Nebius, a cloud provider renting access to GPUs, says it aims to add more than one gigawatt of data-centre capacity annually from 2027. The plan highlights the scale of infrastructure investment being driven by demand for AI computing, but also depends heavily on debt, customer deposits and the company’s ability to profitably resell capacity.

The company expects capital expenditure of $20–25 billion in 2026 to bring 800–1,000 MW online, with customer prepayments expected to exceed $9 billion. It secured a $775 million asset-backed debt facility in July and is considering partner-funded sites; Nebius estimates each deployed megawatt could generate $20–25 million from medium-term leases or $40–50 million from shorter contracts. Although it expects up to 1 GW of connected power by year-end, much may not generate revenue until the first half of 2027; its 2026 revenue forecast is $3–3.4 billion, after $582 million in the latest quarter.