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Stock Markets February 12, 2026

Nebius Reports Big Jump in GPU and Data Center Capex as It Stakes Out Global Capacity

AI cloud provider ramps spending to lock in processors and power capacity while expanding its data center footprint

By Marcus Reed
Nebius Reports Big Jump in GPU and Data Center Capex as It Stakes Out Global Capacity

Nebius Group said quarterly capital expenditures surged as it purchased AI processors and expanded data center capacity, adding nine new sites and securing gigawatts of contracted power. Revenue rose sharply year-over-year but missed estimates, while net losses widened. Management expects a substantial revenue run-rate increase by the end of 2026.

Key Points

  • Nebius increased capital expenditures to about $2.1 billion in the December quarter, up from $416 million a year earlier - impacts cloud infrastructure and data center sectors.
  • The company is expanding with nine new data center sites across the U.S., France, Israel and the UK and has secured more than 2 GW of contracted power, expecting over 3 GW by year-end - affects energy and facility investment planning.
  • Revenue grew to $227.7 million in the fourth quarter, a more than six-fold rise year-over-year, but missed the $246.1 million estimate; net loss widened to $249.6 million from $133.2 million - relevant to technology and enterprise spending trends.

Nebius Group disclosed a substantial increase in quarterly capital spending on Thursday, driven by purchases of artificial intelligence processors and stepped-up investments in data center infrastructure as the company races to secure capacity to meet rapidly rising demand. The Amsterdam-based AI cloud firm, which lists Microsoft and Meta among its customers, said it will continue broadening its data center footprint with nine additional locations across the U.S., France, Israel and the UK.

Shares of the company, which surged more than 200% last year, showed volatility in premarket trading and were last up nearly 2%.

Nebius operates as one of the larger so-called neocloud providers that supply specialized hardware and cloud capacity to technology companies. Its principal business centers on providing Nvidia processors and AI cloud infrastructure to enterprise and AI-native customers. Along with its larger competitor CoreWeave, Nebius has been a beneficiary of strong enterprise investment in AI over recent years.

In a letter to shareholders, Nebius CEO Arkady Volozh said: "Demand from enterprises and AI native customers continues to outpace supply, allowing us to sell future capacity well in advance ... We are very focused on investing resources to continue expanding our capabilities in 2026 both organically and through targeted acquisitions."

Capital expenditures ballooned to about $2.1 billion in the December quarter, compared with $416 million in the year-ago period. Those investments have enabled Nebius to lock in more than 2 gigawatts (GW) of contracted power, ahead of its prior projections. The company now expects to have more than 3 GW of contracted power by year-end, an increase from its earlier outlook of over 2.5 GW.

For the fourth quarter, Nebius reported revenue of $227.7 million, more than six times the prior-year quarter, but below the $246.1 million analysts had estimated, according to data compiled by LSEG. Net loss widened to $249.6 million from $133.2 million a year earlier.

Looking farther ahead, Nebius said it expects to finish 2026 with an annualized revenue run-rate between $7 billion and $9 billion, up from $1.25 billion at the end of 2025.

Investors and corporate customers have been willing to commit in advance as demand outstrips current supply, supporting the companys decision to accelerate capacity deployments. Management emphasized a continued focus on growth financed through high levels of investment and potential targeted acquisitions to support the 2026 expansion plan.

Separately, a financial services product note included with the filing highlighted the value of institutional-grade data and AI-powered insights for identifying potential investment opportunities, while noting such tools cannot guarantee outcomes.

As Nebius pushes to expand its hardware footprint and contracted power, the company remains under market scrutiny for how its sizeable capital outlays translate into sustainable revenue growth and profitability over the coming quarters.

Risks

  • High capital spending may pressure near-term profitability as net losses widened - risk to investors and financial markets monitoring tech sector earnings.
  • Revenue in the quarter fell short of analyst estimates despite strong year-over-year growth, indicating potential execution or timing risks for near-term top-line performance - risk to equity market sentiment in cloud and AI infrastructure providers.
  • The company's growth plan depends on continued ability to secure power and deploy data center sites to meet contracted commitments; any delays could affect capacity delivery and revenue ramp - risk to operations and energy procurement in data center and cloud sectors.

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