New York, Feb 2, 2026, 16:04 EST — After-hours
- Nebius shares ended up roughly 3.8%, bouncing back after a $6-plus swing during the session
- The company will release its fourth-quarter and full-year 2025 results on Feb. 12, ahead of the market open
- Traders await new clues on capacity expansion, spending, and funding
Nebius Group N.V. shares climbed Monday, finishing near $88.39, up roughly 3.8% after swinging between $82.41 and $89.21 during the session. Trading volume exceeded 9 million shares.
All eyes now turn to Feb. 12, when the Nasdaq-listed AI cloud company will release its Q4 and full-year 2025 earnings ahead of the market open, followed by a conference call at 8 a.m. Eastern.
This matters now because investors have been viewing Nebius as a high-beta indicator for demand in rented computing power used to train and operate AI models. The upcoming report is the closest thing on the calendar to a real check on how quickly customers are scaling up — and just how much cash the expansion is burning through.
The stock remains vulnerable to steep pullbacks. Despite Monday’s rebound, Nebius still trades far below its 52-week peak of $141.10.
Nebius provides access to GPU-intensive infrastructure and related services, a crowded space where smaller players vie with major cloud providers. Investors are closely watching if new capacity can be added quickly enough to keep up with demand without needing frequent capital raises.
In November, Reuters revealed that Nebius inked a five-year, $3 billion deal with Meta to provide AI infrastructure. This came after a separate Microsoft agreement that could total $17.4 billion by 2031, depending on GPU cluster deployment and availability. The report also highlighted Nebius’s revenue more than quadrupling in Q3 2025, alongside a wider loss driven by a surge in capital expenditures.
Funding is still an open issue. A prospectus supplement dated Nov. 12, 2025, reveals Nebius has launched an “at-the-market” offering for up to 25 million Class A shares. This setup allows the company to sell shares gradually at current market prices, potentially diluting existing shareholders. SEC
Traders will zero in on key earnings cues: shifts in demand signals, how fast capacity is being added, and whether management plans to tighten or loosen spending for 2026.
There’s a clear risk here. If customer ramp-ups delay, power and equipment bottlenecks hit, or spending outpaces cash coming in, investors might shift their focus from revenue growth to dilution risk and ongoing losses.
Feb. 12 is the next key date — with results out before the bell and a call an hour later. Investors will push for clear updates on deployment timelines, capex, and funding strategies for the coming year.
