Amsterdam — 12 November 2025. Nebius Group N.V. (NASDAQ: NBIS) shares traded lower on Wednesday as the AI‑infrastructure provider formally filed a prospectus supplement for an at‑the‑market (ATM) equity program of up to 25 million Class A shares, adding fresh supply to a stock that rallied this year on blockbuster hyperscale deals. The filing lands a day after Nebius revealed a $3 billion, five‑year AI infrastructure agreement with Meta, alongside Q3 numbers that showed rapid revenue growth but continued losses. [1]
NBIS stock at a glance (intraday)
- Price: $94.13, down ~8.1%
- Day range: $91.89 – $105.53
- Open: $104.35
- Volume: ~25.37 million shares (heavy vs. average)
- Time: 17:56 UTC
- 52‑week range: $17.39 – $141.10
Data per exchange feed and public quote aggregators. Figures update during market hours. [2]
What changed today (12 Nov)
1) Nebius files ATM share program.
Nebius lodged a 424B5 prospectus supplement detailing an “equity distribution agreement” with Goldman Sachs, Morgan Stanley, BofA Securities, and Citigroup to sell up to 25,000,000 Class A shares from time to time. If fully utilized, the filing indicates Class A shares outstanding could rise to ~243.16 million; based on the document’s math, that’s roughly 11.5% more than the pre‑ATM Class A count (~218.16 million). The move gives Nebius flexibility to fund data‑center buildouts, GPUs, land, and power as demand ramps. [3]
2) Coverage and reactions roll in.
Market outlets highlighted the filing and the stock’s pullback, while some analysts reiterated constructive long‑term views. DA Davidson reaffirmed Buy with a $150 target, citing secular AI demand and Nebius’s contract wins, even as shares trade off today. [4]
3) Meta deal confirmed in fresh reporting.
Trade press and wires continued coverage of Nebius’s $3B Meta agreement announced yesterday—two dedicated GPU clusters over five years—positioning the company as a key “neocloud” supplier of high‑performance compute for AI training and inference. [5]
The earnings hangover
On 11 November, Nebius posted Q3 revenue of $146.1 million (+355% y/y) but remained in the red, with management emphasizing aggressive investment to secure compute capacity. The quarter featured $955.5 million in capital expenditures for GPUs, land and power. Shares slipped following the print as investors weighed the growth against losses and capex intensity. [6]
Several outlets also noted that revenue came in below some published estimates (~$155 million), contributing to the post‑earnings volatility. [7]
Why the ATM matters
- Balance‑sheet flexibility: The ATM lets Nebius issue shares opportunistically rather than in a single, fully underwritten block, potentially lowering financing costs as it scales capacity for multi‑year contracts. [8]
- Dilution math: If Nebius sold the full 25M shares, Class A shares outstanding would rise to ~243.16M (from ~218.16M pre‑ATM)—an ~11.5% increase. Actual dilution depends on usage, price, and timing. [9]
- Fits the build‑out cycle: The ATM complements Nebius’s recent capital stack (public equity and convertibles in September) designed to fund fast‑track data‑center expansion. [10]
Big‑ticket contracts set the backdrop
- Meta (announced Nov. 11): Approx. $3 billion over five years for two dedicated GPU clusters. Nebius said demand was strong enough that the contract size was capped by available capacity. [11]
- Microsoft (Sept.): Up to $17.4 billion over five years (expandable toward $19.4B) for AI compute capacity, a catalyst that previously sent NBIS surging. [12]
These deals anchor multi‑year revenue visibility but also require heavy upfront spend—exactly what today’s ATM filing is structured to support. [13]
Sector context: the “neocloud” trade is volatile
Peer commentary and recent press underscore that specialized AI‑compute providers can swing sharply on capacity timing, depreciation assumptions for costly GPUs, and customers’ rollout schedules. Today’s moves come amid choppy trading across AI‑infrastructure names after earnings and guidance resets. [14]
Key numbers & snapshot for investors
- Q3 revenue:$146.1M (+355% y/y)
- Q3 GAAP net loss:> $100M (wider year over year)
- Q3 capex:$955.5M
- New deal:$3B with Meta over five years
- Prior deal:$17.4B with Microsoft (expandable)
- ATM capacity:Up to 25M Class A shares via top‑tier banks
Figures from Nebius’s filings and major newswires. [15]
What to watch next
- ATM utilization cadence. How quickly Nebius taps the ATM—and at what prices—will shape per‑share metrics and the cash runway for 2026 build‑outs. [16]
- Capacity on‑line dates. The Meta clusters and broader data‑center projects must come on stream on schedule to convert backlog into revenue. [17]
- Supply & power constraints. GPU availability and power procurement remain the gating factors for the entire AI‑compute ecosystem. [18]
- Street sentiment. Post‑earnings, at least one broker reiterated Buy today; broader estimate revisions will show where consensus resets. [19]
Bottom line
For 12 November 2025, NBIS is trading lower as Nebius pairs hyper‑growth contracts with fresh equity flexibility. The new ATM gives the company a funding lever to meet Meta/Microsoft commitments, though the prospect of incremental dilution is weighing on shares intraday. If management executes on capacity adds and contract ramp‑ups, bulls argue the multi‑year revenue path remains intact; skeptics will focus on the pace of cash burn, share issuance, and the sector’s high‑beta swings. [20]
Sources: SEC filing (Prospectus Supplement, 11/12), Reuters, Business Wire, MarketBeat/Investing.com notes, and exchange quote providers as cited throughout. [21]
This report is for informational purposes and reflects market conditions as of the time stamps cited.
References
1. www.sec.gov, 2. finance.yahoo.com, 3. www.sec.gov, 4. www.marketbeat.com, 5. www.reuters.com, 6. www.reuters.com, 7. www.barrons.com, 8. www.sec.gov, 9. www.sec.gov, 10. www.reuters.com, 11. www.reuters.com, 12. www.reuters.com, 13. www.sec.gov, 14. www.barrons.com, 15. www.reuters.com, 16. www.sec.gov, 17. www.reuters.com, 18. www.reuters.com, 19. www.marketbeat.com, 20. www.sec.gov, 21. www.sec.gov
