Nebius tops third-quarter revenue forecasts as AI demand stays strong

what happened

Amsterdam-based cloud company Nebius topped Wall Street estimates for third-quarter revenue on Thursday and projected sales of $12 billion to $13 billion for 2027, Reuters reported. Revenue for the quarter ended September 30 came in at $981 million, against an average analyst estimate of $907.5 million, according to data compiled by LSEG. The 2026 revenue forecast of $3 billion to $3.4 billion was slightly below the market's midpoint estimate of $3.37 billion.

The company expects to reach pre-tax break-even by the end of 2027. It said customers signed longer contracts at higher prices in the third quarter and paid more in advance. Those prepayments covered more than 100% of the capital spending tied to those contracts, including data center construction and networking.

why it matters

The results follow a strong showing from rival CoreWeave, which raised its annual revenue forecast on Tuesday and targeted adjusted profitability in the first half of 2028. Nebius shares rose more than 15% on Wednesday, after losing over a third of their value in October during a steep selloff in AI and data center stocks. Customer prepayments matter to investors because they reduce reliance on borrowed money at a time when funding conditions have tightened.

market impact

AI infrastructure stocks: strong demand and prepayments support sentiment, but the 2026 forecast sits below the market

• ↔Nebius shares mixed — revenue above estimates supports the stock, while the softer 2026 forecast limits gains

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