New York, February 14, 2026, 14:20 EST — The market has closed.
- NBIS closed out Friday with a 9.2% gain, following a choppy period after its earnings release.
- Nebius has detailed plans for a 240MW data center up in northern France, plus a larger capacity expansion set for 2026.
- Investors are sizing up booming GPU and data-center expenditures, but the bar for 2026 run-rate targets has climbed sharply.
Nebius Group N.V. ended Friday’s session up 9.2% at $98.01, with the Nasdaq-listed AI cloud company now up roughly 14% over the last five sessions.
This matters: Nebius is pushing investors to accept a big bump in spending as it races to secure limited AI resources. Capital expenditures shot up to roughly $2.1 billion in the fourth quarter, the company said, driven by a spree on AI chips and heavy investments in data centers. Revenue didn’t hit the mark, falling short of analyst forecasts tracked by LSEG.
Markets in the U.S. will stay closed Monday for Presidents’ Day, so the next normal trading day isn’t until Tuesday. That gap gives analysts and investors a window to dig into the numbers and evaluate the build-out strategy.
Nebius on Thursday announced plans for a 240-megawatt data centre in Béthune, close to Lille, France, redeveloping the site of a shuttered Bridgestone tyre factory. Chief Communications Officer Tom Blackwell told reporters the first phase is scheduled to go live by late summer 2026, with about half of the total capacity expected online before the year wraps. The company isn’t sharing the project’s price tag; CBRE, though, puts the typical cost in the $10 million to $14 million per megawatt range.
Founder and CEO Arkady Volozh, in his letter to shareholders, put Nebius’s 2025 annualized run-rate revenue (ARR) at $1.25 billion. That’s based on multiplying revenue from the last month of the quarter by 12, according to the company’s own metric. Looking ahead, Nebius is aiming for ARR between $7 billion and $9 billion by the close of 2026. It has locked in more than 2 gigawatts of contracted power so far, and expects to top 3 gigawatts by year-end 2026. The company breaks out “connected” and “active” power as separate milestones — from simply hooking up to the grid, to actually drawing power for IT hardware. Nebius
Nebius posted some sizable gains in the fourth quarter, with revenue jumping to $227.7 million from just $35.2 million a year ago. Adjusted EBITDA, which excludes things like taxes, depreciation, and interest, landed at a $15.0 million profit. Operating cash flow from continuing operations reached $834.3 million for the quarter. The company spent $2.06 billion on property and equipment purchases.
But things could easily turn in the opposite direction. If AI infrastructure demand slows, or if there are holdups getting power up and running—or if GPUs and financing get harder to come by—the timeline supporting that run-rate target slips, and losses stick around.
Once trading picks back up, investors will be watching to see if Friday’s rally has any legs—and for new details on funding or delivery timelines for the expansion. The next earnings release is still slated for April 29, per Investing.com’s calendar.
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