Published: November 12, 2025
Nebius stock today: quick view
Nebius Group N.V. (NASDAQ: NBIS) was under pressure in early trading as investors parsed fresh Q3 results and a new multi‑year contract. As of this morning, NBIS last closed at $109.95 with a recent session range of $99.83 – $114.56 and a market capitalization around $25.7B. Figures are based on delayed market data. [1]
What moved NBIS on 12/11/2025
1) Q3 2025 results: blistering growth, wider GAAP loss
Nebius reported revenue of $146.1 million, up 355% year over year for Q3. On a GAAP basis, the company posted a net loss of $119.6 million (‑$0.47 per share). On an adjusted basis, losses narrowed to ‑$0.39 per share, which beat the ‑$0.50 consensus from Zacks, while revenue modestly missed expectations (Zacks estimate $150.6 million). [2]
Profitability lens: Nebius’ adjusted EBITDA loss improved to $5.2 million from $45.9 million a year ago, signaling operating leverage as scale builds—even as heavy depreciation and ramp costs keep GAAP results in the red. [3]
2) $3 billion AI infrastructure deal with Meta
Alongside earnings, Nebius announced a five‑year, ~$3 billion agreement to supply AI infrastructure to Meta—a marquee validation of Nebius’ neocloud footprint serving GPU‑intensive workloads. Reuters also notes this is Nebius’ second major hyperscaler contract, following a $17.4 billion pact with Microsoft in September. [4]
3) Capital plan: at‑the‑market (ATM) program up to 25M shares
To support its build‑out, Nebius plans an ATM equity program for up to 25 million Class A shares, with a prospectus supplement scheduled for November 12, 2025. Management emphasized being “dilution‑sensitive” while keeping flexible access to capital for growth. [5]
Context for investors
Heavy capex today to unlock capacity tomorrow
Nebius is spending aggressively to secure GPUs, land, and power. Q3 purchases of property, plant and equipment reached $955.5 million, underscoring how capital‑intensive AI cloud scaling has become. The company’s filings show sharply higher depreciation and operating expenses as new capacity comes online. [6]
Scale targets and demand signal
Management highlighted surging demand for high‑performance compute. As reported, Nebius has articulated a $7–9 billion annualized run‑rate revenue goal by end‑2026, from roughly $551 million ARR at September‑end—ambitious targets that hinge on timely capacity additions and fulfillment of hyperscale contracts. [7]
How the tape is reading it
Despite headline wins, the market is balancing three forces:
- Rapid top‑line growth and blue‑chip demand (Meta, Microsoft)
- Persistent GAAP losses despite improving adjusted metrics
- Potential dilution from the new ATM program, alongside elevated capex needs
These cross‑currents help explain the choppy price action around the print. [8]
Key numbers from Q3 2025 (rounded)
- Revenue: $146.1M (+355% YoY)
- GAAP net loss: $119.6M (‑$0.47/sh)
- Adjusted EPS: ‑$0.39 (beat vs. ‑$0.50Z)
- Adjusted EBITDA: ‑$5.2M (vs. ‑$45.9M LY)
- Purchases of PPE (capex): $955.5M in Q3
- Deal flow: $3B/5‑year contract with Meta; prior $17.4B deal with Microsoft (Sept). [9]
What to watch next
- Capacity ramp & delivery: execution on GPU and data‑center build‑outs to service Meta and other hyperscaler demand. [10]
- Cash runway & dilution: cadence of ATM usage and its impact on share count versus growth investments. [11]
- Path toward positive EBITDA: whether operating leverage persists as utilization rises and depreciation normalizes. [12]
- Stock liquidity & volatility: post‑earnings ranges have been wide; last close $109.95 with a recent $99.83–$114.56 trading band highlights the volatility around catalysts. [13]
Bottom line
For November 12, 2025, Nebius stock reflects a tug‑of‑war between breakneck growth and marquee contracts on one side, and heavy capex, GAAP losses, and dilution risk on the other. If Nebius executes on capacity and keeps capital discipline, the Meta and Microsoft agreements could underpin a multi‑year expansion. Execution over the next few quarters—on build‑outs, margins, and share issuance—will likely set the direction of NBIS from here. [14]
Data and news cited from company filings and reputable outlets. This article is for information only and not investment advice.
References
1. www.google.com, 2. assets.nebius.com, 3. assets.nebius.com, 4. www.reuters.com, 5. assets.nebius.com, 6. assets.nebius.com, 7. www.reuters.com, 8. assets.nebius.com, 9. assets.nebius.com, 10. www.reuters.com, 11. assets.nebius.com, 12. assets.nebius.com, 13. www.google.com, 14. assets.nebius.com
