, alongside a weaker outlook. The reaction highlights investor concerns about how quickly AI data centre capacity can be built and financed, even as demand for computing remains strong.

Nebius said it raised $5.75 billion in debt financing during the quarter. The sell-off followed a rally on Wednesday, when Nebius gained 15% as CoreWeave, Applied Digital and IREN also rose; all fell in pre-market trading after Nebius reported. CEO Arkady Volozh said capital markets had been unsettled and argued that demand for AI was substantial, while political opposition to new data centres added uncertainty.