Nebius plans $40 to $45 billion buildout as Microsoft capacity slips

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Published Thursday, November 12, 2026 · 6:57 PM EST

Nebius forecast $40 to $45 billion in capital spending for 2027 on Thursday, while delays at third-party data centers prompted it to cut its 2026 revenue forecast by $200 million to $3 billion. The company expects customer prepayments and financing backed by investment-grade contracts to cover up to 85% of next year's spending. It ended the quarter with $7.4 billion in cash. At its delayed New Jersey site, only just over half of Microsoft's capacity is now planned for delivery by year-end, with the remainder in Q2 2027. The Microsoft contract includes late-delivery penalties and allows termination of affected service after a grace period if no alternative capacity is offered.

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