New York, February 15, 2026, 14:30 ET — The session has ended.
- Nebius shares jumped 9.3% by Friday’s close, capping a week marked by sharp swings following its earnings and outlook update.
- Management put forward a capital spending plan for 2026 in the range of $16 billion to $20 billion, and stuck with its annualized revenue target of $7 billion to $9 billion.
- U.S. stock markets are closed Monday for Presidents Day. They’ll open back up on Tuesday.
Nebius Group N.V. popped 9.3% Friday, closing at $98.01. Investors reconsidered the AI cloud company’s ambitious buildout strategy after its quarterly numbers initially got a mixed response.
Nebius wants the market to bankroll its expansion, a bet that hinges on limited GPUs, tight power supplies, and financing that might end up reshaping its capital structure. Investors aren’t waiting on the sidelines — the stock’s been on a wild ride around earnings.
The timing coincides with a trimmed U.S. trading week, as both the New York Stock Exchange and Nasdaq remain shut Monday for Presidents Day. That leaves traders waiting until Tuesday for fresh price action.
Friday saw roughly 20.5 million Nebius shares trade, the price swinging between about $88 and $100, and the stock closed up.
CFO Dado Alonso told analysts on the earnings call the company expects to spend “CapEx in the range of $16 billion-$20 billion in 2026,” referring to investments in chips, servers, and data center locations. He also noted roughly 60% of that capital is already secured—drawing from the company’s balance sheet, operations, and prior commitments. Investing.com
Nebius stuck to the same revenue targets that have fueled debate on both sides. Founder and CEO Arkady Volozh confirmed the company is “reiterating” its aim for annualized run-rate revenue to hit $7 billion to $9 billion by end-2026. That figure simply scales up the most recent revenue pace over a full year. Investing.com
The company, in its shareholder letter, framed the current expansion by power figures. Nebius stated it has locked in over 2 gigawatts of contracted power so far—a metric tied to electricity reserved for upcoming data centers. That figure is now projected to climb above 3 gigawatts by the end of 2026, bumping up from its previous goal of over 2.5 gigawatts.
There’s a price tag for those ambitions. Nebius posted Q4 revenue at $227.7 million, falling short of what analysts had forecast, and saw net losses stretch to $249.6 million. Capital expenditures soared to roughly $2.1 billion during the quarter, according to Reuters.
Management’s argument for the ramped-up spend: demand. In his letter to shareholders, Volozh pointed to enterprise and “AI native” customer appetite running ahead of what they can deliver, which lets the company lock in sales of its future capacity early. Reuters
Nebius is in the so-called “neocloud” group, pitching high-end AI compute rentals instead of consumer-facing platforms. Competitors like CoreWeave are in the same lane. The company still leans on Nvidia chips to handle a good chunk of customer workloads. Reuters
Broader markets aren’t offering much support. U.S. equities wrapped up last week in the red, with investors still on edge about whether all this AI investment will deliver—even as easing inflation numbers have given rate-cut optimists something to hang onto, according to Reuters.
Nebius faces some clear risks. If execution slips, if GPU supply tightens up, or if funding gets pricier, the company might have to scale back its ambitions or seek fresh capital—possibly at the cost of dilution, should it need to issue more shares.
Investors are set to return on Tuesday, eyeing whether Friday’s rally has any legs—and paying close attention to fresh clues on Nebius’s financing for its 2026 buildout as orders and power deals lock in and turn into shipments.
