New York, July 1, 2026, 17:06 (EDT)
- Nebius Group N.V. NASDAQ:NBIS dropped 17.01% to finish at $229.18. Volume came in at 30.3 million shares. MarketWatch listed the last after-hours price as $229.30 at 4:54 p.m. EDT.
- Meta Platforms Inc. NASDAQ:META jumped 8.8% after Reuters reported, citing Bloomberg, that the company is building a cloud business to offer its extra AI compute. CoreWeave Inc. NASDAQ:CRWV and Nebius dropped.
- Meta’s $12 billion guaranteed capacity buy, set to kick off in early 2027, is roughly 7.5 times what Nebius posted for Q1 group revenue annualized. The $15 billion add-on comes with more risk on the buyer and market price side.
Nebius Group N.V. NASDAQ:NBIS dropped sharply after Nasdaq’s regular close, but the stock is still up 173.79% for the year. Trading volume was 175% of the 65-day average. MarketWatch put short interest at 50.93 million shares as of June 15, about 25.21% of the float. That kind of short interest can drive swings both ways, but it didn’t stop the fall on Wednesday.
Meta Platforms Inc. NASDAQ:META is working on a cloud business to sell its extra AI computing power, Reuters said, citing Bloomberg News. The plan is still being developed and could shift, according to the report. Meta didn’t comment. The move could put Meta in the supplier camp for companies that rent GPU capacity.
Gil Luria, a managing director at D.A. Davidson, told Reuters this probably matters more for neoclouds than for the big hyperscalers. Luria said Meta “may not need them anymore.” Back in May, CEO Mark Zuckerberg told shareholders that cloud computing was “definitely on the table.” Reuters
As of about 4:48 p.m. EDT, market data showed a split picture. The customer rallied, while outside capacity sellers fell.
| Stock or asset | Price | Day change | Volume |
|---|---|---|---|
| Nebius Group N.V. NASDAQ:NBIS | $229.18 | -17.0% | 30.3 mln |
| CoreWeave Inc. NASDAQ:CRWV | $85.69 | -13.9% | 60.4 mln |
| IREN Ltd NASDAQ:IREN | $43.32 | -5.2% | 41.5 mln |
| Meta Platforms Inc. NASDAQ:META | $612.91 | +8.8% | 45.1 mln |
| NVIDIA Corp. NASDAQ:NVDA | $197.58 | -1.3% | 141.9 mln |
| SPDR S&P 500 ETF Trust (NYSEARCA:SPY) | $745.76 | -0.1% | 45.6 mln |
Nebius has a hefty Meta contract compared to its own revenue. In March, Nebius said it would supply $12 billion in dedicated capacity to Meta starting early 2027. Meta also said it might take up to $15 billion more in available capacity over five years. Nebius plans to offer that extra to third-party AI cloud clients first, with the remainder going to Meta.
Nebius gave these numbers in its Q1 letter and the March contract release:
| Item | Confirmed figure | Simple scale check |
|---|---|---|
| Q1 group revenue | $399.0 mln | Annual rate: $1.60 bln |
| Q1 AI cloud revenue | $389.7 mln | Roughly 98% of group revenue |
| Annualized run-rate revenue at end-March | $1.92 bln | Run-rate as of end of March |
| Guaranteed Meta purchase | $12 bln | 7.5 times Q1 group revenue annualized |
| Full Meta contract value, including add-on | Up to $27 bln | 16.9 times Q1 group revenue annualized; not all committed |
| Q1 capex | About $2.5 bln | 6.3 times Q1 group revenue |
The table shows the trade. News broke about Meta offloading spare capacity for just one day, and that news took a big bite out of future contract values worth several years of Meta’s current revenue. The same story also put pressure on a funding setup built around big prepayments and long-term clients to back data center investments.
Nebius reported first-quarter capex of around $2.5 billion, mostly spent on GPUs and expanding data centers. The company said it could look to borrow in the mid-single-digit billions range soon and is working to encourage more customer prepayments to reduce how much equity and debt it needs.
Nebius is still trading on tight GPU supply, according to the bull thesis. CEO Arkady Volozh said on May 13 that “several customers [are] competing for every GPU we bring online,” adding that the recent higher spend was driven by strong demand out to 2027, not higher costs. Back in March, Volozh pointed to the Meta contract as a way to “accelerate the build-out and growth” of Nebius’s core AI cloud division. Reuters
Nebius hasn’t returned to its price when the Meta deal started. Reuters noted Nebius closed at $112.50 before the March agreement; it finished Wednesday at $229.18, still up roughly 104%. Investors are now watching if Nebius can hold firm on pricing and prepayments with a major customer possibly becoming a rival in selling AI capacity.
